Senate to probe $7bn NNPC cash call debts

OrderPaperToday – A joint Committee investigation of the Senate is set to begin probe into why the Nigeria National Petroleum Corporation (NNPC) failed  to meet its joint venture cash call obligations, put at over $7 billion.

The probe covers the period between 2011 and 2015.

The Joint Committee was set up sequel to the debate and adoption of a motion by the Senate on Wednesday, 13th April, 2106 on the urgent need for effective implementation of the Joint Venture Cash Calls obligations by NNPC in accordance with various Appropriation Acts of the National Assembly and pursuant to Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999 as amended.

The Joint committee comprises committees on Gas Resources, Petroleum Upstream, Finance and Appropriations.

A statement from the Chairman, Committee on Gas, Sen. Bassey Akpan ( PDP, Akwa Ibom) who chairs the joint panel, said it has already requested organisations and the general public to submit written memoranda before the end of July 2016 on the operations of NNPC Joint Venture Cash Call obligations from 2011 to 2015.

The call for memoranda is expected to be followed by an investigative hearing on the matter.

According to the statement, some of the organisations expected to submit memoranda at the investigative hearing include among others the Nigerian Extractive industry and Transparency Initiative (NEITI), Federal Ministry of Finance and the Petroleum Club.

Others include  Forum of State Commissioners of Finance, Oil and Gas Industry Stakeholders and interested parties.
The Committee had at its inaugural meeting last month mapped out the scope and framework for the investigations.

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