Missing funds: Reps probe NNPC’s joint venture operations
The House of Representatives has mandated three of its committees to investigate the operations of the Joint Venture Agreements (JVA) entered between the Nigeria National Petroleum Corporation (NNPC) and oil companies.
The House said the investigation would be in form of a forensic assurance review of the joint venture books to establish the amount of income that accrued to the venture partners in the last seven years and the actual amount remitted to the Federation Account.
The three committees to carry out the probe are those on petroleum, both upstream and downstream and the committee on finance.
The resolution was reached at yesterday’s plenary after the adoption of a motion by Rep Ossai Nicholas Ossai (PDP, Delta).
Presenting the motion, the lawmaker said the NNPC and oil companies that signed the JVA were expected to fund the operations and share the oil produced as well as other associated benefits in line with their interest holdings.
He said that over the years, the income from the sales of assets, marine and pipeline transportation, which form part of the JVA are unaccounted for and not usually paid into the distributable pool by the oil companies.
From left: Director, Freedom of Information (FOI) Unit, Federal Ministry of Justice, Mrs. Stella Anukam; Permanent secretary, Federal Ministry of Finance’s representative, Mrs. Abiodun Anibaba; and Director, Transformation Federal Ministry of Information, Alhaji Jimoh Lawal, during an enlightenment programme organized for officers on grade level 15-17 in the ministry on the implementation of the FOI Act, in Abuja yesterday.