Miss­ing funds: Reps probe NNPC’s joint ven­ture op­er­a­tions

Daily Trust - - NEWS - By Musa Ab­dul­lahi Kr­ishi

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.

Pic Abubakar Yakubu

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.

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