Senate probes JVCs refusal to repatriate $850bn oil proceeds

The Senate yesterday lamented the refusal by Joint Venture Companies (JVCs) to repatriate crude oil export proceeds worth over $850 billion to the country.

Inaugurating an investigative hearing on “pre-shipment inspection of export activities in Nigeria,” Senate President Bukola Saraki said the money was for 18 years.

“It is therefore worrisome as revealed in the motion that the Joint Venture Oil Companies have refused to repatriate crude oil export proceeds of over $850 billion between 1996 to 2014 which is in total contravention of the Pre-shipment Inspection of Export Act and Article 26 of Export Policy Guidelines and procedures for crude oil, Gas and non-oil goods.

“If the country is good for doing business it simply means the laws of the country must also be respected. Whoever is found culpable will be brought to book no matter how highly placed because the monies involved is enough to tackle the infrastructural challenges all over Nigeria,” Saraki who was represented by the Senate Leader, Senator Ahmad Lawan (APC Yobe) said.

He said the public hearing was prompted by a motion sponsored by Senator Yusuf Abubakar Yusuf (APC, Taraba) on Thursday 21st July, 2016.

Chairman of the joint committee, Senator John Enoh (PDP, Cross River) said the investigative hearing was in pursuant to the mandate of the Senate for the joint committee.

The committees involved in the hearing include Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, Insurance and Other Financial Institutions, Judiciary, Human Rights and Legal Matters, and Customs, Excise and Tariff.