Senate summons Chevron, CBN over $5bn tax fraud

The Senate yesterday summoned the Nigerian National Petroleum Corporation (NNPC), the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS) and National Petroleum Investment Management Services (NAPIMS) over $5bn tax fraud involving Chevron Nigeria Limited.

The ad-hoc committee on the fraud allegations against Chevron Nigeria Limited, chaired by Senator Magnus Abe (APC, Rivers) handed down the invitation yesterday.

Abe who spoke shortly after the committee was inaugurated by Senate President Bukola Saraki, said the appearance of the invitees was necessary to enable his committee carry out thorough investigation of the alleged tax fraud.

He said invitees were to appear during an investigative hearing on the alleged fraud and assured that they would be fair, thorough and quick in the assignment.

“We are not coming to this assignment with any pre-judgement. The truth must be uncovered but I assure you that will be fair, thorough and quick in this assignment,” he said.

Saraki who was represented by the Senate Minority leader, Senator Godswill Akpabio urged the committee to be fair to all. He said the need for an impartial and thorough investigation could not be overemphasized.

Our correspondent reports that the probe was sequel to a petition by Dr George Uboh of the Panic Alert Security System (PASS). Uboh had however written the Senate announcing the withdrawal of the petition, but the Senate insisted on going ahead with the probe.

Uboh had in the petition alleged that between 20012002, Chevron evaded tax to the tune of over $343 million, through over bloating of its operational costs under Petroleum Profit Tax, using Carry Agreement with NNPC as a cover when such agreement never existed with the company.

“That Chevron Nigeria Limited recouped spurious loan of $235 million from the Nigeria Federation between 2002 and 2005 for overdue cash calls; that Chevron conspired with some oil producing companies, NNPC auditors and defrauded the Federation of Nigeria by over $3.6 billion by merely manipulating accounts and records which were also done under the umbrella of Carry Agreements,” the report added.