National Assembly summons 17 oil firms over alleged $273m, N72bn indebtedness to NDDC

The Joint National Assembly Committee on Niger Delta Development Commission (NDDC) has summoned 17 oil companies over their alleged N72billion and $273million indebtedness to the commission.

The companies are expected to appear before the joint committee on November 6.

The Chairman of the joint panel, Senator Peter Nwaoboshi, issued the summons at the end of an interactive session with officials of the NDDC, Central Bank of Nigeria (CBN) and Union Bank on Tuesday.

The oil companies involved are – Shebah Express Petroleum, Atlas Petroleum, Allied Energy, Frontier Oil, Seven Energy Limited, Belma Oil Producing Limited, AITECO Exploration and Production, Dubri Oil, Conoil Producing and Continental Oil and Gas.

Others are – Enageed Resources Limited, New Cross Exploration, and Production, Pan Ocean Oil Corporation Nigeria Limited, Nigeria Petroleum Development Resources, Munipulo Petroleum Development Company, Prime Exploration and Production Company, and Nigeria Liquefied Natural Gas (NLNG) Limited.

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Nwaoboshi said the companies were being invited to explain why they disobey the law.

He said: “Some of them have confirmed that they owed the NDDC.”

He said as at the time the last calculation was done, the Nigerian Petroleum Development Corporation (NNPC) owed N54billion, Allied oil owed $43million while the Pan Ocean owed $46million.

He also disclosed that the Federal Government owed the NDDC over N1trillion.

The senator, who was displeased with the failure of the oil companies to pay the NDDC, said the 8th National Assembly tried to ensure the prompt payment of money meant for the NDDC.

He accused the oil companies of not disclosing their real budget, saying most of the firms tampered with their annual budgets.

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