News
Reps order oil firm to remit $4m to federation account
The House of Representatives Public Accounts Committee on Wednesday ordered OML18 Resources Limited, to remit $4,020,000 to the Federation Account within five days.
The company was formerly known as Sahara Field Productions Limited.
The committee, according to a statement issued by its media unit, gave the directive at its investigative hearing on outstanding debts owed the Federal Government by oil companies.
READ ALSO: Oil price volatility threatens Nigeria’s economy, NMDPRA Chief warns
The exercise followed the release of the 2021 Audit Report and data by Nigerian Upstream Petroleum Regulatory Commission on the activities of 45 oil companies in the country.
NUPRC revealed that the companies are owing the federal government $1.7 billion.
The statement read: “The NUPRC representative, Balarabe Haruna, reported that OML18 Resources owes a total of $20.23m, comprising $17. 37m in crude oil royalties and $2.86m in gas flare penalties.”
.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: In Sokoto, classrooms overtaken by goats, reptiles, as insecurity, lack of teachers, govt inaction push children out of school
SHEHU MUHAMMAD SHEHU reports on how insecurity, government inaction and lack of qualified teachers has significantly forced up the number...
INVESTIGATION: Abia residents in pains, as contractor abandons erosion control project after collecting N185m
Fresh from fashion school in 2022, Onuka Kalu planned to convert one of his father’s two shops, where he formerly...
Trump halts $50m Gaza aid, cites ‘condoms in Gaza’ claim
In a sweeping move to reassess U.S. foreign aid spending, President Donald Trump has frozen a $50 million assistance package...
INVESTIGATION: In Zamfara, forgotten Health Center throws community into health crisis
In the late evening of Friday, September 14, 2024, shortly after the Maghrib prayer, Bashir Muhammad, a 34-year-old father of...
INVESTIGATION: Insufficient teachers, learning materials worsen education access in Kwara communities
Qudus, a Junior Secondary School (JSS 2) pupil, would sit the Basic Education Certificate Examination (BECE) in a year to...