Reps probe NNPC’s structure, joint venture agreements

The House of Representatives has commenced an investigation into the structure and accountability of the Joint Venture (JV) business and production sharing contracts of the Nigerian National Petroleum Company (NNPC) Limited.

The Chairman of the House Ad Hoc Committee, Hassan Fulata, who disclosed at the committee’s sitting on Wednesday in Abuja, his committee was investigating the NNPC’s JV business and Production Contract from 1990 till date.

The committee is expected to establish whether the NNPC joint venture agreements followed due process.

Fulata said the probe became necessary as some NNPC accounts did not follow due process.

He revealed that the committee had discovered a secret account owned by the NNPC Limited, saying the Federal Government did not follow due process in opening the accounts.

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However, the Acting Accountant General of the Federation, Mr. Okolieaboh Sylva, who appeared before the committee, denied the government’s knowledge of such secret accounts.

The Office of the AGF, Total Energy, Shell Petroleum Company, and Chevron were present at the hearing.

The committee, however, invited other heads of government and corporate agencies and companies including Seplat Oil and Gas and Newcross Oil and Gas to appear on September 27.

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