Reps threaten sanctions against oil firms over $60bn cash calls probe

The House of Representatives Joint Committee on Finance and Petroleum Resources (Upstream) has issued a stern warning threatening punitive measures against oil companies that refuse to cooperate with the ongoing investigation into the alleged $60 billion inflated cash calls under the Nigerian National Petroleum Company Limited’s Joint Venture Agreements.

Co-chaired by James Faleke (Finance) and Alhassan Ado-Doguwa (Petroleum Resources), the joint committee, on Saturday, expressed strong dissatisfaction with the absence of chief executives from several key companies and agencies during recent hearings.

They also criticized the quality of presentations made by representatives who did attend, cautioning against the practice of sending proxies instead of top executives.

In response to the lack of cooperation, Co-Chairman Ado-Doguwa emphasized that the committee would not tolerate any attempts to undermine the constitutional authority of the parliament. In a statement released by the committee’s media team on Sunday, Ado-Doguwa stated: “For those who have not come because there were several companies and agencies that were invited and it’s like they were insensitive to the invitation of this important committee, this is unacceptable.”

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He continued, “Myself and all members of the committee are of the view that we would be compelled going forward to invoke and also create any means possible to use the available instrumentalities of law to make sure that whoever is invited appears and if any of them decide not to appear, then, at the end, we will be compelled to use the instrumentalities of the law around us to compel appearance.”

The committee directed its clerk to meticulously review records to identify companies that failed to attend without valid reasons, reaffirming that appropriate actions would be taken against them.

The probe involves numerous prominent entities in Nigeria’s oil sector, including Total Exploration, Shell Petroleum, Agip, Chevron, Oando, Mobil, Pan Ocean, Eroton, Belema, First Exploration, New Cross Exploration, Seplat Petroleum, Amini International Petroleum, West Africa Exploration and Production Limited, Walter Smith Petroleum Limited, ND Western Limited, Sahara Energy Limited, First Hydrocarbon Nigeria Limited, Neconde Energy Limited, Elcrest Exploration and Production Limited, and Shoreline Natural Resources Limited.

The committee’s determination underscores its commitment to ensuring transparency and accountability in the management of public finances, particularly in sectors critical to Nigeria’s economic development.

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