In a bid to optimize the use of taxpayers’ funds, the House of Representatives has advised the federal government to discontinue the investigation into the alleged missing 48 million barrels of crude oil, valued at $2.4 billion. The decision comes after the consideration and adoption of the report presented by the Mark Gbillah-led Ad-hoc Committee, which thoroughly investigated the alleged revenue loss resulting from the illegal sale of crude oil.
The committee, in its report, strongly advised the National Assembly, anti-graft agencies, and other government bodies against further investigation of these baseless allegations. It recommended that the security and anti-graft agencies focus on prosecuting any individuals who persist in peddling these unfounded claims after the committee’s comprehensive investigation.
Furthermore, the committee suggested that the Abuja High Court resume the hearing and prosecution of the case against the relevant individuals if they are found to be responsible for any wrongdoing. It also called upon Mr. Jackson Ude and Point Blank News to issue a public retraction of their publication and urged them to exercise caution in their future reporting, considering the reputational damage caused to government officials by their unfounded claims.
In addition, the committee emphasized the need for a detailed investigation into all crude oil exports from Nigeria since 2011. It recommended that all oil and gas companies operating in Nigeria, involved in crude oil production and exportation, be thoroughly examined. The committee also called for an in-depth investigation into the reports of consultants and legal teams engaged by the federal government through the Nigerian Maritime Administration and Safety Agency (NIMASA), who identified discrepancies in quantities of crude oil exports and resulting revenue loss.
To ensure transparency and accountability, the committee urged the House Committee on Petroleum Resources (Upstream) of the 10th Assembly to collaborate with relevant government entities, including the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Authority, Nigerian National Petroleum Company, and Nigeria Extractive Industries Transparency Index. Their goal should be to establish a harmonized and regularly updated record of Nigeria’s crude oil exports, proceeds, and compliance with royalty and tax payments by oil and gas companies.
The committee also recommended that NEITI (Nigeria Extractive Industries Transparency Initiative) provide its updated records of royalty and taxes paid in 2021 and 2022, emphasizing the importance of maintaining up-to-date records given its watchdog status. Additionally, it suggested that the federal government engage diplomatically with the Indian government to amicably resolve the Sandesara brothers’ matter and avoid any unnecessary strain in the relationship between the two countries.
Lastly, the committee called for a comprehensive forensic investigation by the House committee of the 10th Assembly to uncover the facts and reasons behind the Central Bank of Nigeria’s payment of N16.25 billion into the UBA accounts of Bizplus Consulting Services Limited and GSCL Consulting Services Limited.
With these recommendations, the House of Representatives aims to prioritize productive measures and ensure the optimal utilization of resources while fostering transparency and accountability within Nigeria’s oil and gas industry.