The House of Representatives has commenced investigation into the huge loss of revenue, by the Nigeria National Petroleum Corporation Limited.
This investigation follows a motion moved by Hon. Chike Okafor, member representing Ehime Mbano, Ihitte-Uboma and Obowo Federal Constituency.
Moving the motion, Hon. Okafor stated that due to inflated cash calls, by the NNPCL Joint Venture Agreements, there have massive loss of revenue, over the years, and called on the House of Representatives to, urgently, Investigate the infractions.
Hon. Okafor argued that the Joint Venture Agreements is of paramount importance in the face of the alleged loss of revenue of over $60,000,000,000 (Sixty billion dollars) with the equivalent in naira of over #42,500,000,000,000 (Forty Two Trillion, Five Hundred Billion naira) and it sadly shocking to note that the financial records of activities shows inflated and over bloated cash calls in the Agreements which short-changed the nation heavily.
See full text of the motion:
THE NEED TO INVESTIGATE THE LOSS OF REVENUE OF OVER $60,000,000,000 (SIXTY BILLION DOLLARS ONLY) DUE TO INFLATED CASH CALLS BY THE NIGERIAN NATIONAL PETROLEUM COMPANY LIMITED JOINT VENTURE AGREEMENTS
HON. DEACON. CHIKE JOHN OKAFOR (fce, fnim, fcia, mnimn, PhD)
Mr. Speaker, Honourable Colleagues, this motion is standing on the national patriotic stand as it seeks to unearth and access the level of the financial discipline and decency, in the Nigerian National Petroleum Company Limited (NNPCL) Joint Ventures Agreements in Nigeria with private oil companies in both Oil and Gas sectors.
Mr. Speaker, Honourable Colleagues, this investigation is crucial as it will ensure a legislative thorough look of the level of financial discipline employed during the agreements. It will also ascertain the level of commitment to national patriotism and sustainable national development as the NNPCL plays a paramount role in Nigeria’s economy and this agreement has far-reaching implications for our Nation’s present and future prosperity.
Mr. Speaker, Hon. Colleagues, investigating the NNPCL Joint Venture Agreements is of paramount importance in the face of the alleged loss of revenue of over $60,000,000,000 (Sixty billion dollars) with the equivalent in naira of over #42,500,000,000,000 (Forty Two Trillion, Five Hundred Billion naira) and it sadly shocking to note that the financial records of activities shows inflated and over bloated cash calls in the Agreements which short-changed the nation heavily.
Honourable colleagues, this motion calls for thorough examination of these agreements and ensuring a thorough look over the alleged nonconformity to regulatory processes on the financial documentation and computation during the agreements to promote transparency, accountability and the optimal utilization of Nigerian resources.
Mr. Speaker, Honourable Colleagues, through this investigation, we can create an environment where our natural resources are managed responsibly and contributes genuinely to our national development.
Mr. Speaker, Honourable Colleagues, let us unite legislatively in support of this motion as it aligns with Mr. Speaker Legislative agenda and it is our collective responsibility to safeguard Nigerian economic future for the benefit of all citizens and for our National Development.