House threatens sanctions on oil companies over $60 billion cash-in-hand phone call probe

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

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 of some key companies and institutions during its recent hearing.

They also criticized the quality of presentations given by the representatives who attended, and warned against the practice of sending representatives instead of top executives.

Responding to the lack of cooperation, Deputy Speaker Ado-Doguwa asserted that the committee would not tolerate any attempt to undermine the constitutional authority of the House. In a statement released by the committee’s media team on Sunday, Ado-Doguwa said: “For those who did not attend because there were some companies and agencies that were invited and as if they were insensitive to the invitation of this important committee, this is unacceptable.”

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He continued, “I and all members of the committee are of the view that we will be forced to continue to use and also create every possible way to use the legal instruments available to ensure that whoever is invited attends and if any of them decides not to attend, then, ultimately, we will be forced to use the legal instruments around us to compel attendance.”

The committee directed the registrar to carefully review the records to identify companies absent without valid reasons, and reiterated that appropriate action would be taken against them.

The investigation involves a number of 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, especially in sectors critical to Nigeria’s economic development.

House threatens sanctions on oil firms over $60 billion cash call probe first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.