N9.4TRN revenue unpaid: the Reps panel offers Addax, Aiteo, Waltersmith, five other oil companies 72 hours to appear

The ad hoc committee established by the Committee for Public Counts (PAC) of the Chamber of Representatives to investigate the N9.4 trillions due to the federal government by the oil companies has given 72 hours to eight on nine oil companies invited to appear in front of it on Monday or face the consequences.

The ultimatum was given by the Committee after eight of the nine companies invited did not appear during the investigative hearing held on Monday.

Only Belema Oil Producing Ltd, whose team led by his CEO (MD), Ahmad H. Sambo, has honored the invitation.

However, the company of the company was told to return on Tuesday due to the late arrival of their documents to the Committee.

The nine companies invited to appear on Monday include Addax Petroleum Exploration Nigeria Ltd; AITEO group; All energy grace; Amalgamated Oil Company Nigeria Limited; and Amni International Petroleum Development Company Limited.

Others are Belema Oil who produce Ltd; Bilton Energy Limited; Britannia-U and Waltersmith Petroman Limited.

The investigation was based on the report of the General Auditor of the Federation Report (OAUGF) presented to the Committee for Public ADVICES (PAC); And the amount due were unpaid royalties, concession rents and penalties of gas flashes and other obligations deriving from production sharing contracts, refund agreements and modified transport agreements.

He read in part: “The oil royalty for an amount of $ 1,742,280,008.32 (one billion, seven hundred and forty -two million, two hundred eight dollars, eight dollars, thirty -two cents) remained unpaid by some oil companies as in the end of December, 2021.

“The sum of 13,805,135.46 USD (thirteen million, eight hundred thousand, one hundred and thirty -five dollars, forty -six cents) for revenues relating to royalty for gas sales (foreign) still remain at 31 December 2021, while the sum of 848,218,1633,192.67 (forty and half a million ninety -six, sixty -seater. Kobo) were backward for Royalty (local) for the same period.