NNPC total assets, interests and liabilities as at November 30, 2021 will be ascertained through an audit by the inventory committee
By Anthony Musa, Abuja
The House of Representatives has commenced an investigation into the assets and liabilities of the Nigeria National Petroleum Corporation (NNPC) before its transformation to a limited liability company.
Chairman of the inventory committee set up by the House to conduct the investigation, Rep Uju Kingsley said the committee will liaise with the management of the corporation to ascertain total assets, Interests and Liabilities of NNPC before transfer to the NNPC limited, on Wednesday, December 1, 2021.
According to him, the decision of the House was in sync with the provisions of Sections 88 and 89 of the 1999 constitution and the provisions of Section 54 of the Petroleum Industry Act. 2021.
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Addressing the maiden meeting of the committee, Rep. Kingsley said the legislative intervention was in alliance with section A 1.03 of the introduction part of the Legislative Agenda of the 9th Assembly (2019 – 2023) which states that, the 9th House will seek to undertake reforms of critical sectors of the Nigerian society and economy with a view to improving the conditions that allow for investment, innovation and economic growth.
He said crude oil dominates Nigeria’s economy and account for about 86% of export earnings in our country, adding that “we have the largest oil and gas reserves in the sub-Sahara Africa with an estimated 37 billion barrels of oil and 188 trillion cubic feet of gas as at July 2021.
“It is depressing that, despite the abundant natural endowment, the oil and gas industry has been plagued with corruption, mismanagement, crisis, environmental degradation, lack of refining capacity etc.
“The petroleum industry Act 2021 was enacted to cure the maladies of oil and gas industry and provide legal governance, the regulatory and fiscal framework of the Industry.
“It came at a time when fossil fuel-reliant frontier markets are contending with the implications of the global transition to cleaner and renewable energy sources.
“In the last 20 years, multiple governments have attempted to pass an all-encompassing petroleum industry bill which has been successfully done by the 9th Assembly.”
He said the committee will interface with the Minister of State for Petroleum Resources, Governor of the Central Bank of Nigeria, Minister of Finance, the Chief Executive Officer of the NNPC Limited and other stakeholders.
He said the Committee will seek detailed information on NNPC Assets, Interests, Liabilities and up-to-date audited reports from the CEO of NNPC Limited, request for yearly audited reports of NNPC from NEITI and juxtaposes the NNPC audited reports with that of NEITI