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Reps move to transfer assets of defunct NNPC to NNPC Limited

The House of Representatives Ad-hoc Committee set up to ascertain the total inventory, assets, interests and liabilities of the Nigeria National Petroleum Company Limited has unveiled plans to meet with the Chief Executive Officer of NNPC Limited in the coming days.

The Ad-hoc Committee Chairman, Mr Kingsley Chima who presided over the meeting, also stressed the need to interface with the Minister of State for Petroleum Resources, Governor of Central bank of Nigeria (CBN) and Minister of Finance, Budget and National Planning.

Mr Chima observed that despite the abundant natural endowment, the oil and gas industry has been plagued with corruption, mismanagement, crisis, environmental degradation, lack of refining capacity, among others.

“The decision of the House is in sync with the provisions of Sections 88 and 89 of the 1999 constitution of the Federal Republic of Nigeria [as amended).

“It is also hinged on the provisions of Section 54 of the recently signed Petroleum Industry Act. 2021.

“The legislative intervention is 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 explained that the petroleum Industry Act, 2021 was enacted to cure the maladies of the oil and gas industry and provides legal governance, the regulatory and fiscal framework of the Industry.

According to him, the Committee was mandated to ascertain the total inventory, Assets, Interests and Liabilities of NNPC and its Subsidiaries before transfer to the NNPC Limited to ensure a glossary accounting system and report back within eight weeks.

The Ad-hoc Committee also resolved to request detailed information on NNPC assets, interests, liabilities and up-to-date audited reports from the CEO of NNPC Limited.

The Ad-hoc Committee resolved to request for yearly audited reports of NNPC from Nigeria Extractive Industries Transparency Initiative (NEITI) with a view to juxtaposing the NNPC audited reports with that of NEITI.

Reporting by Ibrahim Shehu; Editing by Abdullahi Lamino