AMID concerns of dwindling revenue resources, the House of Representatives ad hoc committee investigating the structure and accountability of the joint venture (JV) businesses and production sharing contracts (PSCS) of the Nigerian National Petroleum Limited (NNPCLtd) has accused oil companies of tax evasion.
The chairman of the committee, Abubakar Hassan Fulata, who made this known on Monday during the committee’s meeting with stakeholders at the National Assembly, said his committee was relying on sections 88 and 89 of the 1999 Constitution of the Federal Republic of Nigeria as amended, and would direct police and other security agencies to compel the heads of organizations who had failed to make their submissions in respect of the ongoing investigation to do so.
Fulata said tax evasion by the oil companies, particularly the international oil companies (IOC), had led to the dwindling oil revenue situation in the country.
He fumed that despite several letters of invitation, some of the organizations had not submitted any document to the committee.
He added that though some of the invited organizations had submitted some documents, the committee found some gaps in those documents and invited those organisations to fill the gaps.
According to him, the Federal Inland Revenue Service, Chevron Nigeria Ltd and Shell Nigeria Exploration Nigeria Ltd were among the organizations that would appear before the committee at the National Assembly tomorrow, Tuesday, November 1, 2022.
The committee also gave seven days to 21 organizations to make their submissions, or risk being compelled to do so by the security agencies, in line with sections 88 and 89 of the 1999 Constitution of the Federal Republic of Nigeria as amended.
According to the committee, 21 organizations have not made any submission despite public notice and letters of invitation sent to them.
The organisations are: the Central Bank of Nigeria, First Exploration & Petroleum Development Company Ltd, Eroton Exploration and Production Company Ltd, Ten Oil Petroleum & Energy Ltd, Staoil Nigeria Ltd, Belema Oil Producing Ltd, Emo Exploration & Production Ltd, Sterling Oil Exploration & Production; Coinoil Petroleum Ltd, Essar Exploration & Production Ltd, Texaco Nigeria Outer Shelf Ltd, and GEC Petroleum Development Company.
Others are Millennium Oil and Gas Company Ltd, Newcross Petroleum, West Africa Exploration & Production Company Ltd, Nexen Petroleum Nigeria Ltd and Oil World Nigeria Ltd, Sahara Energy Resources Ltd, Amni International Petroleum Development Company Ltd, Enageed Resources Ltd, Addax Petroleum Exploration Nigeria Ltd, and Gas Transmission and Power Ltd.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.