Reps query NNPC over $163bn gas, other assets

The House of Representatives Thursday directed the Nigerian National Petroleum Corporation to provide details of its $163bn joint venture gas assets and others.

The directive was given after submissions by NNPC Group Managing Director Mele Kyari before the House Adhoc Committee investigating abandoned assets belonging to MDAs.

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Kyari was represented by the Managing Director, NNPC Properties Limited, Musa Hamza.

A member of the committee, Isiaka Ibrahim, said: “Of great concern to the National Assembly is that after the commissioning of most of the assets that you have with most of the IOCs; they’re all greatly abandoned, constituting environmental hazards. The pipeline networks, most times, are not properly disposed of.

“It’s estimated that $163bn worth of joint venture operations had existed between the NNPC and most oil companies, which along the line, we don’t really know what happened until you told it openly before us as a National Assembly on how we can come to intervene through legislative means and have this resolved.” 

Responding, Kyari said all assets belonging to NNPC and its subsidiaries were being managed by Pension Funds Limited or NNPC Properties Limited respectively.