✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters

Reps probe 32-year-old NNPC joint venture contracts

An ad-hoc committee of the House of Representatives on Tuesday began a probe of all joint venture (JV) operations and Production Sharing Contracts (PSCs) in…

An ad-hoc committee of the House of Representatives on Tuesday began a probe of all joint venture (JV) operations and Production Sharing Contracts (PSCs) in the oil and gas sector since 1990 to verify if the transactions were legal.

Speaking during the commencement of the probe, chairman of the ad-hoc committee, Abubakar Hassan Fulata, said the investigation will be carried out within the constitutional mandate of the National Assembly as part of its quasi-judicial responsibility to ensure transparency in the conduct of government businesses. 

Fulata said, “The thrust of this assignment shall be to critically examine whether the operations of the joint venture businesses and production sharing contracts between the oil companies involved in these arrangements with the NNPC have been conducted within the ambit of the laws and to determine whether the benefits accruable to the Nigeria state has been fair and reasonable.

“It should be noted that any infraction in the oil and gas business either by the operating companies or individuals within the sector has a corollary effect on the Nigerian economy, therefore, the committee in the conduct of this hearing will not leave any stone unturned as we pledge to act fairly in the best interest of the stakeholders and the Nigerian state”, he said.