The House of Representatives Special Joint Committee of the Downstream and Midstream Petroleum Resources investigating anomalies in the sector has directed the Nigerian National Petroleum Company Ltd (NNPCL) to halt further mortgage of Nigeria’s future crude oil until they conclude their forensic investigation.
Chairman of the committee, Ikenga Imo Ugochinyere, who issued the directive on Wednesday in Abuja, said their investigation included unravelling challenges militating against the growth of the oil industry the past forward sales of crude by NNPCL, subsidy scam, racketeering, alleged importation of adulterated products, mismanagement of the petroleum sector etc.
Ugochinyere urged the NNPCL not to undermine the forensic investigation by the House with another fresh loan, as the move is a threat to President Tinubu’s efforts to ensure local refineries have crude oil for their refining processes.
The statement reads: “We gathered you here today on a shocking development and alleged move by the leadership of the Nigerian National Petroleum Company Limited (NNPCL) to mortgage once again our future crude oil assets and revenues for alleged mere administrative purposes.
“As the Chairmen of the joint investigative Committees on Petroleum Resources Midstream and Downstream it’s our duty to act in the best interest of the citizens and ensure that the downstream and midstream sectors are protected from any decision that will further worsen the problems currently bedeviling the sectors.
“This move, if allowed, will destroy things, starve the refineries, and waste future revenue. We have ongoing investigation into past forward sales and allegation of non remittance to Federation Account and non availability of crude to domestic refinery and now the citizens were excited on the recent news of president Tinubu intervention for crude supply to local refinery in naira and the committee has received intel of plans to mortgage future crude revenue and oil for another loan at a time the nation is struggling.”
