By Alex Okoro

The House of Representatives has charged its Committees on Up and Down Stream Petroleum(when constituted) to investigate the operations of the Joint Venture Agreements with particular reference to leakages.

The resolution by the House emanated from a motion titled “Recovery of Revenues Payable to the Federal Account from the Nigerian National Petroleum Corporation(NNPC) and its Joint Venture Partners” as raised by Rep. Ossai Ossai(Delta State, PDP) during Tuesday sitting.

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The green chamber as well urged the Committees involve to carry out a forensic assurance review of the Joint Venture books to establish the amounts of income that accrued to the Joint Venture Partners in the past seven years and the actual amount remitted to the Federal Account.

Raising the motion on the floor, Rep Ossai reiterates that the income from such sources as sale of assets, marine transportation, ullage or pipeline transportation which form part of the Joint Venture Operations. He added that the sources of the Joint Venture Income amount to Billions of Naira as the case may be.

The lower chamber worried that the Operator-Companies net off the income against expenses allegedly in collusion with officials of the NNPC to avoid the remittance of the income to the Federation Account.

The Committees responsible for the probe are expected to submit their report within seven weeks.





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