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Reps threaten 10 indigenous oil firms’ CEOs with arrest over $250m unremitted funds

Reps Threaten 10 Indigenous Oil Firms’ CEOs With Arrest Over $250m Unremitted Funds

The House of Representatives Committee on Oil and Gas, on Wednesday threatened to issue warrants of arrest on the Managing Directors of Aiteo Energy, Neconde Energy, Frontier Energy and seven other indigenous oil companies if they failed to appear before Thursday to account for $250million Unremitted Funds meant for the Federal Government coffers, The Sun reports.

Chairman of the Committee, Jerigbe Agom, who issued the warning at the committee’s sitting on unremitted funds to government’s coffers in Lagos, lampooned the companies for not showing the keenness to remit the funds.

He also ordered the Managing Director of the Nigerian Petroleum Development Company (NPDC) to appear before the committee in Abuja next Tuesday, to explain why Oil Mining Lease (OML) 119 is producing 5,000 barrels per day (bpd) despite its capacity to deliver beyond that.

According to him, NPDC which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC) has also failed to remit $10 million accrued debt in line with the agreement it reached with the Department of Petroleum Resources (DPR).
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The post Reps threaten 10 indigenous oil firms’ CEOs with arrest over $250m unremitted funds appeared first on Energy News | Oil and Gas News.



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Reps threaten 10 indigenous oil firms’ CEOs with arrest over $250m unremitted funds

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