$60BN CASH CALLS: REPS PANEL THREATENS TO SANCTION OIL COMPANIES.(PHOTO).

 $60bn cash calls: Reps panel threatens to sanction oil companies

The House of Representatives Joint Committee on Finance and Petroleum Resources (Upstream) on Saturday, vowed to deal with oil companies which fail to participate in the ongoing investigation of the loss of $60b inflated cash calls by the Nigerian National Petroleum Company Limited’s Joint Venture Agreements.

Recall that the joint committee co-chaired by James Faleke (Chairman, Finance) and Alhassan Ado-Doguwa (Petroleum Resources), had in the past week, frowned at the absence of chief executives of companies and agencies earmarked for the probe at the hearings.

It also chided the presentations made by the few who turned up, even as it warned against the practices of some companies sending representatives instead of their top expectative officers.

Not happy by the uncooperative attitude of the invited companies, Co-Chairman, Ado-Doguwa said the committee would not take it lightly with those who attempt to undermine the constitutional power of the parliament.

A statement issued by the media team of the committee on Sunday quoted Ado-Doguwa as saying, “For those who have not come because there were several companies and agencies that were invited and it’s like they were insensitive to the invitation of this important committee, this is unacceptable.

“For those who chose to disregard what the parliament is doing here, this committee would not take it lightly with anyone or institution who wants to undermine the constitutional powers of this important hearing to investigate the affairs of public finance of this great country, Nigeria.

“Myself and all members of the committee are of the view that we would be compelled going forward to invoke and also create any means possible to use the available instrumentalities of law to make sure that whoever is invited appears and if any of them decide not to appear, then, at the end, we will be compelled to use the instrumentalities of the law around us to compel appearance.

“Obviously no one of us would take lightly some of the insensitive actions or inactions of some of the agencies of government especially in matters that involve huge amounts of resources that would have been used to better the lives and livelihoods of Nigerians,” the statement read in part.

That said, the lawmaker directed the clerk of the committee to go through the books to identify companies which failed to honour its invitation without cogent reasons, vowing that appropriate action will be taken.

Some of the companies and agencies involved in the probe include Total Exploration, ⁠Shell Petroleum, Agip, Chevron, Oando, ⁠Mobil, ⁠Pan Ocean, ⁠Erotton, ⁠Belema, First Exploration, and New Cross Exploration.

Others are Seplat Petroleum, Amini International Petroleum, West Africa Exploration and Production Limited, Walter Smith Petroleum Limited, ND Western Limited, Sahara Energy Limited, First Hydrocarbon Nigeria Limited, Neconde Energy Limited, Elcrest Exploration and Production Limited, and Shoreline Natural Resources Limited.