Nigeria must recover unremitted $21bn from international oil companies – Suswan

The Senate on Wednesday asked three committees to investigate seven international oil companies over their alleged refusal to remit about $21bn to Nigeria’s national treasury.

The was based on a motion by the Vice Chairman, Senate Committee on Petroleum Resources, Ifeanyi Ubah. Ubah in his submission informed the Senate of the IOCs alleged refusal to honour the provisions of the Production Sharing Contracts Act.According to the Senator, the Act of the National Assembly regulates the sharing of additional revenue between the Nigerian National Petroleum Corporation and the various oil companies.

He also explained that the Deep Offshore and Inland Basin Production Sharing Contract Act Cap D3 LFN 2004 became effective on January 1, 1993 and was first reviewed in 2004.

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