N6trn revenue loss: Reps give Shell, others 1 week ultimatum to submit documents on gas flaring penalties

By Levinus Nwabughiogu
ABUJA-The House of Representatives adhoc committee investigating alleged revenue leakages in the Department of Petroleum Resources (DPR) on Tuesday issued one week ultimatum to Shell to submit documents covering gas flaring penalties.

*Gas flare

Other International Oil Companies (IOCs) who were also on the list included ExxonMobil, Agip Oil, Chevron and Total.

Recall that the Chairman of the Committee, Hon. Jarigbe Agom Jarigbe (PDP, C/River) last week said that the sum of N6 trillion has been lost to revenue leakages between 2016 and 2017.

The committee said the loss was largely due to DPR’s inability to exert itself as a regulatory body in the petroleum industry, which provided a leeway for IOCs to meet their financial obligations.

“Let them (IOCs) know that we’re giving them one week to provide the details on those revenue items. We will send them letter and they should respond within one week,” Jarigbe said.

The committee also invited the Central Bank of Nigeria (CBN), Duke Oil, the Federal Inland Revenue Service (FIRS), the minister of state for petroleum resources, Ibe Kachikwu and the Nigeria Products Marketing Company (NPMC).

It said that only NPMC has responded amongst those invited.

Consequently, it vowed to invoke the relevant sections of the constitution to force the companies to obey the invitation should they disobey.

The post N6trn revenue loss: Reps give Shell, others 1 week ultimatum to submit documents on gas flaring penalties appeared first on Vanguard News.

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