The House of Representatives has begun its investigation of the Joint Ventures and Production Sharing Contracts entered into by the Nigerian National Petroleum Corporation in the last 32 years.
The House’ Ad Hoc Committee to Investigate the Structure & Accountability of the Joint Venture Businesses and Production Sharing Contracts of the Nigerian National Petroleum Corporation from 1990 to Date, on Tuesday, held its inaugural investigative hearing.
Speaker of the House, Femi Gbajabiamila, while declaring the hearing open, said he was delighted to inaugurate the committee “at this critical point of our nationhood where more resources are needed to diversify our economy.”
Gbajabiamila stated, “This investigation became necessary as there are serious allegations that operations of the Joint Venture businesses and Production Sharing Contracts, for which NNPC is a party and representing Nigerian interest, have over the years been conducted with highest degree of opaqueness to the extent that the Nigeria government and her citizens have been deprived of the value of their investment in the oil and gas sector.
“Accordingly, it will amount to administrative recklessness for any sane government to sit aloof and see such a sensitive sector that determines its future existence not being given appropriate attention in the governance process.
“It should be noted that the Joint Venture agreements and the production sharing contracts are supposed to protect the interest of all parties. However, there are concerns that these agreements are being observed in branches and that Nigeria is being short changed.”