THE Nigeria Extractive Industries Transparency Initiative (NEITI) has said the Nigerian Petroleum Development Company (NPDC) is withholding $4.977 billion from the federal authorities.
The NEITI, in a report submitted by its Executive Secretary, Waziri Adio, to a joint committee on Petroleum (downstream and upstream), on Wednesday, asked the Senate to urgently facilitate the settlement of liabilities being withheld by NPDC from 2013 to date.
NEITI, also in the report, alleged that the NPDC was yet to settle another N68.2 billion liability.
In its recommendations to the Senate, NEITI was seeking the “prompt settlement of all outstanding liabilities by NPDC, including $ 4.977 billion ($3.277+ $1.7 billion) and N68.2 billion.”
According to the agency, NPDC had failed to settle the consideration for the divested assets from the Nigerian Agip Oil Company Joint Venture (NAOC JV)
The report stated that the investigations carried out by the agency was aimed at unravelling issues surrounding the transfer of the Oil Mining License (OMLs) to NPDC as well as the period taken to remit the liabilities.
Part of the recommendations by NEITI included that the Federal Government should review the proprietary rights, processes and transactions involving the assignment of OMLs from NAOC JV to NPDC by NNPC; a review of the processes and transactions leading to the assignment of OMLs from SHELL JV to NPDC and the recovery of all cash call paid to NPDC in respect of the divested assets totaling $148.29 million and N2.42 billion.
The report said the consideration computed by Department of Petroleum Resources (DPR) as regards eight OMLs assigned to NPDC from SHELL JV between 2010 and 2011 was $1.8 billion, adding that of the amount, no consideration was paid from the dates of transfer up till April 2014..
However, the NPDC only admitted that it paid N100 million to the Federal Government.
Its Managing Director, Yusuf Matashi, however, did not state the figures owed by the company.
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