THE Senate joint committee on Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, insurance and other Financial
Institutions, Judiciary, Human Rights and Legal Matters, and Customs
and Excise have commenced a probe into allegations that some banks in
the country are colluding with International Oil Companies(OICs) to
defraud the country.
According to a report in the Senate, the IOCs have allegedly denied
the country of over $62 billion($62,909,716,417 bn) between August
2009 and December 2014.
A document in the Assembly indicated that some of the affected banks
have been asked to produce copies of certified Nigeria Export Proceed
(NXP) issued or processed by them in respect of all crude oil and gas
exported by oil companies including Nigeria Agip Company Ltd, Chevron
Nigerian Limited, Shell Petroleum Dev Co Nig Ltd and their
affiliates between April 1996 to December, 2016.
It was gathered that the affected banks were also asked for details of
domiciliary accounts opened and /or closed within the period, especially those specified for crude oil and gas exports.
Already, officials of two banks, including Citibank and Standard
Chartered Bank last Thursday appeared before the joint committee. It was gathered that other banks will soon be invited.
A member of the Joint Committee, Senator Yusuf Yusuf (Taraba State)
was concerned that funds brought to the country as oil export proceeds
are immediately withdrawn, raising questions whether Nigerian was
reaping benefits of its oil exports.
The Senator said: “It is worrisome that money comes in today, tomorrow
the same amount goes out of the country. The practice runs through
statement of account submitted by the banks. The oil companies bring
in $20 billion today, tomorrow $20 billion is taken out from the account.
“The banks are colluding with multi-national oil companies to defraud
the country. The government relies on the banks, the banks are now colluding with the multi-national oil companies.”
Chairman of the joint committee, Senator John Enoh, also confirmed
that the job of his committee was to ensure that banks are not allowed
to collude with IOCs to flout the laws of Nigeria.
One of the documents being examined by the committee indicated that
Citibank Nigeria operates different domiciliary export proceeds
accounts many oil companies .
For instance, the document shows that the Nigerian Agip Oil Company
recorded a total export inflow valued at $15,372, 882,703.36.
Chevron Group recorded a total inflow valued at $44,020,596,289.99
while Shell group made a total inflow valued at $3,516,237,425.79
giving total of $62,909,716,417 billion.
and then