Friday, November 4, 2011

Crisis hits N450bn NNPC probe •Committee members stage a walkout

4 November 2011

THERE was a mild drama on Thursday at the ongoing House of Representatives Joint Committee on Finance, Petroleum Resources (Upstream and Downstream) and Gas Resources investigating the non-remittance of N450 billion by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account as members of the committee staged a walkout over perceived sellout on the part of the headship of the committee.

It took the intervention of the Speaker, Honourable Aminu Tambuwal, before the hearing could continue as the situation nearly generated to free-for-all by the aggrieved members who suspected a foul play.

This is coming just as the Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Mrs Zainab Ahmed, insisted that the NNPC, without authorisation, illegally deducted N842 billion from crude oil proceeds accruable to the Federation  Account between 2004 and 2008, as against the reported N450 billion as earlier claimed on Wednesday.

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