House of Reps to investigate NNPC’s joint operation

The House of Representatives has mandated a joint committee of the House to investigate possible leakages in the operations of the Joint Venture Agreements between the Nigerian National Petroleum Corporation (NNPC) and other oil companies operating in Nigeria.

The motion, which was adopted during plenary on Tuesday, also mandated the committee to carry out a forensic assurance review of the Joint Venture Accounts.

The decision to investigate the NNPC and other companies was reached after the members of the House of Representatives considered a motion calling for the recovery of revenues payable to the Federation Account from the NNPC and its joint venture partners.

Members of the House resolved to have a joint committee investigate the operations of the Joint Venture Agreements over the last seven years.

The committee is also to carry out a forensic assurance review of the joint venture books and establish the actual amount remitted to the Federation Account.

It is expected to report back to the house in seven weeks.