The House of Representatives has raised concerns over the Nigerian National Petroleum Company Limited (NNPCL)’s failure to remit an outstanding sum of $278,184,937.72 resulting from the transfer of Oil Mining Lease (OML) 24 in 2019.
According to records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), OML 24 was transferred to NNPCL/Nigeria Export Processing Council (NEPC) in 2019 for a Signature Bonus totaling $309,094,374.72. However, only $30,909,437 has been paid, leaving a significant outstanding balance owed to the government.
During the session, the Group Chief Executive Officer of the NNPCL, Mele Kyari, provided insight into the challenges facing the country’s oil and gas industry. However, the focus remained on the unresolved issue of the unremitted funds, which has raised eyebrows among lawmakers.
The discrepancy in the payment has sparked concerns among members of the House of Representatives, who are seeking clarity on why the full amount owed to the government has not been remitted by NNPCL/NEPL.
The failure to remit such a substantial sum underscores the need for transparency and accountability in the management of Nigeria’s oil and gas resources. Lawmakers have emphasized the importance of ensuring that all revenues generated from the sector are properly accounted for and utilized for the benefit of the Nigerian people. As the investigation unfolds, stakeholders will be keenly watching to see how the NNPCL addresses the outstanding payment and what measures will be taken to prevent similar occurrences in the future.
