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Nigerian Senate To Enlist EFCC Against 15 Oil Firms Over N135 Billion CBN Loan

6 months ago
1 min read

In a heated session, the Nigerian Senate Committee on Gas Resources wielded the sword of the Economic and Financial Crimes Commission (EFCC) against 15 oil and gas companies alleged to have misappropriated a sum of N135 billion in Central Bank of Nigeria (CBN) intervention loans.

Senator Jarigbe, the Committee Chairman, minced no words when the firms faced lawmakers to account for the usage of the funds disbursed under the Nigeria Gas Expansion Program.

He laid bare the alarming figures: “Nipco Gas Ltd obtained N25 billion, Nipco Plc got N5 billion, Hyde Energy Ltd received N2 billion, Lee Engineering And Construction Company got N15 billion…”

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Expressing deep concern, Jarigbe voiced, “The observation of the committee is that there are inconsistencies in the process, and the committee may not hesitate to involve the Economic and Financial Crimes Commission to recover the funds.”

His frustration mounted as he disclosed that some beneficiaries had not adhered to guidelines, stating, “The Ministry of Petroleum Resources is not even aware that the funds have been released.”

Furthermore, he alleged that preliminary investigations revealed that several companies had failed to initiate any projects despite obtaining loans.

“The committee would investigate all the observations and work on them and let Nigerians know the true position of things,” vowed Jarigbe, underscoring the committee’s commitment to unraveling the truth behind the misuse of these funds.

In a bid for accountability, Jarigbe collected beneficiary records and project site details for further scrutiny, signaling a no-nonsense approach in their quest for transparency and justice.


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