GTB 737 banner
Oil Firms Get Two Weeks Ultimatum To Remit $250m To FG

By Grand News on 15/12/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 2,348

Dr. Yakubu Dogara, Speaker of the House of Representatives.
Dr. Yakubu Dogara, Speaker of the House of Representatives.

The  House of Representatives Committee on Oil and Gas on Thursday gave 10 indigenous oil companies in the country two weeks to remit 250 million dollars oil royalty to Federal Government’s coffers. Hon Jerigbe Agom, the Chairman of the committee, gave the ultimatum at the ongoing sitting over unremitted funds in the industry. According to the Chairman, Nigeria can no longer condone unbecoming acts of the operators which are capable of strangulating the nation’s oil and gas industry.

He said the companies were Aiteo Group, Dubri Oil Limited, Atlas Energy, Frontier Oil Ltd., Oriental Energy Limited, Express Petroleum, WalterSmith Oil Limited and Neconde Group.

Agom said the committee would have no choice than to wield the big sticks on the companies that refused to meet the deadline as part of its mandate to ensure sanity in the nation’s oil and gas industry.

Meanwhile, members of the committee said the Department of Petroleum Resources (DPR) was not proactive enough to ensure that indigenous oil companies complied with rules in the nation’s oil and gas sector.

They wondered why the regulatory body could not wield the big sticks  on oil companies that failed to pay their oil royalties when evidence was clear that they owed the government. They also accused  gas companies in the country of not revealing the accurate figures of the quantity of gas produced and flared. The lawmakers resolved to  pay on-site visit to  the gas  companies at a later date, to  cross check claims of their gas production and flare. Mr Dada Thomas, the Managing Director, Frontier Oil Ltd., however, said most of them got the invitation very late. He complained of harsh business environment like high cost of production and interest rate which also explained why owners of marginal fields in the country could not operate the fields. According to him, the government has no reason to grant them requisite tax holidays with a view to boosting their business and opening the nation’s oil and gas sector for investment prospects. (NAN)

Source Grand News

Posted 15/12/2017 07:22:39 AM


Share on facebook Yahoo mail icon Gmail icon


You may also like...
UNBELIEVABLE : Ghost Companies Lift N1.1tr Crude Oil...

2019: Be Impartial, Okowa Urges Security Agencies

Army Debunks Killing Of 30 Soldiers By Boko...

Rivers top position, testimony of frugal leadership –...

Gymnastics boss quits after four days

APC Calls For Dan-Ali’s Resignation Over Statement On...

Akande: Restructuring not in APC manifesto

2019: APC Reps Candidate Thanks Constituent, Solicits Cooperation...

Biya, 85, Wins Cameroon’s Presidential Election Again

Suit seeks prosecution of Abaribe, FFK over Kanu’s...

FedPoly Kaura Namoda Shut Down

Ambode seeks lawmakers support in transport, environment ,...


Trending News EPL: Liverpool’s Jurgen Klopp Aims Dig At Manchester United’s Ole La Liga: Protests Force Postponement Of El-Clasico Court Halts NNPC Ongoing Job Recruitment Oyo To Pass Anti-Open Grazing Bill Before Month End Rivers, Julius Berger Sign Agreement For Construction Of Three Flyover Bridges Azagba Mixed Secondary School To Reopen On Monday- Ukah Lagos-Ibadan Expressway: FRSC Announces Closure Of Another Section Police Disperse Shiites Demonstration In Abuja Kogi Assembly Impeaches Dep-Gov Simon Achuba • Bello Names Onoja As New Dep-Gov EFCC Arrests Nine For Cybercrime In Enugu Death Stalls Trial N14bn Police Pension Fraud • EFCC Moves To Amend Charges Makinde Speaks Of Elaborate Water-tight Security Architecture •To Launch Vigilante Services


Most Read Asaba Masacre: Indigenes recall sad experience, warn IPOB against drums of war (339,405 views) Asaba Genocide : Soyinka, Kukah, Duke, others to speak at colloquium * Organisers roll out projects to immortalise victims. (337,468 views) Delta LG polls holds Jan. 6, 2018 (337,089 views) Bayelsa @ 21: Dickson calls for renewed hope (336,356 views) NIGERIA @ 57: Rededicate yourselves to Nigeria’s growth, Okowa tells elite (335,971 views) The Vagabonds Of Sambisa (3,144 views) BREAKING : Obiano wins Anambra governorship election (2,860 views) UNBELIEVABLE : Ghost Companies Lift N1.1tr Crude Oil In 10 Months (2,734 views) One On One Session With Atiku Abubakar, GCON (2,731 views) Glo-sponsored Onitsha Ofala Festival Begins (2,634 views) RUSSIA 2018: Nigeria in ‘trouble’ (2,515 views) The Rise And Fall Of Jacob Zuma (2,474 views)


SECTIONS News (898) Breaking News (19) Business & Economy (329) Politics & Policy (575) Niger Delta (263) Interviews (3) Sports (191) Entertainment (52) Stock & Forex Watch (0) Foreign (216) Sound Bite (4) Health (40) Editorials (1) Columnists (4) Letters (1) Opinions (27) Cartoons (0)



Rochas Okorochas Declare War On Buhari, Tinubu & Oshiomohole


APO Group Partner