N120bn CBN Intervention Funds: Senate Summons 15 Oil Refinery Companies
Posted on November 30, 2023
SHUKROH BUSARI
The Nigerian Senate has summoned 15 Oil companies including Dangote, NIPCO Gas Limited, NIPCO Plc and others for a meeting at the National Assembly Complex to explain how they expend over 120 Million in intervention funds disbursed to them by the Central Bank of Nigeria.
P.M.EXPRESS reports the Senate, in a memo to the companies, signed by Senator Jarigbe Jarigbe, Chairman, Senate Committee on Gas, stated that the companies were the beneficiaries of the disbursement from the Nigeria Gas Expansion Program (NGEP) Intervention Fund by the Central Bank of Nigeria (CBN).
The memo read, “The following Companies who are Beneficiaries of the Disbursement from the Nigeria Gas Expansion Program (NGEP) Intervention Fund by the Central Bank of Nigeria (CBN) are Invited to an Investigative Hearing with the Senate Committee on Gas;
The companies included:
1. NIPCO GAS LTD – N25 Billion
2 NIPCO PLC – 5 Billion
3. HYDE ENERGY LTD – N2billion
4. LEE ENGINEERING AND CONSTRUCTION COMPANY – N15 Billion
5. PINNACLE OIL AND GAS FZE – N10billion
6. TRANSIT GAS LIMITED – N8 Billion
7AMALGAMATEDED OIL COMPANY NIG, LTD (AMOCON) – 5 Billion
8 GAS NEXUS LTD – N10 Billion
9. FIRST MODULAR GAS SYSTEMS LIMITED – N4.3 billion
10 NOVAGAS LIMITED – N1 Billion
11. GREENVILLE LIQUIFIED NATURAL GAS COMPANY – N10 Billion
12. AP LPG LIMITED – N8 Billion
13 DANGOTE OIL REFINERY – N5 Billion
14. DELTA STATE GOVERNMENT – N20 Billion
15. MOB INTEGRATED SERVICES LIMITED – N2.5billion
“The invited Companies are required to appear with their Progress Reports stating the Location of Projects and the Current Status of the Projects. The meeting is scheduled as follows; Date: Thursday, 30th November, 2023; Time: 2:00 pm; Meeting Room 107, New Senate Building, National Assembly Complex, Abuja.
“Accept the assurances of my highest regards.”
In the same vein, the Senate has threatened the dismissal and trials of senior officials of the Nigeria National Petroleum Company Limited (NNPLC) for shunning their invitation.
Thus, these officials are involved in the Turn-Around Maintenance (TAM) project of refineries, and a total of 12 trillion was spent on the refineries but none has been functional from 2010 till date.
However, the senate invited the chief executive involved in the maintenance and requested the necessary document covering expenses spent from 2010 till date.
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