Reps Panel Accuses Oil Companies of Tax Evasion

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CBN

The House of Representatives ad hoc committee investigating the structure and accountability of the joint venture businesses and production-sharing contracts of the Nigerian Petroleum Corporation (NNPC) has accused oil companies of tax evasion.

Abubakar Fulata, the committee’s chairman, made the allegation on Monday during a meeting with stakeholders at the National Assembly.

CBN

He said the committee, relying on sections 88 and 89 of the 1999 Constitution, would direct police and other security agencies to compel the heads of organisations who failed to make their submission regarding the ongoing investigation to do the needful.

Mr Fulata said tax evasion by the oil companies, particularly the International Oil Companies (IOC), deprived Nigeria of revenues.

He added that despite several invitations, some organisations failed to submit documents to the committee. While some had submitted requested documents, he pointed out that the committee found gaps in them.

“The Federal Inland Revenue Service, Chevron Nigeria Ltd, and Shell Nigeria Exploration Nigeria Ltd are among the organisation to appear before the committee at the National Assembly on Nov 1,” he said.

The committee chair further mentioned that the committee also gave the organisations between seven and 21 days to make their submission or risk being compelled to do so by the security agencies in line with sections 88 and 89 of the 1999 Constitution.

“The following organisations have not made any submission in spite of public notice and letter of invitation sent to them. They include the Central Bank of Nigeria, First Exploration Petroleum Development Company Ltd., Eroton Exploration and Production Company Ltd.,” he disclosed. “Others are Ten Oil Petroleum and Energy Ltd, Statoil Nigeria Ltd, Belema Oil Producing Ltd, Emo Exploration and Production Ltd, and Sterling Oil Exploration and Production.”

(NAN)

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