The House of Representatives has taken a decisive stance against what it perceives as irregularities in the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) approval process for International Oil Companies (IOCs) seeking divestment.
The resolution, initiated by Honourable Ikenga Ugochinyere, reflects mounting apprehension surrounding the closure of petroleum operations by IOCs operating in Nigeria.
These companies, it is alleged, are relocating without adhering to the prescribed decommissioning guidelines mandated by the NUPRC and the regulatory framework outlined in the Petroleum Industry Act (PIA).
In response to these concerns, the House Committee on Petroleum (Upstream) has been entrusted with spearheading a comprehensive investigation into the matter.
This investigative effort will be augmented by the collaboration of other pertinent oil and gas committees within the House.
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Furthermore, the House has charged its Committees on Treaties, Protocols, and Agreements, as well as Legislative Compliance, with conducting a thorough examination of allegations pertaining to a purported “Slave Agreement” between Nigerian Ministries, Departments, and Agencies and entities in China.
During the deliberations, Honourable Ahmed Doro brought to light the escalating involvement of various government institutions, including the Federal Ministry of Finance and the Debt Management Office, in procuring loans from Chinese State entities.
This heightened engagement, Doro contends, has led to a concerning escalation in Nigeria’s indebtedness to China. Moreover, upon closer scrutiny, these loan agreements appear to exhibit characteristics akin to what Doro terms “slave agreements,” raising serious questions about their fairness and implications for Nigeria’s economic sovereignty.
In light of these revelations, the House of Representatives remains resolute in its commitment to safeguarding the interests of the Nigerian populace.
Through diligent oversight and proactive measures, it seeks to ensure transparency, accountability, and adherence to established regulations within the nation’s petroleum sector and beyond.
