•Seeks list of all defaulting IOCs, weighs tougher sanctions
Sunday Aborisade in Abuja
The Senate has commenced an investigation into the alleged non-remittance of statutory contributions amounting to $71.65 million and N30.7 billion by Aiteo Exploration and Production Company Limited, now known as Nembe Exploration and Production Company Limited, to the Niger Delta Development Commission (NDDC), warning that persistent defaults were undermining development efforts across the oil-producing region.
The Senate Committee on the NDDC, which opened the investigative hearing in Abuja, also directed the oil company at the centre of the petition to appear before it within two weeks.
The panel also requested the commission to submit a comprehensive list of all the international oil companies (IOCs) with outstanding statutory remittances.
