Why the Senate is investigating banks and oil majors over capital flight

Nairamterics|A joint senate committee has begun investigating several banks in the country over crude oil proceeds from oil companies. Here are the details of the investigation:

• The Senate committee is suspecting that international oil companies and banks are colluding to under report the value of oil exports earned by Nigeria between 1996 and December 2016.
• The claim that their initial investigation suggest that oil majors have been found to repatriate export proceeds from the sale of oil in some cases, within 24 hours after receiving same in their bank accounts.
• The investigation is being conducted by a joint senate committee comprising Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, insurance and other Financial Institutions, Judiciary, Human Rights and  Legal Matters, and Customs and Excise.
• The oil companies being investigated include Nigeria Agip Company, Chevron Nigeria limited and Shell Petroleum Development Company Nigeria limited and its associates.
• The investigation is with respect to crude and gas export proceeds  from April 1996 to December 2016.
• The banks were asked by the committee to submit certified copies of Nigerian export proceeds issued by them to the oil companies
• The Senate also asked banks to produce domiciliary account details opened by oil companies within the period.
• A member of the committee, Senator Yusuf Yusuf alleged that banks were colluding with the oil companies.
• The Senator also queried why oil export proceeds were brought into the country then taken out almost immediately.
•   The committee is also investigating pre shipment inspection of oil export activities.
•   The banks being investigated were not mentioned.

Related posts

Court orders FG to pay Sunday Igboho N20 billion as damages

September 17, 2021

Constitutional amendment: We cannot sacrifice quality on the altar of speed – Hon. Kalu

September 17, 2021