The Senate has threatened to involve the Economic and Financial Crimes Commission (EFCC) in recovering the Central Bank of Nigeria's intervention loan of N135 billion that was given to 15 oil and gas companies.
This warning came from the Senate Committee on Gas Resources when the oil and gas firms appeared before the House to account for how they utilized the loan given to them by the CBN. The CBN's Nigeria Gas Expansion Program intervention disbursed the loan.
More Details on The Loan Disbursement
Jarigbe said Nipco Gas Ltd obtained N25 billion (N25,000,000,000.00), Nipco Plc got N5 billion (N5,000,000,000.00), Hyde Energy Ltd received N2 billion (N2,000,000,000.00), and Lee Engineering And Construction Company got N15 billion (N15,000,000,000.00) from the gas expansion intervention fund.Others are Pinnacle Oil and Gas FZE, which received N10 billion (N10,000,000,000.00), Transit Gas Limited, which got N8 billion (N8,000,000,000.00), Amalgamated Oil Company Nig Ltd. (AMOCON), which obtained N5 billion (N5,000,000,000.00) and Gas Nexus Ltd., which received N10 billion (N10,000,000,000.00).
First Modular Gas Systems Limited secured N4.3 billion (N4,300,000,000.00), Novagas Limited got N1 billion (N1,000,000,000.00), Greenville Liquified Natural Gas Company received N10 billion (N10,000,000,000.00) and AP LPG Limited had N8 billion (N8,000,000,000.00).
Dangote Oil Refinery received N5 billion (N5,000,000,000.00), Delta State Government got N20 billion (N20,000,000,000.00), and Mob Integrated Services Limited obtained N2.5 billion (N2,500,000,000.00) from the gas expansion intervention fund.
Jarignbe said that some of the oil and gas companies should have utilized the funds for the purpose they were obtained.
The Committee Chairman said it would not hesitate to involve the anti-corruption agencies to forcefully retrieve the funds from companies that fail to utilize them appropriately.
Read more: https://www.investingport.com/senate-threatens-to-involve-efcc-to-recover-n135-billion-cbn-loan/