Nigeria seeks to recover $21 bln from IOCs

ABUJA, January 19, 2018 – Nigeria’s House of Representatives ordered an ad hoc committee to look into recovering USD 21 billion in oil revenues from IOCs on Thursday.

In December 2017, oil minister Emmanuel Ibe Kachikwu said the government had not enforced a provision that entitles it to a higher share of oil revenues when the barrel price is greater than USD 20 per barrel. The representatives voted to set up a committee to look into the estimated USD 21-billion loss.

“These reckless incidents that have resulted in the massive depletion of both our nation’s resources and the revenue accruing from them have gone on for far too long and that there’s need for this National Assembly to come to Nigeria’s rescue in the interest of the common man and take adequate measures to bring them to a halt,” Representative Sunday Marshall Katung said.

The committee has six weeks to investigate before reporting back to the House.

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