By Chisaa Okoye

In the motion, the lawmaker noted that the NNPC was established on April 1, 1977, as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Petroleum and Energy Resources.

He said: “NNPC is empowered to manage the joint venture between the federal government and several foreign multinational corporations with assets and interests on land, swamp, continental shelf and deep waters.

“In 1988, the NNPC was commercialized into 12 strategic business units covering the entire spectrum of oil industry operations including exploration and production, gas development, refining, distribution, petrochemicals engineering and commercial investments among others.

“In line with Section 53 (1) of the Petroleum Industry Act (PIA), the Nigerian National Petroleum Company Limited was registered and incorporated by the Corporate Affairs Commission on September 22nd, 2021 as a Limited Liability Company with an initial capital of N200 Billion, which was
regarded as the highest share capital holding in Nigeria.

“Section 53 (3) of the PIA, which vests ownership of the NNPC Limited on the Federal Government through the Ministry of Finance, which are both financed by the Nigerian People, but recognizes NNPC limited as an Agent.”

According to the lawmaker, Section 88 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to carry out investigations into matters to which it has powers to make laws.

He said the probe is to ensure a glossary accounting system in the buildup to the transition.

Isiaka said: “There is the need to boost investors’ confidence and enhance transparency and efficiency in the supply chain management of the newly established NNPC Ltd owing to the outstanding credit sales and the much-needed revenues by the Federal Government to support annual budgets.”

The House adopted the motion and gave the committee eight weeks within which to conclude its assignment and report back to it for further action.

The Majority Whip, Mohammed Monguno sought for an ad hoc committee instead of the joint committee as proposed by the sponsor, noting that each of the committees had large membership.

His submission was unanimously granted by the lawmakers.

The Speaker, Femi Gbajabiamila, asked the Majority Leader, Alhassan Ado-Doguwa, to compile a list of a15-member committee by Thursday to carry out the investigation.