The investigation into the alleged loss of $2.4 billion in unremitted oil revenue has been ongoing for several months. The House of Representatives ad hoc committee was set up to investigate the matter, and it has been holding investigative hearings in Abuja, Nigeria’s capital city.
During these hearings, the committee has been questioning the management staff of oil companies involved in the lifting and selling of crude oil to global destinations. The goal is to determine whether the companies were involved in the illegal sale of 48 million barrels of crude oil exports from 2014 to date, which allegedly resulted in the loss of the $2.4 billion in revenue.
While the attorney general of the federation, Abubakar Malami, has indicated his readiness to appear before the committee and provide relevant information, the finance minister, Zainab Ahmed, has been reluctant. The committee has not received any submission or response from her, despite several requests.
The committee’s chairman, Mark Gbillah, has urged the finance minister to show respect for the separation of powers and respond to the committee’s request. He has also given her the benefit of the doubt and provided a leeway, but has warned that the committee is not afraid to exert its other powers if necessary.
The investigation is a significant issue for Nigeria, which relies heavily on oil revenue to fund its budget. The alleged loss of $2.4 billion in unremitted oil revenue would have significant consequences for the country’s finances, and the investigation aims to determine the truth behind the allegations.