House Committee Investigates NNPC

By Deinde Falase

Appearing before the House Committee of Finance, the group Executive Director Finance and Accounts directorate of the NNPC, Bernard Otti attributed the delay in the presentation of it’s accounts and that of its subsidiaries to come challenges that include intermittent pipeline leakages as well as rampant crude oil theft.

The Committee Members while expressing understanding of the mitigating factors, however insisted that the committee needed to see not only the group accounts of NNPC, but the individual accounts of each of its subsidiaries in order to have a clearer picture of the revenue base of the country.

The meeting ended with the NNPC agreeing to present to the House Finance Committee details of remittances of its independent revenue and that of its subsidiaries by Tuesday 28th of May, 2013.