Nigeria’s Senate Committee on Gas is set to commence an investigative hearing on the disbursement of the N130.8 billion Nigeria Gas Expansion Programme (NGEP) intervention fund. The red chamber has summoned the Government of Delta State and 14 other engineering, oil, and gas companies to appear for the hearing.
Senator Jarigbe Agom Jarigbe, representing Cross River North and the Chairman of the Senate Panel, announced the investigative hearing through a paid advertisement in THISDAY last Thursday. The affected companies have been mandated to appear on Thursday this week at 2 pm.
The companies that benefited from the Intervention Fund, disbursed by the Central Bank of Nigeria (CBN), are expected to present progress reports indicating the location and current status of their projects.
The list of companies summoned and their respective disbursement amounts are as follows:
– Nipco Gas Ltd: N25,000,000,000.00
– Nipco Plc: N5,000,000,000.00
– Hyde Energy Ltd: N2,000,000,000.00
– Lee Engineering and Constructionand Company: N15,000,000,000.00
– Pinnacle Oil and Gas Fze: N10,000,000,000.00
– Transit Gas Limited: N8,000,000,000.00
– Amalgamated Oil Company Nig Ltd (AMOCON): N5,000,000,000.00
– Gas Nexus Ltd: N10,000,000,000.00
– First Modular Gas Systems Limited: N4,300,000,000.00
– Novagas Limited: N1,000,000,000.00
– Greenville Liquified Natural Gas Company: N10,000,000,000.00
– AP LPG Limited: N8,000,000,000.00
– Dangote Oil Refinery: N5,000,000,000.00
– Delta State Government: N20,000,000,000.00
– Mob Integrated Services Limited: N2,500,000,000.00
The CBN, in January of this year, shed light on the overall spending of over N4 trillion on various interventions across different sectors of the economy. The apex bank clarified that the funds provided were loans, not grants, and beneficiaries are expected to repay the money. The investigative hearing aims to scrutinize the disbursement and ensure transparency and accountability in the utilization of the NGEP intervention fund.
