House of Representatives yesterday said it will investigate over $17bn stolen from undeclared crude oil and liquefied natural gas exports to global destinations involving 20 companies, two government agencies and two law firms appointed by the past government.
It, therefore, set up an adhoc committee to probe the allegation.
The resolution followed a motion of urgent national importance titled: ‘Urgent Need to Investigate the Over $17bn Stolen from Undeclared Crude Oil and Liquefied Natural Gas Exports to Global Destinations’ sponsred by Hon Johnson Agbonayinma.
In his lead debate, Agbonayinma recalled that following the colossal figures of crude oil theft, the past administration in 2013 held a meeting with all the major oil companies, including President Goodluck Jonathan and other top government functionaries.
He said following the outcome of the meeting, Molecular Power System Limited was engaged to provide technical data to verify possibilities of non declaration to the federal government by multinational companies.
Agbonayinma hinted that the data gathering of shipment to the USA for the period 2011 to 2014 through critical NNPC data and the CBN preshipment inspection report shows an undeclared crude oil shortfalls of 57, 830, 000 crude oil, translating to over $1bn.
The lawmaker expressed dismay that data gathered thus far shows LNG recorded a shortfall of 727, 460 metric ton of liquefied natural gas, estimated at about $461, 44 million was firmly established shortfall from shipment to seven countries.
Agbonayinma argued that from the data provided thus far, Nigeria had a recoverable shortfalls of over $17bn from undeclared crude oil and liquefied natural gas exports to global destinations.

READ ALSO  FRSC, NDLEA partner to check illicit drugs