By Fatima Saka
The Economic and Financial Crimes Commission (EFCC) has urged the Senate to invoke stiffer sanctions, including the revocation of operating licences, against oil and gas companies that consistently fail to remit revenues due to the Federal Government.
The EFCC made the recommendation on Wednesday through Mr Francis Oka-Phillips Usani, who represented the commission at a special legislative oversight and public hearing of the Senate Committee on Public Accounts on the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports for 2021, 2022 and 2023.
The hearing, chaired by Senator Ibrahim Hassan Dankwambo, focused on issues arising from the NEITI audit reports, particularly revenue collection, outstanding liabilities, remittances and accountability in Nigeria’s oil and gas sector.
Usani said the EFCC encountered several challenges during its investigation, including complex corporate structures and offshore subsidiaries operated by some oil companies, which obscured the true financial position of some operators.
He added that some auditors also contested aspects of the audit report, but the commission was able to reconcile the issues and complete its findings.
According to him, the EFCC recommended strengthening the legal framework to facilitate access to critical information and enhance transparency through effective record-keeping systems.
The commission also called for the imposition of stiff sanctions, including possible revocation of licences, on companies that consistently fail to remit their revenues and submit required returns within the stipulated period.
Usani said the EFCC remained committed to ensuring that every naira due to the Federal Government or any of its establishments from the oil and gas sector is fully recovered and remitted to government coffers.
He said the commission would continue to work closely with the Senate Committee on Public Accounts to ensure accountability and transparency in the management of Nigeria’s natural resources.
Earlier in his submission, Usani disclosed that the EFCC’s investigation into outstanding liabilities owed to the Nigerian National Petroleum Company (NNPC) by oil companies had resulted in the recovery of about ₦76.89 billion and $51.08 million.
He explained that the commission invited several oil companies identified as having outstanding liabilities, with some settling their obligations while others were allowed to pay under agreed payment plans.
Usani said some of the recovered funds had been paid directly into the appropriate NNPC accounts, while certain outstanding sums remained subject to payment arrangements agreed with the affected companies.
He added that the EFCC was prepared to release funds in its custody to the NNPC upon the necessary application and compliance with the relevant procedures.
Responding to the EFCC’s presentation, Senator Dankwambo thanked the commission for what he described as a comprehensive submission.
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He said the committee would study the EFCC report alongside the figures and other documents already before it, stressing that the submission was an input into the committee’s work and not a final position.
The chairman further noted that the EFCC could be invited again to clarify any issues that might arise during the committee’s review of the documents.
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