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Thu, Feb

Senate Probes N130.8bn CBN's Gas Intervention Funds Disbursement

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The Senate Committee on Gas, would this week begin an investigative hearing on the N130.8 billion Nigeria Gas Expansion Programme (NGEP) intervention fund disbursement. Following the investigation, the upper chamber summoned the Government of Delta State and 14 other engineering, oil, and gas companies for the investigative hearing. The Chairman of the Senate Panel who is the Senator representing Cross River North, Jarigbe Agom Jarigbe, had in a paid advertisement last Thursday, mandated the affected companies to appear on Thursday this week by 2 pm.

The affected companies benefitted from the Intervention Fund which was disbursed by the Central Bank of Nigeria (CBN). Jarigbe asked the firms to appear with their progress reports which must indicate the location of projects and their current status.

Jarigbe listed the affected companies and the amount of cash disbursement including 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 Construction and Company- N15,000,000,000 00. Others are, 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 and First Modular Gas Systems Limited – N4,300,000,000.00

They also included, 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 and Dangote Oil Refinery– N5,000,000,000.00 The Delta State Government, according to Jarigbe, got N20,000,000,000.00 while Mob Integrated Services Limited, received N2,500,000,000.00

The CBN had in January this year, provided insight into how much it spent over the years on various interventions The apex bank had in media reports claimed that its interventions which cut across different sectors of the economy have gulped over N4 trillion. It explained that the beneficiaries of the interventions are expected to repay the money as it is a loan, not a grant.