The House of Representatives has resolved to set up an ad hoc committee to investigate the consolidated inventory, assets, interest and liabilities of the Nigerian National Petroleum Corporation (NNPC) and its subsidiaries.

The resolution was sequel to a unanimous adoption of a motion by Rep. Ibrahim Isiaka (APC-Ogun) at plenary on Wednesday in Abuja.

Moving the motion, Isiaka said that the NNPC was established on April 1, 1977, following a merger of the Nigerian National Oil Corporation and the Ministry of Petroleum and Energy Resources.

He said that the NNPC was empowered to manage the joint venture between the Federal Government and foreign multinational corporations with assets and interests on land, swamp, continental shelf and deep waters.

“Aware that in 1988, the NNPC was commercialised into 12 strategic business units covering the entire spectrum of oil industry operations including exploration and production, gas development, refining, distribution, petrochemicals engineering and commercial investments among others.

“In line with Section 53 (1) of the Petroleum Industry Act (PIA), the Nigerian National Petroleum Company Limited was registered and incorporated by the Corporate Affairs Commission on September 22nd, 2021 as a Limited Liability Company with an initial capital of N200 Billion, which was regarded as the highest share capital holding in Nigeria.

“Cognizant of Section 53 (3) of the PIA, which vests ownership of the NNPC Limited on the Federal Government through the Ministry of Finance, which are both financed by the Nigerian People, but recognizes NNPC limited as an agent.

“Also cognizant that Section 88 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) empowers the National Assembly to carry out investigations into matters to which it has powers to make laws,” he said.

He added: “Further cognizant of the need to boost investors’ confidence and enhance transparency and efficiency in the supply chain management of the newly established NNPC ltd owing to the outstanding credit sales and the much-needed revenues by the federal government to support annual budgets.’’

In his ruling, Speaker Femi Gbajabiamila said that the committee, when constituted will have eight weeks to carry out its investigation and report back to the house.