The House of Representatives has adopted a resolution opposing the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) authorization for International Oil Companies (IOCs) to divest until there is complete adherence to decommissioning guidelines and regulations outlined in the Petroleum Industry Act.
The resolution, presented in a motion by Honourable Ikenga Ugochinyere, highlights concerns that many international oil companies operating in Nigeria are discontinuing their operations and relocating without adhering to the decommissioning and abandonment guidelines set forth by NUPRC and enshrined in the PIA.
To address this issue, the House Committee on Petroleum (Upstream) will spearhead an investigation, collaborating with other relevant oil and gas committees of the House.
Additionally, the House has tasked its Committees on Treaties, Protocols, and Agreements, as well as Legislative Compliance, to conduct an inquiry following a motion regarding Allegations of Slave Agreements between Nigerian Ministries, Departments, and Agencies with China.
Honourable Ahmed Doro, who introduced the motion, raised concerns about Nigerian government entities seeking loans from Chinese state entities, potentially increasing the country’s debt exposure to China. Doro suggested that a review of these loans reveals terms that are perceived as one-sided and likened to slave agreements.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate