An ad-hoc committee of the House of Representatives on Wednesday began a probe into the alleged loss of crude oil in Nigeria worth $21billion. The House had directed the committee to investigate within a time frame of four weeks debts owed to indigenous companies by International Oil Companies (IOCs). . Speaking at the inauguration, the chairman of the ad hoc committee, Daniel Reyenieju (Delta-PDP), said the committee would be assiduous in determining the reason for the loss. “We are expected to investigate the operations of the deep offshore and Inland Basin Production Sharing Contracts Act (PSC) as it concerns the Nigerian National Petroleum Corporation (NNPC) and the International Oil Companies (IOCs) towards determining the reasons for the loss of $21bn.” He said the committee would also enquire why appropriate steps were not taken over a long period to remedy the situation which led to the alleged loss and possibly […]