Senate Launches Probe Into N130.8 Billion Disbursement of CBN’s Gas Intervention Funds

The Senate Committee on Gas is set to initiate an investigative hearing this week on the disbursement of the N130.8 billion Nigeria Gas Expansion Programme (NGEP) intervention fund by the Central Bank of Nigeria (CBN). As part of the inquiry, the red chamber has summoned the Government of Delta State and 14 other engineering, oil, and gas companies.

Senator Jarigbe Agom Jarigbe, the Chairman of the Senate Panel representing Cross River North, mandated the summoned entities, including Nipco Gas Ltd, Nipco Plc, Hyde Energy Ltd, Lee Engineering and Construction Company, Pinnacle Oil and Gas Fze, Transit Gas Limited, Amalgamated Oil Company Nig Ltd (AMOCON), Gas Nexus Ltd, and First Modular Gas Systems Limited, to appear on Thursday at 2 pm. The companies are expected to present progress reports detailing the location of projects and their current status.

The list of companies and their corresponding disbursements from the intervention fund includes:

  • 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 Company – N15,000,000,000.00
  • 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
  • First Modular Gas Systems Limited – N4,300,000,000.00
  • 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
  • Dangote Oil Refinery – N5,000,000,000.00

The investigation aims to scrutinize the utilization of the intervention funds and ensure transparency in the Nigeria Gas Expansion Programme. The summoned entities are expected to provide detailed insights into how the funds have been allocated and the progress made in implementing the designated projects. The outcome of the probe could have significant implications for the involved companies and the broader gas sector in Nigeria.

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