Home Business Oil majors, banks face probe over $62b capital flight
Business - May 15, 2017

Oil majors, banks face probe over $62b capital flight

Dr. Bukola Saraki, Senate President

The Senate has begun investigation into activities of some banks for allegedly colluding with some International Oil Companies, IOCs, to defraud Nigeria.

This is as over $62,909,716,417 was said to have been taken out of the country between August 2009 and December 2014 in suspicious circumstances.

A document obtained, yesterday, showed that the affected banks were asked by the Senate to submit all copies of certified Nigeria Export Proceed, NXP, issued/or processed by them in respect of all crude oil and gas exported by Nigeria Agip Company Ltd, Chevron Nigeria Limited, Shell Petroleum Development Co. Nig. Ltd and their affiliates between April 1996 and December, 2016.

According to the document, the affected banks were also asked to produce all domiciliary accounts opened and /or closed within the period specified for all crude oil and gas exported. Some banks had appeared before the investigative joint committee, last Thursday, while other banks that have been identified with the export of oil and gas will also appear.

The “Investigation of the pre-shipment inspection of export activities in Nigeria” is being conducted by the Senate joint committee on Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, insurance and other Financial Institutions, Judiciary, Human Rights and Legal Matters, and Customs and Excise.

A member of the committee, Senator Yusuf Yusuf (Taraba State), wanted to know why funds brought into the country as oil export proceeds were wholly withdrawn a day after such proceeds were brought into the country.

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