Alleged loss of US$60 billion in NNPC joint venture operations

On a motion by Chike Okafor (APC, Imo), the House of Representatives resolved to investigate the alleged loss of over US$60 billion through inflated cash calls in the joint ventures between NNPC Limited, which holds about 60 percent on behalf of the Federation, and private oil companies. The motion said NNPC Upstream Investment Management Services had not negotiated efficiently, and the committees were to determine the income and cash call costs due to each partner and whether due process was followed.