Senate To Probe Kachikwu, DPR Over $10bn Losses In Oil And Gas Lease Renewals- Saharacable

The Senate has resolved to investigate the ongoing oil and gas lease renewal after a committee of the upper chamber reported alleged illegal rebates and discounts were denying government revenue in excess of $10 billion.

It mandated its Committee on Petroleum Resources Upstream to investigate all issues relating to the lease renewal being undertaken by the Minister of State for Petroleum Resources, Ibe Kachikwu, and the Department of Petroleum Resources and to report to the Senate the anomalies in the process and identify appropriate measures to correct the said anomalies.

The resolution was made after a deliberation on a motion sponsored by Omotayo Alasoadura (APC, Ondo Central) and three other senators. Mr Alasoadura alleged multiplicity of irregularities surrounding the leases , which he said has led to massive loss of government revenue.

He accused Mr Kachikwu of granting all manners of illegal discounts and rebates in the process, saying the alleged action was capable of shortchanging the country and denying it the appropriate revenue accruable from the renewal of the said leases.

Mr Alasoadura, who is the Chairman of the Senate Committee on Petroleum Resources (Upstream) further said the DPR had willfully and deliberately refused to provide the committee with relevant information and data related to the renewal.

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