30
Apr
Apr
HOUSE PAC CHAIRMAN WARNS OIL COMPANIES OVER NON-COMPLIANCE, THREATENS LICENSE REVOCATION
-
CapitalTimesNews / 4 weeks
- 0
- 1 min read
The House of Representatives’ Public Accounts Committee (PAC) Chairman, Rep. Bamidele Salam, has warned oil companies that fail to comply with the law to settle their obligations to the federal government. Salam condemned the continued non-compliance by certain oil companies, including Conoil Producing Ltd, which owes $1.1 million, and Frontier, which owes $952,216.51. “This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people,” Salam said. “These companies are withholding billions of naira owed to the federal government, and we will not allow them to disregard the authority of Parliament.” Salam emphasized that no company is above the law and that the funds being withheld are critical to the country’s growth. “Every company operating in Nigeria must settle its obligations promptly, as required by law,” he added. The PAC Chairman warned that companies that fail to comply risk having their licenses revoked. “If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk,” he said. “We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation.”
