Chairman of the House of Representatives Ad-hoc Committee Investigating the Structure and Accountability of the Joint Venture Businesses and Production Sharing Contracts of the National Petroleum Company Limited , Hon. Abubakar Hassan Fulata stated this at the Committee’s sitting on Monday.
Reacting to questions, the representatives of Chevron Nigeria Ltd, who is a Director in the Company, Monday Ovuede confirmed that they have no Certificate of Acceptance of Fixed Assets despite enjoying capital allowances over the years. The Chairman explained that having no Certificate of Acceptance of Fixed Assets constitute gross violation of law in Nigeria, adding that ignorance wasn’t an excuse.
In their explanation, Chevron said the Nigeria EGTL was initially awarded at $2.9 billon but later reviewed to $10.5 billon to its sub contractors, adding that the initial completion date was supposed to be in 2009, but it was extended to 2014.
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