The House of Representatives is on a mission to get back a whopping $30 billion in fees and bonuses from those big oil companies. Can you believe it? It all started when the member representing Somolu Federal Constituency, Ademorin Kuye, brought up the issue in a motion. And you know what? The House agreed and decided to launch an investigation into the matter. They want to make sure that the money goes back to our country where it belongs. Good on them, right?
Now, let me break it down for you. Back in the ’90s, there were a bunch of mergers happening in the oil industry. You know, when companies join forces and become one big entity. Well, according to the Petroleum Act of 2014, these mergers should have only involved Nigerian citizens or companies incorporated in Nigeria. But guess what? Some of these mergers included foreign companies, which is a big no-no.
One example is the merger between Gulf and Chevron. It happened in June 1984, but it wasn’t approved until July 1991. And you won’t believe what happened during that time. The country lost a whopping $65 million! Can you imagine? And that’s not all. There were other mergers too, like Exxon and Mobil becoming ExxonMobil, Elf, Total, and Fina forming TotalFinaElf, and Chevron and Texaco joining forces to become ChevronTexaco. These mergers created new companies that should have followed certain procedures, but they didn’t.
So, what were these procedures, you ask? Well, let me tell you. First, they should have applied for an assignment of interest in each block. Then, they should have paid the reserve value for each block. And on top of that, they should have paid a sign-on or signature bonus for each block. But guess what? None of that happened. They didn’t even bother registering with the Corporate Affairs Commission or committing to social, community, and environmental policies in Nigeria. Can you believe the audacity?
And here’s the worst part. These mergers led to the layoff of hundreds of Nigerian professionals. Can you imagine losing your job because of some big foreign company? It’s just not right. And to make matters worse, some of these companies weren’t even physically present in Nigeria. They were operating under different names and identities. Talk about sneaky!
But here’s the good news. The House of Representatives is determined to make things right. They want to reclaim the money that was lost. And you know what? They’re absolutely right. Our country deserves that money. We need it for development, for improving the lives of our people. So, let’s hope that the investigation goes well and that justice is served.
In the end, it’s all about holding these big oil companies accountable. They can’t just come into our country, make a ton of money, and leave without giving back what they owe. We need to stand up for ourselves and fight for what’s rightfully ours. And with the House of Representatives leading the charge, I have faith that we’ll come out on top.