April 17, 2024 12:42 pm
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Senate Launches Investigation into Government’s Lucrative Multi-Million Dollar Gas Deal with Accugas

The Senate to Investigate Gas Processing Deal Involving Multiple Entities

The Nigerian Senate has announced that it will launch an investigation into a gas processing deal involving the Ministry of Finance, the Niger Delta Power Holding Company, Calabar Generation Company Limited, and Accugas Limited. The motion to investigate was put forward by Senator Aniekan Bassey, representing the People’s Democratic Party from Akwa Ibom.

Senator Bassey expressed concerns over the gas supply agreement, stating that it is disadvantageous for Nigeria. He further emphasized that the process of resolving the agreement has created additional challenges for the country.

In response, the Senate called on the Federal Government to ensure thorough due diligence in preparing and executing transaction agreements with investors, in order to avoid similar situations to the one faced with the Gas Supply Agreement (GSA) involving Accugas and other entities.

The lawmakers highlighted that the deal involved a significant sum of $10 million, emphasizing the importance of addressing the matter urgently.

Deputy Senate President, Barau Jibrin, referred the motion to the Committee of Power, which will investigate the issue once constituted.

In 2020, Accugas issued a “notice of non-payment” to the administration of former President Muhammadu Buhari, raising concerns over outstanding invoices totaling $15.8 million. This triggered the activation of the World Bank partial risk guarantee (PRG) that had been signed by the Federal Government under the GSA.

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