The Senate Committee on Gas Resources has issued a stern warning to involve anti-graft agencies in the ongoing investigation of the N135bn Central Bank of Nigeria (CBN) Gas Intervention Fund. The committee expressed dissatisfaction with the alleged lack of coordination between the Ministry of Petroleum Resources and the CBN regarding the project.
During the hearing on Thursday, 14 companies, recipients of CBN loans, appeared before the panel to account for the utilization of the funds. Lawmakers raised concerns about the discriminatory disbursement of funds, emphasizing that some firms exceeded the prescribed N10bn credit limit.
Senator Jarigbe Jarigbe, the Committee Chairman, collected records of the beneficiaries and the locations of their project sites for immediate investigations. He criticized the inappropriate access to funds under the gas expansion and intervention fund, stating, “The committee may not hesitate to involve the Economic and Financial Crimes Commission (EFCC) to recover the funds.”
Jarigbe highlighted inconsistencies in the evaluation process, noting that the Ministry of Petroleum Resources was unaware of the fund’s release. He expressed concerns about some companies not having tangible projects on the ground despite receiving loans.
“The committee would investigate all the observations and work on them and let Nigerians know the true position of things,” Jarigbe affirmed.
However, the Legal Adviser to one of the beneficiaries, Lee Engineering and Construction Company, Matthew Agbadon, lamented the negative publicity generated by the committee’s statements.
The Director of Gas in the Ministry, Oluremi Komolafe, admitted that the Ministry was unaware of the fund’s disbursement, despite its collaboration with the CBN on the scheme. She disclosed that 150 applications were received, 69 companies were recommended, and 16 applications were currently under processing. Notably, none of the firms undergoing processing made the list of fund beneficiaries.
