Senate Ad-hoc Committee investigates alleged $5bn Chevron fraud

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The Senate has referred investigations into an alleged $5 billion fraud by Chevron Nigeria Limited to its Ad-hoc committee, insisting on a thorough investigation into the matter.

Chevron is alleged to have defrauded the nation to the tune of over $4,926,464,100, representing, among others, the value of tax the company reportedly evaded between 2001 and 2002 as well as purported spurious loan and cash call recoveries from the Federation Account between 2002 and 2005.

The matter was brought before the upper chambers of the National Assembly in a petition by Dr. George Uboh of Panic Alert Security System, PASS.

The Senate resolved, when the matter came up last week, to refer it to an Ad hoc committee despite an initial attempt to have the matter thrown out on the argument that Dr. Uboh had withdrawn his petition.

Senate President, Dr. Bukola Saraki, presided over the session, during which Deputy Senate President Ike Ekweremadu and Senator Dino Melaye were among those who called for a thorough investigation of the issue.

The choice was between referring the matter to the Committee on Finance or setting up an ad-hoc committee
to investigate it before Dr. Saraki ruled in favour of the latter.

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Joseph Afam (Local Contents and Partnership Editor) (070 3949 0464) Joseph Afam is a energy and finance journalist, who has years of experience in journalism, he started his journalism career in Nigeria’s top financial newspaper in Lagos. He’s a graduate of Economics and Finance from University of Ebonyi State, Nigeria He has won series of awards and regconitions Contact him for any editorial deals and advertorial issues on # Joseph.Afam@naija247news.com, editor@naija247news.com, Cell: 070 3949 0464

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