Reps committee to compel IOCs to pay local firms ‘huge debts’


The House of Representatives on Thursday set up an ad hoc committee to investigate the huge debts being owed local companies and indigenous contractors by international oil and gas companies, Premium Times reports.

It also mandated the committee to ensure that the debts are paid promptly. In a motion moved by Kingsley Chinda (Rivers – PDP) and unanimously adopted by the house, the house said most companies were going through difficult times due to huge sums being owed them by the IOC’s.

He said; “Those contracts, which run into millions of Naira or Dollars and can span over short or long durations, are very significant to and serve as the life wire to several of those companies and the main source of livelihood for the contractors.” The House called for the need to urgently save the indigenous firms and contractors from bankruptcy and liquidation caused by the huge debts.