BREAKING: Senate probes seven oil firms over $21bn unremitted funds

Sunday Aborisade, Abuja

The Senate on Wednesday, mandated three of its committee to investigate seven international oil companies over their alleged refusal to remit about $21bn to the national treasury.

The decision of the upper chamber was sequel to a motion by the Vice Chairman, Senate Committee on Petroleum Resources, Ifeanyi Ubah.

Ubah had drawn the attention of his colleagues to the IOCs alleged refusal to honour the provisions of the Production Sharing Contracts Act.