The House of Representatives has quizzed the Group Managing Director of Nigerian National Petroleum Corporation Limited (NNPCL) MELE KYARI over non-remittance of outstanding sum of $278,184,937.72 from the transfer of OML 24 to NNPCL/NEPC in 2019.

According to Nigerian Upstream Petroleum Regulatory Commission (NUPRC) records, OML 24 was transferred to NNPCL/NEPC in 2019 for a Signature Bonus of $309,094,374.72 of which only $30,909,437 has been paid, thereby leaving an outstanding of $278,184,937.72 due to Government from the NNPC/NEPL.

Chairman of the House Committee on Finance, Hon. James Faleke who expressed the concern during an investigative hearing into the cost of crude oil production and its impact on government revenue, alleged that the transfer of the asset reduces the amount of oil accruable to the Federation.

Hon. Faleke who frowned at the secrecy in the management of the industry, observed that: "from 2014 to 2024 costs have increased by about $18 million per day or $6.6 billion per annum over 10 years; and this has not led to an increase in either reserves or production.

Dr. Kyari who described the company as one of the most regulated commercial outfit anywhere in the world, disclosed that there are over 5,000 illegal connections into the oil and gas production line, while over 6,000 illegal refineries have so far been destroyed
He maintained that the country has huge security risk that is stopping (NNPCL) from maximizing production and also declining investment in the industry.