Aiteo, Neconde, 6 other Oil firms get ultimatum to remit $250m to FG

By Ayobami Adedinni
The House of Representatives Committee on Oil and Gas on Thursday gave 10 indigenous oil companies in the country two weeks to remit $250 million oil royalty to Federal Government’s coffers.
The Chairman of the Committee, Jerigbe Agom, gave the ultimatum at the ongoing hearing on unremitted funds in the industry.
According to Agom, the lawmakers will no longer condone acts capable of strangulating the nation’s oil and gas industry.
The affected companies were – Aiteo Group, Dubri Oil Limited, Atlas Energy, Frontier Oil Limited., Oriental Energy Limited, Express Petroleum, WalterSmith Oil Limited and Neconde Group.
He said the Committee would have no choice than to wield the big sticks on the companies that refused to meet the deadline as part of its mandate to restore sanity in the nation’s oil and gas industry.