House of Reps Issues Arrest Warrant for CBN Governor, Accountant-General, and 17 Others Over Oil and Gas Fraud

The House of Representatives’ Committee on Public Petitions has called for the issuance of arrest warrants against key figures, including the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Accountant-General of the Federation (AGF), Oluwatoyin Madein, along with 17 others. This decision follows their repeated failure to appear before the committee to address questions related to their operations.

The motion for the arrest warrant was initiated by Fred Agbedi, the representative of Ekeremo/Sagbama Federal Constituency of Bayelsa State, affiliated with the Peoples Democratic Party (PDP). Agbedi emphasized the urgency of the warrant, citing the repeated non-compliance of the invitees. The committee had extended invitations four times, but the individuals in question failed to respond.

Agbedi insisted that the Inspector General of Police should execute the arrest warrant to ensure the presence of the CBN Governor, AGF, and others before the committee. This call for legal action was endorsed by the committee’s chairman, Micheal Irom (APC-Cross River), who ruled that the Inspector-General of Police should bring the invitees before the committee on December 14.

The underlying cause leading to these actions is rooted in a petition by Fidelis Uzowanem, with a basis in the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021 report. Irom highlighted the committee’s examination of the report, revealing a consolidation of fraudulent activities within the oil and gas industry dating back to 2016.

Irom expressed concern over the concealment of illegal transactions involving the Nigerian National Petroleum Corporation Limited (NNPCL) and certain oil companies. The committee identified recoverable amounts from these transactions, suggesting that the proposed 2024 budget of 27.5 trillion could potentially be funded by addressing the discrepancies outlined in the NEITI report.

The alleged fraudulent activities include payments to companies that did not produce crude oil, raising questions about the transparency and legality of financial transactions within the oil and gas sector.