Nigeria: Senate Summons Kachikwu Over Multibillion Dollars China, India Deals

The Senate has summoned the Minister of State for Petroleum Resources, Ibe Kachikwu, over his claims of multibillion dollars oil and gas deals with India and Chinese firms.

Mr. Kachikwu, in an interview with This Day in June, said Nigeria signed Memorandums of Understanding with several Chinese firms during a road show in the Asian country on “$80 billion new investments, spanning five years, in the oil and gas industry covering pipelines, refineries, gas and power, facility refurbishments and upstream financing.”

He also hinted at new investments worth $20 billion from Sinopec and Chinese National Offshore Oil Company in the Nigeria’s oil and gas sector.

In October, Mr. Kachikwu, through a statement by the Director of Press in the Petroleum Ministry, said Nigeria was set to sign with India an investment deal which would see the Indian make an upfront payment of $15 billion to Nigeria for crude purchases.

But on Tuesday, the Senate resolved the Minister should appear before its committees on petroleum, gas and foreign affairs to explain the terms of the deals and the their implications for the economy.

The Senate’s resolution followed a motion by Clifford Ordia (PDP-Edo).

In his remarks, Senate President Bukola Saraki expressed appreciation to Mr. Kachikwu for his initiatives but emphasised the need for transparency.