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Published On: Wed, Oct 24th, 2018

Reps C’ttee summons 9 quoted oil companies over infractions

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By Christiana Ekpa

The House of Representatives sub – committee on capital market and institutions yesterday summoned nine (9) public quoted oil companies to appear before it on Thursday over issues of alleged infractions pertaining to corporate governance.
Chairman of the sub – committee, Rep. Tony Nwulu, issued the summons after the affected oil firms failed to submit documents requested by the committee.
He warned that failure by the chief executive officers of the nine firms to submit all relevant documents requested by the committee on the Thursday deadline, the committee will be forced to issue a bench warrant for their arrest to compel them to appear.
Rep. Nwulu named the oil companies whose chief executives have been summoned to include, Seplat Oil, MRS, Forte, Total, Oando, Eleven Oil, Japaul, Eterna and Capital Oil.
“This committee is summoning these chief executives for the failure of their firms to submit their management letters on their level of compliance with operational and regulatory guidelines in terms of standards, dividend payment and environmental issues.
“They have constantly disregarded our request to submit documents required by this committee.
“We are given the Thursday deadline to submit the required documents and for them to appear unfailingly, otherwise, this will leave us with no other option than to invoke our legislative powers on them.
“The committee will insist that companies quoted on the stock exchange who fail to comply are delisted from the stock market for failing to meet the aspirations of investors.
“Most of you, your management letters are delayed and your activities are smelly. The management of firms quoted on the stock exchange carry out so much infractions and nefarious activities,” Nwulu stated.

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