The Nigerian Senate has threatened to involve the Economic and Financial Crimes Commission (EFCC) to recover the Central Bank of Nigeria’s (CBN) intervention loan of N135 billion given to 15 oil and gas companies.

The Senate Committee on Gas Resources made this threat when the oil and gas firms appeared before the lawmakers to explain how they utilized the loan.

The loan was disbursed under the Nigeria Gas Expansion Program intervention fund of the CBN.

Committee Chairman, Sen. Jarigbe Agom-Jarigbe explained that members of his committee have observed that some of the oil and gas companies did not utilise the fund for the purpose it was obtained.

Jarigbe stated that federal lawmakers will not hesitate to involve anti-corruption agencies to forcefully recover the funds from any of the companies which failed to utilise the loan judiciously.