Reps Probe U.S.$8 Billion Oil Swap Despite Row

Date: 2015-06-25

The House of Representatives yesterday resolved to constitute an ad-hoc committee to investigate alleged malpractices by the Nigerian National Petroleum Cooperation (NNPC) in the crude oil swap contracts involving five oil companies, but some members of the House were against the move.

The contracts in question were brokered by the Pipeline and Products Marketing Company (PPMC), a subsidiary of the NNPC, during the immediate past regime of President Goodluck Jonathan.

The decision of the House to look into the controversial deal followed a motion on the 'Urgent Need For a Forensic Investigation of the Contract known as 'Refined Product Exchange Agreement or Swap Contract'" sponsored by Hon. Michael Enyong (Akwa Ibom, PDP) at plenary.

He noted in the motion that the revenue of the country had plummeted due to leakages in the accounting system and mismanagement of the economy.

Those against the probe exercise hinged their objection on the fact that the sponsor of the motion did not provide adequate data to back his allegations while others said the exercise will amount to a duplication of functions as another agency of government was already investigating the matter.

Hon. Nnanna Igbokwe (PDP, Imo) asserted that there was no need for the House's intervention again since President Muhammadu Buhari had already directed the Department of State Services (DSS) to commence investigation into the matter.

For his part, Hon. Obinna Chidoka, (Anambra, PDP) opposed the motion, saying there were enough investigative reports on the oil sector which the House should revisit and take action instead of a fresh exercise.

Also, Prof. Mojeed Alabi (APC, Oyo) said the motion was lacking in research and data accuracy, and therefore called for more diligent work to provide the ground for meaning investigation.

Hon. Emmanuel Oghene (Lagos, PDP) supported the motion, citing the amount of money and unaccounted crude oil involved, adding that it cannot be wished away by the House, while Hon. Razak Atunwa (Kwara, APC) in his contribution faulted Igbokwe's assertion, adding that the gravity of the consequences of the oil swap arrangement on the nation should make it mandatory for the House to carry out its own investigation.

However, Enyong while leading the debate, revealed that the Nigerian Extractive Industries Transparency Initiative (NEITI) had, in its 2009-2011 and 2012 reports, ascertained that there was revenue loss to the tune of $8billion due to discrepancies between the value of the crude oil given out and the refined products delivered.

Enyong said that in 2011, there was a shortfall of 500,075, 32 litres of refined product by the five oil firms namely: Transfigura (173, 786, 600 litres); Vitol (654, 440 litres); Taleveras (152, 308, 878 litres); Aiteo Ltd (193, 045, 590 litres); and Ontario Oil & Gas (180,278, 732 litres).

"There is the need to ensure transparency and accountability by the NNPC in the management of revenue accruing to the nation from crude oil, particularly in the prevailing circumstances where major buyer of Nigeria's crude oil, the United States of America (USA), has discovered alternative sources," he said.

He further said that the concerns raised in the motion were in tandem with the anti-corruption stance President Muhammadu Buhari.

However, there were initially procedural bottlenecks to block the motion but members eventually voted in support of it and Speaker Yakubu Dogara referred the matter to a yet-to-be-constituted ad-hoc committee to address the issues raised.

"I sincerely believe that the allegations are grave enough to warrant a legislative intervention on our part," he said.

Source

 


Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Halimah Perogi     Omoniyi     Simon Sayomi     Irepodun     Ahmad Uthman     Farouk Salim     Rashidi Yekini     Okoolowo     Towoju     Ilorin Curfew     Yahaya Jibril Usman     Olomu     Nigerian Army     Taofeek Sanusi     Ilesha-Baruba     Ibrahim Abdullahi     Kwara State Government     Kwara State Television     Usman Yunusa     Geri-Alimi Split Diamond Interchange     Alfa Yahaya Road     Eleja     Olayinka Are     Fareedah Dankaka     International Vocational Centre     Nigeria Customs Service     AbdulRahman Saad     Yahaya A Paniyaro     Hassanat Bello     Saheed Popoola     Simeon Ajibola     Police Commissioner     Yoruba     Arinola Fatimoh Lawal     Tunde Saad     Kaiama     TETFUND     Eghe Igbinehi     Crystal Corner Shops     IPSAS     NYSC     SWAN     Elese Of Igbaja     Budo-Egba     KWAFFA     Kamaldeen Gambari     Onilorin Of Ilorin     Raymond Olaitan     Kwara Politics     Rice Farmers Association Of Nigeria     AGF Abdulrazaq     Majlis For Sadakah, Zakat And Waqf     National Union Of Road Transport Workers     Ilorin.Info     Alfa Modibbo Belgore     Siraj Oyewale     Seed Technologies     Saad Belgore     Dele Momodu     Kaosarah Adeyi     Opobiyi     SUBEB     Tinubu     Zulkifli Ibraheem     Samuel Adedoyin     Oloje     Popo-Igbonna     Oba Of Jebba     Bolakale Ayo     Standard Organization Of Nigeria     Rebecca Olanrewaju     Wahab Egbewole     Emir Of Lafiagi     Shaykh Luqman Jimoh     Atiku Abubakar     Maryam A. Garuba     Ohoro Of Shao    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Gamji Members Association     Nigerian Army     Trade Lenda SME Fair     MMWG     Raymond Olaitan     March 28     Balogun Gambari     Muhammad Sirajo Aliyu     Bolaji Nagode     Kwarareports.com     Dele Belgore     Babata     Olusin Of Ijara Isin     Kwara Muslim Pilgrims Welfare Board     Gbugbu International Market     Abubakar Baba Sulaiman     Abdulkadir Orire     Ilorin     IF-K     Coronavirus     Rafiu Olasile     Dan-Kazeem     Elerin Of Adanla Irese     James Ayeni     Marufat Oladosu     Monkey Pox     Adijat Adebiyi     Dogara     Ethical College     Idiagbon     Unilorin     Salary     Bello Oyebanji     David Oyedepo     Hauwa Nuru     Tunde Akanbi     George Funsho Adebayo     Afolayan     Adegoke Bamidele     C2c@kwarastate.gov.ng     Olayinka Olaogun     PAACO-PCL Consortium     Medview Airlines     Kola Ologbondiyan     Ajibola Saliu Ajia     Abdul-Rahoof Bello     REO CAKES     Abatemi-Usman     Babaloja-General     Raji AbdulRasaq     Suleman Abubakar     Ganmo Power Sub-Station     AGF Abdulrazaq     Muhammad Fawaz Abubakar     Saduki Lafiagi     Olam Food Ingredients     Muritala Awodun     Femtech     Mohammed Katsina Ahmed     Farouk Salim     Yusuf Abubakar     Abdulrasaq Alaro     Just Event Online     Musa Ayinla Yeketi     AbdulRazaq Abubakar Jiddah     PharmAccess Foundation     Wahab Femi Agbaje     Ola Falade     Code Of Conduct     Arandun     Jimoh Akani     Aisha Ahman-Pategi     Sayomi     Yekeen Alabi     Adesina Simon Sodiya     Ilorin Metro Park     Okanlawon Musa