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.

Alfa Modibbo Belgore     Akeem Lawal     Isaac Aderemi Kolawole     Alaiye     Yusuf Lawal     Niyi Osundare     JAMB     Edret Sabi Abel     Forgo Battery     Sunday Otokiti     Lithium Deposit     HICA     Afolabi-Oshatimehin     Col. Adedipe     Ayo Adeyemi     Kwha.gov.ng     Lanre Issa Onilu     Idi-Ape     Zara Umar     Senior Ibrahim Suleiman     Mohammed Danjuma     Tafida Of Ilorin     Rapheal Ashaolu     Ahmed Idris Mohammed     Oyin-Zubair     Saka Isau     Ahmed Saidu Rufai     Baba Issa     Mufutau Gbadamosi Esuwoye     Samuel Elizabeth Keatswa     Aso-ofi     Mogaji Aare     AbdulGafar Tosho     Ifelodun     Chemiroy Nigeria Limited     Hijaab     Yusuf Mubarak     Congress For National Consensus     Ajase-Ipo     Talaka Parapo     Christopher Ayeni     Olokoba     Iyabo Dupe Adekeye     Bola Ahmed Tinubu     Funke Adedoyin     Moshood Bakare     Doyin Agbamu     Daud Adeshola     Agor     Lawan     Bayer AG     NaAllah     Aliyu Muhammed     Abdulkadir Jimoh     Ibrahim Kayode Adeyemi     Oke-Ogun     Abdulganiy Abimbola Abdussalam     HYPPADEC     Abdulwahab Olarewaju Issa     Ahmed     Micheal Imoudu     Segun Adeniyi     Fatimat Saliu     NIPOGA     Tunde Mukaila Mustapha     Abdulrahman Abdullahi Kayode     Mope Dasuki Belgore     Volunteers Of Ilorin Community And The Emirate     Ahmed Bayero     Oni Adebayo     Kwara United     Samuel Olusegun Adedayo     Hakeem Idris     Shururat Olatinwo     Shonga     Justina Oha     Ile Arugbo    

Cloud Tag: What's trending

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

Kunle Suleiman     Ezekiel Yissa Benjamin     Sadiq Umar     Musa Aibinu     Atiku     2023 Elections     Otunba Taiwo Joseph     Salihu Yahaya     Oyun     GRA     Government High School (GHS), Adeta     Wahab Olasupo Egbewole     Rihanat Ajia     Gbemisola Oguntimehin     Ishola Moses Abiodun     Diagnostic Centre     Tunji Folami     Abdulkadir Remi Hawawu     Saba Jibril     Ademola Kiyesola     Ibrahim Taiwo Road     Special Adviser On Digital Innovation     Kayode Ibrahim     Arinola Lawal     Kwara Pdp     Alfa Belgore     Sobi FM     Fatai Garuba Labaka     Gamji Members Association     Iyabo Adewuyi     Laduba     Moses Afolayan     08001000100     Olatunji Ibrahim     Lateef Alagbonsi     Democracy Day     Elerin Of Adanla Irese     Jamiu Oyawoye     Peter Obi     Muhammed Abdullahi     Alabi Lawal     Maryam Ado Bayero     Kulende     Oko     Park     AbdulHakeem Ajibola Akanbi     HYPPADEC     Funmilayo Mohammed     Kwara     Christopher Odetunde     Mustapha Olanipekun     Kola Adesina     AbdulFatai Adeniyi Dan-Kazeem     Read With Me     Folorunsho Erubu     Bilikis Oladimeji     Tosho Yaqub     Moses Adekanye     Kolawole Bashirat     Bayo Onimago     Sulyman Buhari     Tunji Arosanyin     Wale Oladepo     Durosinlohun Kawu     Saliu Alamoyo     Innocent Okoye     Inside Kwara     Nigeria Customs Service     Mohammed Haruna     Muhammad-Mustapha Suleiman     Sunday Popo-Ola     March 28     Okoolowo     Albert Ogunsola     Colleges Of Education Academic Staff Union     Muhammad Mustapha Suleiman     Alaaya