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.

Olabanji Orilonishe     Tunde Yusuf     Sa\'adu Salahu     Oba-Solagberu     Ahmad Ali     Awili Pedro     Laolu Saraki     IF-K     Moses Salami     Maryam A. Garuba     Afolabi-Oshatimehin Adenike Harriet     Ayobami Seriki     Oba Sulaiman Asude     Toun Okewale-Sonaiya     Minimum Wage     JUSUN     Muhammadu Gobir     Segun Adeniyi     Olaosebikan     Kwara 2015     David Oyepinola Adedumoye     Abubakar Usman Jos     Elewu     Popo-Igbonna     Sabi     Akume     High Court     Veterinary Teaching Hospital     Igbaja     Special Adviser On Digital Innovation     Abdulahi Abubakar Bata     Ophthalmological Society Of Nigeria     Baba Idris     Oya State     JAMB     Oyin-Zubair     Kolawole Bashirat     Kolawole Akande     Sherif Shagaya     Aliyu Umar     Yahaya Oloriegbe     Monkey Pox     Michael Nzekwe     Seun Bolaji     Muftau Akanbi Oke     Economic And Financial Crimes Commission     Post Utme     Saka Adeyemo     Alloy Chukwuemeka     AbdulRasaq Abdulmajeed Alaro     Abdulrosheed Okiki     Bashir Badawi     Otunba Taiwo Joseph     Garba Idris Ajia     Apata Ajele Secondary School     Mahmud Babatunde Baker     Ademola Kiyesola     Kwara     Bayo Mohammed Onimode     Majlis For Sadakah, Zakat And Waqf     Village Alive Development Association     Binta Abubakar Mora     Plat Technologies     Yahaya Dumoye     Abdulsalam A. Yusuf     Musa Aibinu     SDP     Okin Group     Orisun Igbomina     Roheemat Hammed     Salihu Jibril Garbi     Muyiwa Oladipo Kanu     Modibbo Kawu     Shuaib Abdulkadir     Quran     Bilikisu Oniyangi     Abdulbaqi Jimoh    

Cloud Tag: What's trending

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

Yusuf Aiyedun     Ayobami Akanbi     Bilikis Oladimeji     Amina El-Imam     IEDPU     Sobi     Jare Olatundun     Bashir Adigun     CACOVID Palliatives     Ajikobi     Henry Makinwa     Muhammad Fawaz Abubakar     Pakata     Saka Onimago     Mary Kemi Adeosun     Muslim Media Watch Group Of Nigeria     Kudirat Arinola Lawal     Esinniobiwa Quareeb     Kola Bukoye     Hamidu Olowo     KFA     Mumeen Lah     Makama Of Kaiama     Bayo Ojo     Yunus Oniboki     Sulaiman Gado     Ado Ibrahim     Idris Garba     Kwara Hotel     Sulyman Tejidini     Rotimi Samuel Olujide     Adamu Atta     3MTT     Durbar     Olusin Of Ijara Isin     Waheed Ibrahim     Baba Issa Awoye     Yusuf Amuda Aluko     Bello Oyebanji     Turaki     Ishaq Oloyede     Monthly Sanitation Exercise     Oasis Muslim Care Foundation     Turaki Of Ilorin     Abdulganiyu Salahudeen     IDPU     Muslim Cementary     Aliyu Salihu     Centre For Community Empowerment And Poverty Eradication     Kwara State Fish Farmers Association     AbdulHamid Adi     Elese Of Igbaja     Amuda Musbau     Aisha Buhari     Monsurat Omotosho     Raimi Iyanda     Ibraheem Adeola Katibi     FOMWAN     Ibrahim Oloriegbe     Abubakar Bature Sulu-Gambari     Minister     NNPP     Kayode Bankole     Sa\'adu Salahu     Raliat Islamic Foundation     Shade Omoniyi     Abdulmutalib Shittu     Jimba Babatunde     Elesie Of Esie     Ajibola Ademola Julius     Abubakar Olusola Saraki     New Naira Notes     Ajike People Support Centre     Deji Ajani     James Ayeni     Congress For National Consensus     Mogaji Aare