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.

Olaiya Zuberu     Olatunji Abdulmumeen     Adedipe     Bolaji Nagode     Ella Supreme Tissue Paper     Lola Olabayo     Abdul-Rasheed Na\'Allah     Arca Santa     Rotimi Atere     Taofik Abdulkareem     Adolescent Girls Initiative For Learning And Empowerment     Quarry Royal Valley     Magaji Are     Ilorin Innovation Hub     Monthly Sanitation     Mohammed Abdulahi     Presidential Election     Ibrahim Abikan     Nagode     Folajimi Aleshinloye     Toun Okewale-Sonaiya     M.Y. Abdulrahaman     Funmilayo Zubair     TESCOM     Vasolar Consultoria     Abioye Bello     First Lady     Ola Falade     Kwara-SAPZ Project     Bayo Ajia     Moses Afolayan     Tafidan Kaiama     BECE     Sheu Ndanusa Usman     Mashood Abdulrafiu Agboola     Pakata     Aliyu Kora Sabi     Senate President     Kolo     JSSCE     Yahaya Abdulkareem     Logun     Benin Republic     Jide Oyinloye     Ballah     Muhammad Toyin Sanusi     Okiki     Gafaru Olayiwola Olorisade     Musa Yeketi     Abdulganiyu AbdulAzeez     Binta Abubakar-Mora     Kwara Apc     Al-Hikmah University     Alloy Chukwuemeka     Medinat Folorunsho Salman     Afolasade Opeyemi Kemi     Bayer Nigeria Limited     Mohammed Ibrahim     Aishat Mohammed Lawal     Halimah Perogi     Sabi     Ambassador Kayode Laro     Manzuma     Makama Of Ilorin     Wahab Kunle Shittu     Amina El-Imam     Aliyu U. Tilde     Jare Olatundun     Ilorin.Info     Idowu Aremu     NFAI     Tunji Folami     Folorunsho Alao     Ilorin Descendants Progressive Union     Segun Abifarin     Aisha Ahman-Pategi     Unilorin FM    

Cloud Tag: What's trending

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

Mary Kemi Adeosun     Metro Park     Javed Khan     Taofik Abdulkareem     Clara Nwachukwu     Issa Oloruntogun     NIPR     Arinola Lawal     Tanke Road     Muhammad Mustapha Suleiman     Haashim Initiative For Community Advancement     KWATMA     Dapo Teni Nig Enterprise     EFCC     Odolaye Aremu     Paul Olawoore     Bashir Badawi     Oke-Ero     Senior Special Assistant On Student Affairs     Ilorin Like-Minds     Muhammadu Buhari     IsDB     Akom Construction And Engineering Synergy Ltd     Kale Bayero     Olayinka Are     Timothy Olatunde Fadipe     ANCOPPS     Sardauna Of Ilorin     Salihu Ajibola Ajia     Abdulrahman Iliasu     Arinola Fatimoh Lawal     Ilorin East/South Federal Constituency     Abdulrahman Abdulrazak     AbdulRazaq Abubakar Jiddah     Sidikat Alaya     Ghali Muhammed     Chief Imam Of Ilorin     Barakat Community Secondary School     Ahmad Fatima Bisola     Dorcas Afeniforo     Paul Odama     National Party Of Nigeria     Moses Afolayan     Samuel Adedoyin     Sulaiman Gado     Bello Oyebanji     Gambari     Shao     Kwara North     Simeon Ajibola     Ophthalmological Society Of Nigeria     Kola Adesina     Olanrewju Okanlawon Musa     Surajudeen Akanbi     Garba Ado Sanni     Dar-Al-Handasah Consultants Ltd     Lawyers Unite Against Corruption     Habeeb Abdullahi Al-Ilory     Abdulrauf Yusuf     Ezekiel Yissa Benjamin     NTA Ilorin     Damilola Yusuf Adelodun     Yusuf Abdulwahab     Abdulfatai Ahmed     Issa Memunat Moyosore     Oba Abdulraheem     Muhammed Aliyu     Raliat Islamic Foundation     Allocation     Moses Salami     UTME     Ganiyu Taofiq     Alabi Lawal     Aliyu U. Tilde     Nigeria Computer Society     Balogun Ajikobi     Wakilin Mata Lafiagi