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.

Deji Ajani     Folorunsho Alao     Saka Aleshinloye     Ijagbo Health Centre     National Broadcasting Commission     Olofa Of Offa     Saliu Ajibola Ajia     Kehinde Boyede     Afolasade Opeyemi Kemi     Bello Oyedepo     Kwara State Infrastructure Development Fund     Omoniyi     Charles Ibitoye     Ayo Salami     Waheed Ibrahim     Aso Ofi     Abdulazeez Arowona     Ibrahim Taiwo Road     Salami Adekunle     Jide Ashonibare     Alliance For Democracy     Toyin Olayinka Tejidini     Quran     Henry Makinwa     Raheem Adaramaja     CELF     Tanke Flyover Bridge     Saadatu Modibbo-Kawu     Muideen Olaniyi Alalade     Diagnostic Centre     March 18     Ishola Moses Abiodun     Kayode Issa     Abiodun Jacob Ajiboye     Ekiti     Na\'Allah     Amuda Aluko     Abioye Bello     Hajj     Omar Gambari     Idowu Laro     Hassan Taiye Salam     Oba David Oyerinola Adedunmoye     Ilorin Airport     Abdullahi Adisa Akodudu     Goodluck Jonathan     Ibrahim Kayode Adeyemi     Rebecca Bake     Shuaib Olarongbe     Peculiar Allowance     Mashood Dauda     Chief Imam Of Lafiagi     Najim Yaasin     Nigeria Governors\' Forum     Hassan Saliu     Jimoh Saadudeen Muhammed     Yoruba     Jimoh Bashir     Olusegun Adeniyi     Alanamu     Sango-UITH Road     AbdulFatai Adeniyi Dan-Kazeem     Sidikat Uthman Ajibola     Bayo Lawal     Chartered Institute Of Personnel Management Of Nigeria     Kwara South     Salau Kabiru Abdullahi     Park     Ishak Mohammed Sabi     Bola Iyabo Ibiyeye Adisa     Turaki     Falokun-Oja     Hikmah AbdulKareem     Gbajabiamila     Woro     Suleman Abubakar     Sheriff Olanrewaju    

Cloud Tag: What's trending

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

Olabode George Towoju     Abdulkadir Jimoh     Ayodele Kuburat Olaosebikan     Bamikole Omishore     Yusuf Zulu-Gambari     Ayodele Olaosebikan     Timothy Olatunde Fadipe     Elerinjare     Sulyman Buhari     Gbenga Adebayo     Kwara-SAPZ Project     International Public Sector Accounting Standards     Bamidele Adegoke     NIPR     Olokoba Sulyman     Dar-Al-Handasah Consultants Ltd     Akom Construction And Engineering Synergy Ltd     Binta Abubakar-Mora     Demola Banu     Idris Amosa Oladipo Saidu     Lanre Issa-Onilu     Clement Yomi Adeboye     Harafat E. Mukadam     Tafida Of Ilorin     Olaiya Lawal     Taofeek Sanusi     Ayo Adeyemi     Sulyman Atolagbe Alege     Ibikunle Ogunleye     Balogun Gambari     Kazeem Adekanye     Shehu Raheem Adaramaja     Muhammad-Mustapha Suleiman     Unicontinental Construction Company     Florence Saraki     John Olajide Adedipe     Ishaq Abdulkarim     Oke-Kura     Kamaldeen Gambari     Olota Of Odo-Owa     3MTT     Iyabo Adewuyi     Aasiyat Bello Oyedepo     AbdulGaniyu Kareem     Mope Dasuki Belgore     Mumini Ishola Hanafi     Ibrahim Abduquadri Abikan     Adamu Ibrahim Sabi     Ilorin Innovation Hub     Tanke Road     IEDPU     All Confederation Of Principals Of Secondary Schools     Ebun-Olu Adegboruwa     Overland     Yusuf Amuda Gobir     Adewuyi Funmilayo     Dar-Al-Handasah Consultants     Abdullahi Dasilva Yussuf     Nigerian Medical Association     Sarakite     Iyaloja-General     Iqra Books     Halimah Perogi     Ayoade Akinnibosun     Yusuf Arowosaye     Olayinka Jelili Yusuf     AbdulHamid Adi     Yusuf Abdulwahab     Firdaos Amasa     Salmon Babatunde Salmon     Sola Saraki University     Nigerian Supreme Council For Islamic Affairs     Umar Saro     Olusola Saraki     Asiwaju Bola Tinubu     Jimba Babatunde     Shaykh Luqman Jimoh