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.

Galadima     Jumoke F. Ajao     Abdulmutalib Shittu     Ishola Moses Abiodun     Olatunde Olukoya     Charcoal     Surajudeen Akanbi     Amos Justus Sayo     Saka Adeyemo     Raymond Olaitan     Yakubu Danladi     Press Release     Rice Farmers Association Of Nigeria     Peter Amogbonjaye     Hussein Olokooba     Rachael Obisesan     Arca Santa     Sarkin Malamai     Wahab Femi Agbaje     Michael Nzwekwe     Atiku Abubakar     Federal College Of Education (Special), Afon     Mohammed Khadijat Kubura     Mope Dasuki Belgore     Kamoru Kadiri     Gobir Organization Foundation     Ibraheem Abdullateef     Muideen Olaniyi Alalade     Kayode Alabi     Students Union Government     Ayobola Ipinlaiye     Kisra     Busari Alabi Alausa     Adebara     JSSCE     Radio SBS     Shettima     Olosi Of Osi     Law School Scholarship     Rasaq Jimoh     Ayinde Oki     Oloriegbe     Muhammad Yahya     Freshvine Nigeria Limited     Bolakale Saka     Bello Taoheed Abubakar     Budo Egba     Chief Imam Of Lafiagi     John Olajide Adedipe     Kwha.gov.ng     Abubakar Baba     Salihu S. Yaru     Obayomi Azeez     N-Power     Labaeka     Bond     Abdulrosheed Okiki     Bashir Badawi     Barakat Community Secondary School     Hakeem Idris     Mutawali Of Ilorin     Kayode Ishola     T And K FOODS     Kwara Poly     Lanre Olosunde     Sobi     Olatomiwa Williams     College Of Education     Jamila Bio Ibrahim     Oyun     Public Holiday     Taofeek Ibraheem     Yahaya Jibril Usman     AbdulHamid Adi     Abdullahi AbdulMajeed     Suleiman Abubakar     Saad Omo\'ya    

Cloud Tag: What's trending

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

Kamaldeen Kehinde     Adolescent Girls Initiative For Learning And Empowerment     Chartered Institute Of Personnel Management Of Nigeria     Plat Technologies Limited     NNPP     Peter Amogbonjaye     Shururat Olatinwo     Femi Gbajabiamila     Saeedat Aliyu     Sherif Sagaya     Bolakale Kawu Agaka     Bola Magaji     Aminu Adisa Logun     Abubakar Imam     Kola Bukoye     Obayomi Azeez     Yahaya A Paniyaro     Michael Ologundea     Kwara 2023     Frootify     Ishaq Abdulkarim     Segun Olawoyin     Bashiru Makama     Hauwa Nuru     Okin Malt     Shehu Alimi Foundation For Peace And Development     Dunmade     Ayobola Ipinlaiye     Adamu Attah     Ibrahim Labaika     Akanji     PAACO-PCL Consortium     Yahaya Abdulkareem     Jimoh Akani     Emmanuel Olatunji Adesoye     Solomon Edoja     2023 Elections     Arca Santa     Gambari     Mukhtar Shagaya     IPSAS     Sebastine Obasi     Okanlawon Musa     Umar Gunu     Oyun     Abdulahi Abubakar Bata     Olusola Saraki     Minister     Hamid Bobboyi     Bashirat Bola Bello     Sobi FM     Yahaya Abdulkareem Babaita     Islamic Development Bank     Akorede     Apaokagi     Folashade Omoniyi     Kisira     Abdulrosheed Okiki     Albert Ogunsola     Kamoru Kadiri     CUTI     Vishvas KOZ Tractors     Pakata     Laduba     Bolakale Saka     Haliru Dantoro     Abdullahi Imam Abdullahi     Towoju     Students Union Government     Moshood Mustapha     Adewuyi Funmilayo     TESCOM 2025     Ministry Of Women Affairs And Social Development     Adegoke Bamidele     Chikanda     ANCOPPS     Lai Mohammed