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.

20 Billion Bond     Abdullahi Saadudeen Alikinla     Olupako     SSA Youth     Usman Yunusa     IFK     Diagnostic Centre     Ebun-Olu Adegboruwa     Turaki Of Ilorin     Baboko     Special Agro-industrial Processing Zone     Abdulfatai Salman Baakini     Umar Ayinla Saro     Emir Of Kano     Haliru Yahaya     Aliyu Salihu     First Lady     Peter Obi     Al-Hikmah University     Belgore     John Mayokun Dada     Kemi Adeosun     Aisha Ahman-Pategi     Lanre Jimoh     Apaola     Siddiq Adebayo Idowu Salawu     Ibrahim Mohammed     Matthew Babaoye     Bayo Mohammed Onimode     Amos Bajeh     Funmilayo Oniwa     Paul Olawoore     Kayode Zubair     Taofik Abiodun Ahmed     Local Government Pension Board     Agbarigidoma     Lawan     Ahmed Saidu Rufai     Gbenga Olawepo     Kawu Baraje     Erubu     Lafia Aliyu Korasabi     Ballah     Lateef Ademola Olatunji     Olatinwo     Charcoal     Salman Suleiman     Saadu Yusuf     Shuaib Olarongbe     Toyosi Thomas     Akande Idowu Ayoola Muhammed     Oro Grammar School     National Information Technology Development Agency     Fawenu     Adedayo Yusuf Abdulkareem     UNILORIN Alumni Association     RTEAN     Baba Isale     Kunbi Titiloye     Olayinka Jelili Yusuf     Ali Ahmad     United Nigeria Airline     Alumni Association Of The Federal Polytechnic Offa     Aishat Sulu-Gambari     Sai Kayi     Abatemi Usman     Senior Staff Union Of Colleges Of Education     Muhammad Sirajo Aliyu     Ahman Patigi     Shettima     Elesie Of Esie     Abdulkadri Ahmad Alaiye     Amule Elementary School     Sardauna Of Ilorin     Ahmed Mohammed Rifun     Jimoh Olusola Imam     Olawuyi    

Cloud Tag: What's trending

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

Olaitan Buraimoh     Lafia Aliyu Korasabi     Lawal Arinola Kudirat     Wahab Femi Agbaje     Harafat E. Mukadam     Agbarere     NSCIA     Afusat Nike Ibrahim     Isiaka Rafiu Mope     Agboola Babatunde     Oro Grammar School Old Students Association     Olayinka Jelili Yusuf     Abdulmumini Jawondo     Press Release     Isiaka Gold     Ramadan     Aisha Gobir     CBT     Ajeigbe     Aisha Abodunrin Ibrahim     Onikijipa     Rasaq Jimoh     Salman Suleiman     Olubukola Kifayat Adedeji     Christopher Ayeni     The Herald     Ishola Moses Abiodun     April 11     Ita-Nmo Market     General Tunde Idiagbon International Airport Ilorin     NIPOGA     HYPPADEC     Apaola     Habeeb Saidu     CELF     Michael Nzekwe     Ayegbeni     PharmAccess Foundation     Monsurat Omotosho     TIIDELab     Muftau Akanbi Oke     Seni Saraki     Samuel Adedoyin     Tafida Of Ilorin     Moses Salami     Moro     Funke Adedoyin     VADA     Yusuf AbdulRasheed     Yoonus Kola Olatinwo     Mustapha AbdulGaniyu     Oyin-Zubair     Prince Bola Ajibola     Lanre Issa Onilu     Eleyele     Abubakar Abdullahi Bata     Charles Ibitoye     Na\'Allah     Oba Abu     Standard Organization Of Nigeria     Quarry Royal Valley     Ogidi-Oloje     Ishak Mohammed Sabi     Kayode Issa     Abubakar Abdulraheem     Umaru Saro     Razak Atunwa     Gani Saadu     Abdullahi Biffo     Okin Biscuits     Kwara State Council Of Chiefs     Muhammad Mustapha Suleiman     Oasis Muslim Care Foundation     Sadiq Buhari     IF-K     Rihanat Ajia     Obayomi Azeez