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.

Saduki Lafiagi     Sobi Specialist Hospital     Kolo     Bilikisu Oniyangi     Nnazua     Coronavirus     Maimunat Oloriegbe     Maigida Soludero Transit     ITEM 7     Valsolar Consultoria     Afin Descendants Union Of Odo-Owa     Maryam Nurudeen     Durbar     Ahmed Ayinla Jimoh     Agboola Babatunde     Saudat Abdulbaqi     Lateef Alagbonsi     Abdulrahman Abdullahi Kayode     Bolakale Kawu     Forgo Battery     Belgore     Wahab Agbaje     Haruna Olawale Sulaiman     Gbemisola Saraki     Patigi Regatta     Ahmad Uthman     Olaosebikan     Makama     Baba Idris     Roseline Oni Aremu     Kehinde Boyede     School Of Nursing     Sambo Murtala     Universal Basic Education Commission     Hausa     Yakubu Mohammed Abdullahi     Post Utme     Al-Hikmah University     Lawan     Akume     Kwara University Of Education     Olayinka Jelili Yusuf     Fatimoh Lawal     Suleiman Alege Kuranga     Aliyu Adebayo     Omu Aran     Sanusi Abubakar     Harafat E. Mukadam     Mufti Of Ilorin     Isiaka Gold     Segun Olawoyin     Elewu     National Broadcasting Commission     Zaratu Umar     Kolawole Bashirat     Col. Adedipe     College Of Education     Ilorin Talaka Parapo (ITP)     Agor Market     Dunmade     Ijagbo     Kwara South     First Lady     Markaz Arabic And Islamic Training Institute, Agege     Usman Alkali Baba     Kwara State Fire Service     Wasiu Odewale     Abdulsalam A. Yusuf     Apaola     Gbenga Adebayo     Senior Ibrahim Suleiman     Sa\'adatu Modibbo-Kawu     Ganmo     Basit Olatunji     James Kolo     Magaji Erubu     Saka Saadu    

Cloud Tag: What's trending

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

Oyin-Zubair     Ahmed     Saliu Shola Taofeek     Ayotunde Emmanuel Alao     Offa     Labour Party     CCEPE     Bamidele Adegoke     Ahmed Idris Mohammed     Abdulkadir Orire     Harafat E. Mukadam     Mohammed Ajia Ibrahim     Kamaldeen Ajibade     Aliyu Muhammad Saifudeen     Durbar     Ogidi-Oloje     Imam Gambari     Abdullahi AbdulMajeed     Lanwa     Bayo Ojo     Ilorin International Airport     IFK     Muftau Akanbi Oke     Alfa Modibbo Belgore     Ibikunle Ogunleye     Moronfoye     Kazeem Gbolagade     Daud Adeshola     Ghali Alaaya     Oba Abdulraheem     Abubakar Imam     Michael Nzekwe     Abdulkadri Ahmad Alaiye     Ibrahim Abikan     Magaji Are     Najim Yaasin     Paul Odama     Junior Secondary School Certificate Examinations     High Court     NAWOJ     Neo Mundo Ltd     Ganmo Electricity Sub-Station     Samuel Olusegun Adedayo     Isiaka Gold     Jimoh Olusola Imam     Omotosho     A.E. Afolabi     Clement Yomi Adeboye     Christopher Tunji Ayeni     Mufutau Olatinwo     Ajasse-Ipo     Mahmud Babatunde Baker     Erin-ile     Bello Bature     Yunus Lawal     Ishaq Salman     Abdulfatah Ahmed     Sam Onile     Kwara Restoration Project     Abdulrazaq Akorede     Bankole Omishore     Tayo Awodiji     Timothy Olatunde Fadipe     Osi     SWAN     Facemasks     Apata Ajele Secondary School     Umar Ahmed Gunu     Bamidele Adegoke Oladimeji     Chief Imam Of Ilorin     Patience Jonathan     Bareke     Mufti Of Ilorin     Federal College Of Education (Special), Afon     Tunji Olawuyi     Playing Host     Amusa Bello