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.

Olayinka Are     Atiku Abubakar     International Vocational Centre     Kwara South     Bola Olukoju     Oyeyemi Olasumbo Florence     Funmilayo Oniwa     Dapo Teni Nig Enterprise     Olokoba Abdullahi Ayinla     Magaji Nda     Lanre Olosunde     Salary     Umar Ahmed Gunu     Saadu Gbogbo Iwe     Waheed Ibrahim     Akorede     Muhammad-Mustapha Suleiman     Raji AbdulRasaq     Khairat Gwadabe     Lawyers Unite Against Corruption     Kwabes     Tescom.kwarastate.gov.ng     Fatai Olodo     Kamaldeen Kehinde     GRA     General Tunde Idiagbon International Airport Ilorin     Abdulrazaq Sanni     Oba Sulaiman Asude     REO CAKES     A.E. Afolabi     11th Galadima     Local Government     Gbenga Adebayo     Yusuf Abdulraheem     Clement Yomi Adeboye     Bola Tinubu     Abdulrazaq Solihudeen     Baba Issa     Saliu Ajia     Abdulrasheed Akogun     Raliat AbdulRazaq     Ajia-Bako     New Model Police Station     Asa LGEA School     Obasanjo     Chemiroy Nigeria Limited     Abdulkareem Alabi     Toyin Falola     Yemi Sanni     Abdulmajeed Wahab     Plat Technologies Limited     Prince Sunday Fagbemi     Prince Mahe Abdulkadir     Hakeem Idris     Garba Idris Ajia     COEASU     Shururat Olatinwo     Ahmed Shuaib Buranga     Abdulfatai Ahmed     Patigi Regatta     Zaratu Umar     Saliu Shola Taofeek     Kale Bayero     Olatomiwa Williams     Ibrahim Labaika     Olatunji Ibrahim     Senate     Oke-Ero     Ilorin Descendants Progressive Union     Pakata     Shehu Jimoh     Amos Justus Sayo     Cornelius Adebayo     Sheikh Ridhwanullah     Ibrahim Taiwo Road     Chief Imam Of Ilorin     CACOVID    

Cloud Tag: What's trending

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

ANCOPPS     Unicontinental Construction Company     Gamji Members Association     Ajike People Support Centre     Waheed Ibrahim     Kudirat Arinola Lawal     Abdulrazaq Aiyelabegan     Abdulraufu Mustapha     Nigerian Army     Gbugbu     Dankaka     Ministry Of Women Affairs And Social Development     Abdulazeez Arowona     David Adesina     Yusuf Badmus     Press Release     Umar Danladi Shero     Akorede     Kamaldeen Kehinde     IEDPU     Centre For Digital Economy     Basit Olatunji     Al-Adaby     Bayo Ojo     Pilgrims Board     LABTOP     Isiaka Alikinla     Abdulkadir Remi Hawawu     Tunde Akanbi     Tayo Alao     Alabere     Moremi High School     Government Girls’ Day Secondary School Pakata     Mary Kemi Adeosun     Okasanmi Ajayi     Muhammad Sirajo Aliyu     Abdulkadir Akanbi-Oke     Babatunde Ishola Babaita     Olofa Of Offa     Benin Republic     Ope Saraki     Ohoro Of Shao     Shero     Lucky Omoluwa     Ophthalmological Society Of Nigeria     Adolescent Girls Initiative For Learning And Empowerment     Lanre Badmas     Jimoh Olusola Imam     Olateju Lukman     Aliyu Muyideen     Halidu Danbaba     Sobi Specialist Hospital     Olomu Of Omu-Aran     AbdulGafar Tosho     Third Estate     JAAC     KSIRS     Hameed Oladipupo Ali     Elections     Peter Obi     Akanji     Awwal Jawondo     Michael Nzwekwe     Zaratu Umar     March 28     Amina Susa\'a De Ahmed     International Public Sector Accounting Standards     Tosin Saraki     Oniyangi Kunle Sulaiman     Neo Mundo Ltd     Abdulrazaq Akorede     Rasaq Jimoh     Lanre Olosunde     Raliat AbdulRazaq     Quarry Royal Valley     Kehinde Boyede     Al-Hikmah University