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.

Oyawoye     Oke-Ero     FERMA     Bilikisu Gambari     Gbenga Adebayo     Maryam Nurudeen     AbdulQowiy Olododo     Mohammed Jimoh Faworaja     Adesoye College     Abdulganiy Abimbola Abdussalam     Kwasu     Aisha Gobir     Segun Abifarin     Funmilayo Isiaka Oniwa     Wale Oladepo     Mohammed Yisa     CCT     Lotus Bank     Gabriel Fashanu     Afeyin-Olukuta     Hamza Usman     Yeketi     James Ayeni     Principal Private Secretary     Lola Olabayo     TESCOM     Ajuloopin     Orisun Igbomina     Ibrahim Abdulkadir Abikan     Kisra     Afin Descendants Union Of Odo-Owa     Oluronke Adeyemi     Federal College Of Education (Special), Afon     Ajakaye     Kwara Liberation Group     Oya State     Oluwole Dupe     Ijagbo     Esinniobiwa Quareeb     Amina El-Imam     Mahee Abdulkadir     IPSAS     Al-Hikmah Radio     Damilola Yusuf     Age AbdulKareem     Vasolar-Kwara Company Ltd     HAMFAT Clinic And Maternity     AbdulRasaq Abdulmajeed Alaro     Lafia Aliyu Korasabi     Jide Oyinloye     Tunji Olawuyi     Maigida Soludero Transit     Congress For National Consensus     Popo-Igbonna     Femi Ogunsola     Abraham Ojo     Savannah Centre For Diplomacy, Democracy And Development     Yashikira     Kunle Suleiman     Minimum Wage     Salary     Cornelius Fawenu     Adamu Atta     Countryside Emerging Leaders Fellowship     Kwara State Infrastructure Development Fund     Atiku     Agbarere     Abubakar Olusola Saraki     Saka Isau     Share     Saliu Ajia     Bolaji Gambari     AbdulFatai Adeniyi Dan-Kazeem     Kale Bayero     SAPZ Project     Ilorin Water Reticulation     SUBEB    

Cloud Tag: What's trending

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

April 11     Yashikira     Olaosebikan     Dagbalodo     Sherif Sagaya     Ahmad Olayiwola Kamaldeen     School Of Nursing     Oke-Kura     Overland     Salary     Oke-opin     Guber Aspirant     Sodiya     Ibrahim Abikan     Offa     Aasiyat Bello Oyedepo     Maigidasanma     Oro Grammar School Old Students Association     Amosa     IF-K     Salaudeen Oyewale     Rasaq Jimoh     Alimi     Hijab     Taiwo Joseph     Council Of The Wise     Tunji Moronfoye     Olokoba Abdullahi Ayinla     Yusuf Lanre Badmas     Afolayan     Funmilayo Isiaka Oniwa     Saka Aleshinloye     Young Progressives Party     Monthly Sanitation     Sarah Alade     Aliyu Sabi     Yahaya Abdulkareem     Salman Alada     Razaq Ayobami Akanbi     Anilelerin     Adama Isa     Olaoye B. Felix     Lola Ashiru     Abdullahi Dasilva Yussuf     Ilofa     HICA     Toyin Falola     Ashiru     Saliu Mustapha     CCEPE     Ahmed Dankaya     Alfa Modibbo Belgore     Jamila Bio Ibrahim     Ahmed Shuaib Buranga     Abatemi Usman     Idowu Laro     Tafida Of Kaiama     Sabo-Oke     Yoonus Lawal     Patigi Regatta     Kola Olota     Hassan Abdulazeez Elewu     Kwara Metro Park     Kwara Polytechnic     Isiaka Rafiu Mope     Cassava Growers\' Association     Mutawalle     Afonja Descendants Union     Saidu Isa     Fatai Adeniyi Garba     Okin High School     Imodoye Writer’s Enclave     Ajidagba     Ohoro Of Shao     New Model Police Station     Igbomina     Senate