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.

Salihu Jibril Garbi     Adamu Ibrahim Sabi     Folashade Omoniyi     Bukola Ajikobi     Ridhwanullah Al-Ilory     Yaman     Kabir Shagaya     Jimba Babatunde     Christopher Odetunde     Monkey Pox     Yashikira     Christian Association Of Nigeria     ENetSuD     Aishat Mohammed Lawal     Saidu Kawu     Ifelodun     Abdulrasheed Lafia     Dogara     Funmilayo Oniwa     Kwara State University Of Education     Lateef Fagbemi     Okin Group     Yusuf Olaolu Ali     Joshua Adeyemi Adimula     Umar Gunu     Abubakar Lah     Sabi     Federal Road Maintenance Agency     Vasolar-Kwara Company Ltd     Oko-Erin     Ahmad Olanrewaju Belgore     Nagode     Umar Adelodun     The Herald     Kehinde Baale     Valsolar Consortium     Abdulrasaq Alaro     Crystal Corner Shops     Wole Oke     Elerinjare-Ibobo     George Funsho Adebayo     Saadu Gbogbo Iwe     Pilgrims Board     Kwara State Governor     Mansur Alfanla     Mohammed Danjuma     Taofik Abdulkareem Babaita     KWASAA     Alagbado     Ubandawaki     Moshood Bakare     Bola Iyabo Ibiyeye Adisa     Afetu Of Alabe     Adamu B. Yaqubu     Chief Of Staff     Ubandoma Of Ilorin     Buhari     Halimat Yusuf     Al-Hikmah Radio     Abdulfatai Ahmed     Saliu Tunde Bello     Imam Gambari     Fatimat Saliu     Yusuf Aiyedun     Segun Olawoyin     Maryam Ado Bayero     Ramadhan     International Vocational Centre     David Oyedepo     Issa Memunat Moyosore     Leke Ogungbe     Senate President     Abdul-Rahoof Bello     Salary     Bamidele Adegoke     Moremi High School     Abraham Ojo    

Cloud Tag: What's trending

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

Tunji Ajanaku     Sunday Popo-Ola     Magaji Erubu     Neo Mundo Ltd     Dauda Adesola     Irepodun     Abdulrasheed Lafia     Seed Technologies     Gobir Organization Foundation     Erubu     Ariyo     Kwara Consultative Forum     Shuaib Boni Aliyu     Saidu Yaro Musa     Mohammed Abduraheem     Kabir Shagaya     Sola Saraki University     Otoge     Kwara State Television (KWTV)     Amos Justus Sayo     Kunle Suleiman     Suleiman Alege Kuranga     Amusa Bello     Sardauna Of Ilorin     Gbemisola Saraki     Abdullah Janet Amudat     All Peoples Party     Chartered Institute Of Personnel Management Of Nigeria     Rebecca Bake     Kayode Laro     Salami Adekunle     Moses Salami     Jimoh Akani     Markaz Arabic And Islamic Training Institute, Agege     Gabriel Fashanu     General Tunde Idiagbon International Airport Ilorin     Ibrahim Issa Jetti     Government High School Adeta     Kannike     Yusuf Lanre Badmus     Dagbalodo     Olateju Lukman     Oluranti Idowu     Sabo-Oke     Col. Taiwo     Christopher Ayeni     Ethical College     Nupe     Muhammed Abdullahi     AGILE Programme     Iyaloja-General     Aisha Gobir     MMWG     Issa Memunat Moyosore     Yakubu Danladi     Yusuf Arowosaye     Abdulwahab Ololele     Iyabo Dupe Adekeye     Pacify Labs     Farouk Salim     Ajidagba     Kwara Politics     Federal Road Maintenance Agency     Abdulrazaq Akorede     Salihu Ajia     Yakubu Dogara     Peculiar Allowance     Kwara State Fish Farmers Association     A.G.F Abdulrasaq     Kwara North     Trade Lenda SME Fair     Abdulrahman Abdulrazak     Tosin Saraki     Offa Metropolitan Club     Vishvas KOZ Tractors     Bature Bello     AbdulRasaq Abdulmajeed Alaro