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.

Yakub Ali-Agan     Olosi Of Osi     Hakeem Lawal     Shagari     Minister     Ashiru     Femtech     Aminu Ado Bayero     Sadiq Umar     UNILORIN Alumni     Babaloja-General     Amasa     Societe Generale Bank Of Nigeria     Oro Grammar School     Abdulfatah Ahmed     Gbemisola Oguntimehin     Senate Presidency     Abdulrauf Aliyu     Senior Ibrahim Suleiman     KWSIEC     Ilorin Talaka Parapo     Afonja Descendants Union     Fatima Abolore Jimoh     Ifelodun     Is\'haq Modibbo Kawu     Yusuf Ali     Abdulrazaq Adebayo     March 18     TESCOM 2025     AGILE Programme     Hassan Taiye Salam     Lafia Aliyu Korasabi     Alfa Modibo Belgore     Oko-Erin     Kolo     Olokoba Sulyman     Nigeria Customs Service     Ajayi Okasanmi     Naira Redesign     Mubarak Oladosu     Durbar     SGBN     Council Of The Wise     Abubakar Atiku     Taofik Abdulkareem Babaita     Apata Ajele Secondary School     Gafaru Olayiwola Olorisade     Centre For Community Empowerment And Poverty Eradication     School Of Nursing     Folajimi Aleshinloye     Moji Makanjuola     Babatunde Idiagbon     Democracy Day     Akeem Olatunji     Abatemi-Usman     Saadatu Modibbo-Kawu     Olatomiwa Williams     Atiku Abubakar     Tunde Akanbi     Amoyo     Roheemat Hammed     Bashir Adigun     Babajide Ajayi     Imam Gambari     Clara Nwachukwu     Saliu Ajia     IFK     Abubakar Baba Sulaiman     Seni Saraki     Sheikh Hamzat Yusuf Ariyibi     Agor     Nigeria Foundation For Artificial Intelligence     Kawu     Abubakar Abdulraheem     Muyideen Ajani Bello     Olofa Of Offa     Atunwa    

Cloud Tag: What's trending

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

Abubakar Baba     Jimoh Bashir     Ope Saraki     Haliru Yahaya     Ijagbo Health Centre     Femi Ogunsola     National Union Of Road Transport Workers     Ashiru     United Nigeria Congress Party     Abdulmalik Bashir Mopelola Risikatullahi     Ilorin Talaka Parapo (ITP)     Adam Abdullahi Al-Ilory     Ishak Mohammed Sabi     Gafaru Olayiwola Olorisade     Emmanuel Olatunji Adesoye     Mansur Alfanla     Ramadan     Zubair Folorunsho Erubu     Saadu Yusuf     Abubakar Atiku     Stephen Fasakin     AbdulGaniyu Kareem     Moshood Bakare     Yoonus Lawal     Olabode George Towoju     Tunde Yusuf     Abdulrahman Abdulrazaq     Crystal Corner Shops     Okoolowo     Ajibike Katibi     Junior Secondary School Certificate Examinations     Congress For National Consensus     Shehu Raheem Adaramaja     Amina El-Imam     Ibrahim Jawondo     Bamidele Adegoke     Bello Abubakar     Oko-Erin     Firdaos Amasa     Busari Alabi Alausa     Shoprite     VADA     Aisha Buhari     Isiaka Gold     Timothy Akangbe     Col. Taiwo     Standard Organization Of Nigeria     Prince Sunday Fagbemi     Smart School     Hikmah AbdulKareem     Mumini Ishola Hanafi     KwaraLearn     Rafiu Olasile     Read With Me     Ahman Pategi University     Kwara State Fish Farmers Association     Yahaya Abdulkareem     Femi Oladiji     Olatunde Oyeyiola     COVID     Christopher Tunji Ayeni     Elections     John Obuh     Abubakar Baba Sulaiman     Abdulwahab Ololele     Muhammed Aliyu     Imam Gambari     Saadatu Modibbo-Kawu     New Naira Notes     Adeleke Ogungbe     Alapansapa     Oloriegbe     Shururat Olatinwo     Atiku Abubakar     Tescom.kwarastate.gov.ng     Niyi Ogundiran     Isiaq Khadeejah