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.

Christopher Tunji Ayeni     Muhammad Sirajo Aliyu     Mohammed Kamaludeen     Muhammad Mustapha Suleiman     Habeeb Saidu     Yoonus Lawal     Arinola Fatimoh Lawal     State Bureau Of Internal Revenue     Yusuf Zulu-Gambari     Olaosebikan     Sheikh Ridhwanullah     Bluenile Associates     Saba Mamman Daniel     Obasanjo     Adeniyi Ojo     Saheed Akinwumi     Grillo     Abraysports FC     Tinubu Legacy Forum     Fola Consultant     Alloy Chukwuemeka     Abdulrauf Yusuf     Abdulmalik Bashir Mopelola Risikatullahi     Temitope Ogunbanke     Mary Arinde     Gafaru Olayiwola Olorisade     Kisira     Kayode Oyin Zubair     Abdulrazak Shehu Akorede     Oloje     Muyiwa Oladipo Kanu     AbdulRazaq Abubakar Jiddah     Sa\'adu Gambari     ER-KANG     Dar-Al-Handasah Consultants Ltd     Emir Of Lafiagi     Popo-Igbonna     Ahman Patigi     Ajakaye     Harafat E. Mukadam     Ghali Alaaya     Tosho Yaqub     MalHub     Dunmade     Ilorin Airport     Kudirat Arinola Lawal     Tunde Oyawoye     Kwara Consultative Forum     Abdulrahman Abdulrasak     Kola Ologbondiyan     Pakata Development Association     Diagnostic Centre     Kulende     Baba Issa     Bolakale Ayo     Millennium Development Goals     Toyin Olayinka Tejidini     Oluranti Idowu     Toyin Sanusi     Illyasu Abdullahi     Ilorin.Info     Olatunji Bamgbola     Jeunkunu-Malete-Bani     Kwara State Geographic Information Service     Moses Rahman Popoola     Gobirawa     Afusat Nike Ibrahim     TETFUND     2023 Elections     Nigerian Army     Yahaya A Paniyaro     Towoju     KWACOBPA     Muhammed Aliyu     IF-K     Idi-Ape     Oko-Olowo    

Cloud Tag: What's trending

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

Abdulkadir Jimoh     Mahmud Ayinla Giwa     Elerin Of Adanla Irese     Obuh     Balogin Alanamu     Matthew Okedare     Ilesha-Baruba-Gwanara     Hameed Oladipupo Ali     Gambari     Saka Balikis Kehinde     Oba Abdulkadir La\'aro     Abdullahi Dasilva Yussuf     Olumide Daniel Ibitoye     Daud Adeshola     Sarah Alade     Al-Ilory     Maigidasanma     Vasolar Consortium     Zubair Folorunsho Erubu     Oloruntoyosi Thomas     Ibrahim Abdulkadir Abikan     Jalala     General Tunde Idiagbon International Airport     Jimba Babatunde     Bayo Onimago     Bamidele Adegoke     Ile Arugbo     Ademola Kiyesola     Plat Technologies     CKNG     GANZY     College Of Arabic And Islamic Legal Studies     Mohammed Ghali Alaaya     Kwha.gov.ng     Abiodun Musa Aibinu     Federal College Of Education (Special), Afon     Kwara Consultative Forum     Ajia-Bako     ITEM 7     Mohammed Jimoh Faworaja     Shehu Alimi Foundation For Peace And Development     Chikanda     Abubakar Usman Jos     Saad Omo\'ya     AbdulRasaq Abdulmajeed Alaro     Modibo Kawu     ASKOMP     Yahaya Jibril Usman     Kwara University Of Education     LEAH Charity Foundation     Abraham Ojo     Segun Abifarin     Baba Isale     Kwara State Printing And Publishing Corporation     Shuaib Boni Aliyu     Suleiman Rotimi Iliasu     Abdullahi Biffo     Elerinjare     Tosho Yaqub     Ariyo     Aliyu U. Tilde     Yahaya A Paniyaro     Twitter     Babajide Ajayi     Suleiman Idris     Henry Makinwa     KWATMA     Kwara TV     GRA     Abdulrahman Abdulrazak     Oasis Muslim Care Foundation     Tunji Moronfoye     Sarah Jubril     Joseph Alex Offorjama     Bankole Omisore     Ramadan     Suraj Tunji Oyewale