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.

Yakubu Gobir     CACOVID Palliatives     Mustapha AbdulGaniyu     Abiodun Abdulkareem     Danladi     Principal Private Secretary     Ahmad Ali     Abdulrauf Aliyu     Kwara Teaching Service Commission     Yusuf AbdulRasheed     Abdulrasheed Akogun     Kaiama     National Information Technology Development Agency     Suleiman Yahya Alapansapa     Yahaya A Paniyaro     Abdul Jimoh Mohammed     Alfa Modibo Belgore     Ahmed Idris Mohammed     Umar Sanda Yusuf     Amos Justus Sayo     Offa     KWASAA     Abdulrahman Abdullahi Kayode     Hydro-electric Power Producing Areas Development Commission     Dauda Adesola     Borgu     Tunji Folami     Ibrahim Oniye     Unicontinental Construction Company     Pakata Development Association     Rihanat Ajia     Mohammed Jimoh Faworaja     Mogaji Aare     Bello John Olanrewaju     Zubair Folorunsho Erubu     Yusuf Ali     Women Radio     Muhammed Danjuma     Sabitiyu Grillo     Abubakar Suleiman     Ahmed \'Lateef     Vasolar     Ahmed Bolaji Nagode     Monkey Pox     Tafida Of Kaiama     Fulani     Funmilayo Oniwa     Okiki     Abdulrosheed Okiki     Jaigbade Alao     Sola Saraki Educational Foundation     Ahmad Belgore     Agbarere     Bilikis Oladimeji     PharmAccess Foundation     Ayodele Shittu     Sardauna     Shehu Alimi Foundation     Saliu Shola Taofeek     Albert Ogunsola     Kwara United     Elerinjare     Victor Gbenga Yusuf     Rasheed Jimoh     TIC     COEASU     Lola Ashiru     Bayer AG     Paul Odama     Monsurat Omotosho     Halimat Yusuf     Awoye     International Vocational Centre     John Obuh     Fatai Olodo     Mazars Consulting     Sam Okaula    

Cloud Tag: What's trending

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

Aliyu Alhassan     Adesoye College     Donatus Ejidike     Mukhtar Shagaya     Baboko     Tunde Oyawoye     Simeon Sayomi     Saliu Shola Taofeek     Bank Of Industry     Wahab Abayawo     Saliu Ajia     Idowu Aremu     Ibrahim Issa Jetti     Jumoke Monsura Gafar     Ganiyu Taofiq     Mubarak Oladosu     Eghe Igbinehin     Tafida     AbdulGafar Tosho     Abdulmumini Sanni Jawondo     John Dara     Afetu Of Alabe     Ijakadi     Ilorin Emirate Stakeholders Forum     Abdulmajeed Abdullahi     Kamaldeen Ajibade     Isiaka Alikinla     Oyun     Yaru     TESCOM     CBT     TIC     Kola Shittu     Adesina Simon Sodiya     Oasis Muslim Care Foundation     Ado Ibrahim     Mohammed Abduraheem     Kupchi Hosea Maxwell     Shuaib Boni Aliyu     Rotimi Atere     Owode Market     Kolade Solagberu     Shuaibu Yaman     Ilorin Talaka Parapo     Col. Taiwo     Sulyman Age AbdulKareem     Abdulfatai Baakini     Magaji Erubu     Baba Issa     Umar Danladi Shero     Muhammad-Mustapha Suleiman     Sam Onile     Abiodun Oyedepo     Valsolar Consultoria     Sunday Otokiti     NYSC     Tunde Akanbi     Minimum Wage     Baakini     Sobi FM     Kwara State University Of Education     Aasiyat Bello Oyedepo     Nurudeen Mohammed     Abdulrazaq Akorede     Garba Ado Sanni     Ilorin Muslim Community     Kwara Poly     Assayomo     Akeem Lawal     Wahab Isa     Niyi Osundare     Sulyman Abdulkareem     Mujtabah Bature     08001000100     Ahmad Fatima Bisola     Oniyangi     Paul Olawoore