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.

Public Holiday     Sidikat Alaya     Abdulrauf Yusuf     Sarakite     David Oyerinola Adedunmoye     Lai Mohammed     Mubarak Oladosu     JMK Construction Company Limited     Oyawoye     Police Commissioner     Idris Amosa Oladipo Saidu     Hameed Oladipupo Ali     Niguel Gallando Marcias     Sodiya     Michael Ologundea     Olomu Of Omu-Aran     Saba Jibril     Ijakadi     Standard Organization Of Nigeria     Government House     Universal Basic Education Commission     Fatimoh Lawal     Forgo Battery     Kwara TV     Abubakar Imam     AbdulRauf Keji     Kamaldeen Kehinde     Toyosi Thomas     Henry Olaosebikan     Dauda Adesola     Bayo Ajia     Naira Redesign     Magaji Are     Aisha Abodunrin Ibrahim     Maryam A. Garuba     Lawal Arinola Kudirat     Bareke     Wahab Femi Agbaje     Valsolar     Oko     Abdulrazaq Adebayo     Hausa     NFAI     Talaka Parapo     Titus Suberu-Ajibola     Ibrahim Abdulqadir Abikan     Abdulmumini AbdulRazaq     Issa Manzuma     Saka Aleshinloye     Muritala Olarewaju     Elerin Of Erin-Ile     Isin     Muhammed Aliyu     Toyin Olayinka Tejidini     Odolaye Aremu     Kanu Agabi     Centre For Digital Economy     Irepodun     Abdullahi Imam Abdullahi     Bola Olukoju     Ayoade Akinnibosun     Ajikobi     Abdulmutalib Shittu     Pius Abioje     Christopher Tunji Ayeni     John Mayokun Dada     Tunji Folami     Mohammed Ghali Alaaya     Henry Makinwa     Twitter     Ado Ibrahim     Bashirat Bola Bello     Idiagbon     Simeon Ajibola     IYA ALFA NLA     Musa Ayinla Yeketi     A.O. Belgore    

Cloud Tag: What's trending

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

Makama Of Ilorin     Balogun Gambari     Okanlawon Taiwo     Ahmed Idris Mohammed     Babatunde Ajeigbe     Amasa     Kazeem Adekanye     Galland Marcias     Abdulrahman Iliasu     Saadu Alanamu     Musibau Akanji     Idris Amosa Oladipo Saidu     Colleges Of Education Academic Staff Union     Olayinka Are     Suleiman Rotimi Iliasu     Ndama Al-hassan     Lithium Deposit     Afusat Nike Ibrahim     Grillo     Muhammed Akanbi     Shuaib Olarongbe     Olateju Lukman     Yahaya A Paniyaro     Haliru Dantoro     Olam Food Ingredients     Bio Ibrahim     CACOVID     Mahfouz Adedimeji     Falokun-Oja     Ubandawaki     Nigerian Army     IF-K     Jimoh Saadudeen Muhammed     Mustapha AbdulGaniyu     Haruna Olawale Sulaiman     Usman Yunusa     Ohoro Of Shao     Ridhwanullah Al-Ilory     Yaman     IFK     Okala Baba     IYA YUSUF     Opaleke Bukola Iyabo     Ashiru     Abioye Bello     Afetu Of Alabe     Onilorin     Millennium Development Goals     Durbar Festival     March 28     Abdulfatai Salman Baakini     Adeleke Ogungbe     Olajumoke Monsura Gafar     Geri-Alimi Split Diamond Interchange     Okin High School     Amos Sayo     Public Holiday     Elerinjare     Abubakar Kawu Baraje     Babs Iwarere     Oba Of Jebba     Ahmad Olayiwola Kamaldeen     Ifelodun     Ladi Hassan     Taiwo Joseph     Yeketi     Ilorin Talaka Parapo (ITP)     Abdullateef Abdussalam     Kwarareports     Garba Dogo     Oju Ekun Sarumi     Kannike     Saka Balikis Kehinde     Umar Ayinla Saro     Demola Banu     Ben Duntoye     Abdulkadri Ahmad Alaiye