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.

Mashood Abdulrafiu Agboola     Kaosarah Adeyi     V.O. Abioye     Sabi     Aliyu Muhammad Saifudeen     Salman Alada     Joseph Yemi Ajayi     April 11     Afin Descendants Union Of Odo-Owa     Jamiu Oyawoye     Abubakar Kawu Baraje     Abubakar Lah     Harafat E. Mukadam     Amosa     Tafida Of Ilorin     Raliat AbdulRazaq     Idris Garba     Oke Sunna     Abdulwahab Olarewaju Issa     Baboko Primary School     Convocation Ceremonies     Muhammad Sirajo Aliyu     Ohoro Of Shao     Frootify     Sabitiyu Grillo     Col. Ibrahim Taiwo     Rapheal Ashaolu     Aisha Abodunrin Ibrahim     Valsolar-Kwara Company Limited     Okin Malt     JUSUN     Maigida     Abdulrahman Abdulrazaq     Musa Abdullahi     Abdulkadri Ahmad Alaiye     Hassan Oyeleke     Muhammad Ghali Alaaya     MATTA Girls Foundation     Ibrahim Abdullahi     Sunset Workers     Yomi Ogunsola     Okanlawon Musa     Kwarareports.com     Sidikat Akaje     Fatai Olodo     Oke-Ogun     Saraki     Ifelodun     Ndakene     Millennium Development Goals     IESA     Ladi Hassan     Ishola Balogun Fulani     Senior Staff Union Of Colleges Of Education     Kwara State Infrastructure Development Fund     David Adesina     Offorjama     AbdulRazaq Jiddah     Awoye     Musa Yeketi     Firdaos Amasa     Jimba Babatunde     Tosho Yaqub     Oasis Muslim Care Foundation     Ahmed Dankaya     Ishaq Oloyede     Kwara 2015     Tope Daramola     Tayo Alao     Oyin-Zubair     Afolabi-Oshatimehin     Bashir Adigun     Oniyangi Kunle Sulaiman     Mohammed Jimoh Faworaja     Ileloke     IEDPU     Oke-Oyi    

Cloud Tag: What's trending

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

Kishira     Igosun     Mohammed Saidu     National Information Technology Development Agency     Otoge     Abdulwasiu Bolaji Adeyi     All Peoples Party     Saad Omo\'ya     Mohammed Lawal Bagega     Olukotun Of Ikotun     Jimba Babatunde     Shaykh Luqman Jimoh     Abubakar Aliagan     Kwara State Television (KWTV)     Kale Bayero     David Adesina     Wakilin Mata Lafiagi     John Olobayo     MMWG     Lai Mohammed     Jamiu Oyawoye     Owu Fall     Adekunle David Dunmade     Toun Okewale-Sonaiya     Aliyu Olatunji Ajanaku     Jawondo     General Hospital, Offa     Sarkin Malamai     Rachael Obisesan     Transition Implementation Committee     Ibrahim Labaika     Halidu Danbaba     Abdulazeez Arowona     Elerinjare-Ibobo     Belgore     Gbemisola Saraki     JAMB     State Bureau Of Internal Revenue     Alao Ayotunde     Raji Ayodele Kamaldeen     Ilorin Metro Park     Ohoro Of Shao     Mahmud Ayinla Giwa     Sobi     Kwara South     Logun     Aisha Gobir     Timothy Olatunde Fadipe     Mohammed Tunde-Jimoh     Abdulmutalib Shittu     Senate President     Asiwaju Bola Tinubu     UTME     Marufat Oladosu     Ronke Adeyemi     Lateef Fagbemi     Popo-Igbonna     Aro Yahaya     Segun Adeniyi     Iyabo Adewuyi     Quran     Islamic Development Bank     Ariyo     Awili Pedro     Gbenga Awoyale     Olusegun Adeniyi     JUSUN     A.O. Belgore     NIPOGA     Kaosarah Adeyi     Muhammed Akanbi     Hakeem Lawal     Bahago     Bashiru Makama     JSSCE     AbdulRahman Saad     Yakubu Mohammed Abdullahi