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.

Ajakaye     Shonga     Abdulkadri Ahmad Alaiye     Suleman Abubakar     Asa LGEA School     Ojo Fadumila     Ilorin Metro Park     Simeon Ajibola     Sai Kayi     Crystal Corner Shops     Jare Olatundun     Hassanat Bello     Afolabi-Oshatimehin     Bio Ibrahim     Kamaldeen Ajibade     Olohungbebe     Funmilayo Mohammed     Borgu     Ballah     Orire     MalHub     Afusat Nike Ibrahim     Veterinary Teaching Hospital     Kwara Pdp     Durbar Festival     Idris Garba     Quarry Royal Valley     Nigerian Supreme Council For Islamic Affairs     Michael Nzwekwe     Olabode Towoju     Computer Based Test     Balogun Gambari     Sobi Specialist Hospital     Rachael Obisesan     Rex Olawoye     Abiodun Jacob Ajiboye     Kamaldeen Kehinde     Bayo Lawal     Sulyman Age AbdulKareem     Patience Jonathan     Nigerian Correctional Service     Agbarere     Opolo Global Innovation Limited     Salman Suleiman     New Model Police Station     Senior Special Assistant On Student Affairs     Ilorin Emirate Staff Association     Dunmade     Kwara State Health Insurance Agency     Hakeem Idris     Mahmud Ayinla Giwa     Prince Sunday Fagbemi     John Kehinde Salako     Ishaq Salman     Muhammad Mustapha Suleiman     Fatima Abolore Jimoh     Abdulrahman Abdullahi Kayode     Atiku     Ishaq Abdulkarim     Erubu Oba Zubair     Countryside Emerging Leaders Fellowship     TESCOM 2025     IsDB     Joshua Adeyemi Adimula     Shuaib Olarongbe     SGBN     Maigidasanma     Kwara 2019     Onikijipa     Abdullahi Samari     Ilorin Curfew     Yakub Ali-Agan     Quareeb     Mustapha Akanbi     Awwal Jawondo     Salman Jawondo     Vasolar Consortium    

Cloud Tag: What's trending

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

Colleges Of Education Academic Staff Union     Hajj     Lanre Jimoh     LEAH Charity Foundation     Emir Of Kano     Maigida Soludero Transit     Muhammed Taofeeq Abdulrazaq     University Road     Mashood Abdulrafiu Agboola     Segun Adeniyi     Benin Republic     Sa\'adu Salahu     Saliu Alamoyo     Rotimi Atere     Belgore     Jelili Yusuf     Yusuf Olaolu Ali     Temitope Ogunbanke     Umar Adelodun     Joseph Yemi Ajayi     NaAllah     Ahmad Belgore     Democracy Day     Abdulmumini Jawondo     Aminat Omodara     Shonga Farm Project     Deji Ajani     Prince Sunday Fagbemi     Saadatu Modibbo-Kawu     Eleja Taiwo Banu     Hassan Oyeleke     Amuda Musbau     Abatemi Usman     Saba Mamman Daniel     All Peoples Party     Tescom.kwarastate.gov.ng     Forgo Battery Company Limited     Lanre Aremu     Ibrahim Kayode Adeyemi     CT Ayeni     Laduba     Aishat Mohammed Lawal     ITP     Yunus Oniboki     Tanke     Buhari     Donatus Ejidike     Isa Aremu     Gbugbu International Market     Kwara Poly     GGDSS Pakata     Sheriff Shagaya     Kwara Hotel     Saudat Abdulbaqi     Kwara Consultative Forum     Nigeria Customs Service     KWASIEC     Bolaji Aladie     Ganmo     Kolawole Bashirat     Garuba Alikinla Shittu     Funke Adedoyin     Habeeb Abdullahi Al-Ilory     Raliat Islamic Foundation     Yemi Sanni     Wole Oke     Salary     Government High School (GHS), Adeta     Kwara Basketball Association     Yusuf Lanre Badmas     Waziri Yakubu Gobir     Funmilayo Zubair     Ballah     Funmilayo Oniwa     Mohammed Ibrahim     National Broadcasting Commission     Jumoke Monsura Gafar