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.

Raliat Elelu-Habeeb     Sheikh Hamzat Yusuf Ariyibi     Sulyman Atolagbe Alege     Afolabi-Oshatimehin     FOMWAN     Yusuf Babatunde Abdulwahab     Danhawa     Nigeria Customs Service     Oko Erin     Pakata Development Association     AbdulQowiy Olododo     Ibraheem Abdullateef     SUBEB     Suwa-Arabs     Abdulrahman Iliasu     Sunday Popo-Ola     Gwanara     Ajikobi     Centre For Digital Economy     Taofeeq Olateju     Kwara     Titus Suberu-Ajibola     Haruna Tambiri Mohammed     Dan-Kazeem     Aliyu Muyideen     Lanre Badmus     Abubakar Atiku     Ilorin.Info     Bolakale Ayo     Kazeem Oladepo     Ben Duntoye     Babata     Abdulrahman Abdulrasak     Alanamu     Issa Oloruntogun     Matthew Babaoye     Tunji Moronfoye     Kwara Poly     Arca Santa     Ibrahim Sulu Gambari     Ilesha-Baruba-Gwanara     Kola Olota     Jide Ashonibare     Saad Belgore     Oba Abdulraheem     Ayodele Kuburat Olaosebikan     Adesoye     Abdulrahman Abdulrazaq     Emir Of Ilorin     Mohammed Yahaya Barki     Ahmed Idris Mohammed     Hydro-electric Power Producing Areas Development Commission     Yusuf Abdulkadir     Kolawole Bashirat     Nurudeen Muhammed     Busari Toyin Isiaka     Oloyede     NITDA     Fulani     Sardauna     New Naira Notes     Ilorin Water Reticulation     Monsurat Omotosho     Kamaldeen Kehinde     National Broadcasting Commission     Yusuf Abubakar     2017 Budget     Oke-Oyi     Tosin Saraki     KWASAA     Muhammad Mustapha Suleiman     Saad Omo\'ya     SAPZ Project     Haleeman Salman     Presidential Election     Code Of Conduct Tribunal     Kumbi Titilope    

Cloud Tag: What's trending

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

Yunus Oniboki     Omoniyi     Chief Of Staff     Muideen Olaniyi Alalade     Sobi Hill     Ayodele Shittu     Salman Alada     Yakubu Gobir     Erubu Oba Zubair     Habeeb Saidu     Adebayo Mohammed Kamaldeen     Ramadan     Taiwo Joseph     Maimunat Oloriegbe     Oluranti Idowu     AIT Ilorin     Young Progressives Party     Dan Masanin     RTEAN     Saraki     Federal College Of Education (Special), Afon     Kehinde Boyede     Coalition Of Kwara North Groups     2017 Budget     Oba Abdulraheem     KwaraLearn     ER-KANG     Abdulganiyu Oladosu     C2c@kwarastate.gov.ng     Ibrahim Abdulqadir Abikan     Ibrahim Orire     Musa Ayinla Yeketi     AGF Abdulrazaq     Lanre Jimoh     Funmilayo Oniwa     Ajeigbe     Umaru Saro     National Information Technology Development Agency     Galadiman Ngeri     Mary Arinde     Kwara TV     Kwara Muslim Pilgrims Welfare Board     Baba Isale     Olayinka Oladapo Jogunola     Abubakar Lah     Eleja Taiwo Banu     Mohammed Kamaludeen     Temi Kolawole     Abubakar Usman Jos     John Mayokun Dada     Quarry Royal Valley     Segun Adeniyi     Bola Sagaya     Hydroelectric Power Producing Areas Development Commission     Abdulbaqi Jimoh     Otoge     Yusuf Aiyedun     Funmilayo Mohammed     Awoye     AbdulGaniyu Kareem     Sa\'adatu Modibbo-Kawu     Kwara North     Yahaya Dumoye     Centre For Digital Economy     Ekweremadu     Salami Adekunle     Ariyo     Alagbado     Offa Descendants Union     Femi Gbajabiamila     Muhammadu Gobir     Abdulganiy Abimbola Abdussalam     Valsolar-Kwara Company Limited     Femi Ogunsola     Bamidele Aluko     Oko-Olowo     Yakubu Shaaba