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.

Jimba Babatunde     Maja     Kayode Zubair     Yinka Aluko     Saka Abimbola Isau     Aremu Bose Deborah     Sheriff Olanrewaju     Dar-Al-Handasah Consultants     New Model Police Station     Abdulmumini AbdulRazaq     Harrison Osauwagboe     Radio Kwara     Christopher Odetunde     Nigerian Medical Association     Niguel Gallando Marcias     Kayode Ibrahim     Olatunji Moronfoye     Kamaldeen Gambari     Offa Grammer School     Sherif Shagaya     Salihu Jibril Garbi     David Oyepinola Adedumoye     KWSIEC     Kwara State Branch Of The National Library     Babatunde Idiagbon     Abubakar Kawu Baraje     Chief Of Staff     IEDPU     Tunji Arosanyin     Bello Oyebanji     Shururat Olatinwo     Sheikh Ridhwanullah El-ilory     Dan Masanin     Bisi Kristien     Arca Santa     Lanre Issa Onilu     Ganmo     Tanke     Ekiti     Abraysports FC     Abdulkadir Orire     Isiaq Khadeejah     Habeeb Saidu     Senior Staff Union Of Colleges Of Education     Sheriff Shagaya     Ibrahim Kayode Adeyemi     Ajikobi     Rafiu Ajakaye     Kayode Yusuf     3MTT     Young Progressives Party     Bamidele Adegoke Oladimeji     Malete     Valsolar-Kwara Company Limited     Haruna Olawale Sulaiman     Abdulwahab Olarewaju Issa     Sarkin Malamai     Usman Rifun     Iponrin     Ile Arugbo     Sidikat Alaya     Kwara Restoration Project     Adamu Atta     Rapheal Ashaolu     Mustapha Akanbi     Odolaye Aremu     ER-KANG Mining Nigeria Company Limited     Buari Edun     Babatunde Ajeigbe     Tunji Folami     Elese Of Igbaja     Forgo Battery     Oloyede     Gwanara     Ibrahim Orire     Congress For National Consensus     Abraham Ojo    

Cloud Tag: What's trending

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

AbdulFatai Adeniyi Dan-Kazeem     Mansurat Amuda-Kannike     Kazeem Adekanye     Khairat Gwadabe     Abiodun Oyedepo     Justina Oha     Aliyu Salihu     Pakata     Egbejila     KWASIEC     Elections     Afolasade Opeyemi Kemi     Baba Idris     Chief Of Staff     SUBEB     Bisi Oyeleke     Abdulwahab Oba     Ahmad Olayiwola Kamaldeen     CCB     Ilorin Muslim Community     Muhammad Sirajo Aliyu     Ajia-Bako     Yekini Adio     Christopher Ayeni     Kwarareports.com     Aishatu Ahmed Gobir     Ekweremadu     Alapado     Adamu Attah     Suraj Tunji Oyewale     Abdulrahman Abdulrazak     Umar Saro     Kwara State Coalition Of Business And Professional Associations     Simeon Sayomi     Folashade Omoniyi     Nigeria Governors\' Forum     Ayeyemi Sulaiman     IEDPU     Chief Imam Of Ilorin     Sarakite     AGF Abdulrazaq     IHS Towers     Diagnostic Centre     Al-Ilory     Valsolar Consultoria     Zaratu Umar     Rotimi Oyedepo     March 28     Peculiar Allowance     Sheikh Hamzat Yusuf Ariyibi     George Funsho Adebayo     CLAY POT     Yusuf Amuda Gobir     Segun Olawoyin     Chartered Institute Of Personnel Management Of Nigeria     Aiyedun     TETFUND     Abubakar Lah     Ijakadi     Village Alive Development Association     Mohammed Saidu     Ilesha-Gwanara     Bank Of Industry     Ibrahim Oniye     Ado Ibrahim     2017 Budget     RTEAN     Kwara 2019     Yusuf Babatunde Abdulwahab     Yunus Lawal     Baba Adini Of Kwara State     Communication Network Support Services     Code Of Conduct     Quran     Kwara Primary Health Care Development Agency     Farouk Salim     Oba-Solagberu