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.

Ayinde Oki     Mukhtar Shagaya     Seed Technologies     REO CAKES     Abdulkadir Bolakale Sakariyah     Victor Gbenga Yusuf     Olupako Of Share     Abdulhakeem Adelaja Amao     Sola Saraki University     08001000100     Olatunji Abdulmumeen     Haleeman Salman     Ilorin West/Asa Federal Constituency     Asa     Yahaya Abdulkareem Babaita     Hassan A. Saliu     James Ayeni     Femi Gbajabiamila     Tunde Mukaila Mustapha     Adedayo Yusuf Abdulkareem     Kwara State Pension Board     Kaosarah Adeyi     Sanitation Exercise     Trade Lenda SME Fair     Medview Airlines     Emir Of Lafiagi     Muyideen Ajani Bello     Ishak Mohammed Sabi     Alabe     Adedipe     Babs Iwarere     Yusuf Badmus     Bello Abubakar     Okoolowo     Sheikh Ridhwanullah     General Hospital     Alabere     Okanlawon Taiwo     Bilikis Oladimeji     Mike Omotosho     Ibraheem Abdullateef     National Union Of Road Transport Workers     Lanre Badmas     Kabir Shagaya     Bamidele Adegoke Oladimeji     Ben Duntoye     Michael Imoudu National Institute For Labour Studies     Yusuf AbdulRasheed     Shehu Salau     Eruku     Orire     UITH     Abdulrasheed Na\'Allah     Abdulmajeed Wahab     Abdullahi Samari     Owo Arugbo     Erin-ile     Saliu Oluwole     Oniyangi Kunle Sulaiman     Segun Olawoyin     Raliat AbdulRazaq     Curfew     Flights To Ilorin     Ahman Patigi     Ajayi Okasanmi     Mahee Abdulkadir     ER-KANG Mining     Kazeem Gbolagade     Saka Keji     Atiku     Bature Bello     Aminu Adisa Logun     Prince Bola Ajibola     Yashikira     Doyin Awoyale     Funmilayo Zubair     Magaji Are    

Cloud Tag: What's trending

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

Adewuyi Funmilayo     Okin Group     Cornelius Adebayo     Kamaldeen Ajibade     Oba David Oyerinola Adedunmoye     Kwara 2023     Bukola Saraki     Kwara Restoration Project     Oju Ekun Sarumi     Kwara Liberation Group     Asiwaju Bola Tinubu     Maigida     Aisha Ahman-Pategi     Ballah     Mashood Abdulrafiu Agboola     Abdul-Rahoof Bello     Doyin Group     Kayode Ogunlowo     Ahmed Dankaya     Gobirawa     Christopher Tunji Ayeni     Mamatu Abdullahi     Ahmed \'Lateef     Ajikobi     Lanre Badmus     Ambassador Kayode Laro     Jimba Babatunde     Shoprite     Monthly Sanitation     AGM Professional Services     Kwara 2015     Bolakale Ayo     Ayo Adeyemi     Nurudeen Muhammed     Agboola Babatunde     Wahab Egbewole     Ahmed Idris Mohammed     Babatunde Ishola Babaita     IESA     Abdullahi Imam Abdullahi     Yusuf Abdulkadir     Maryam A. Garuba     All Peoples Party     Rihanat Ajia     Ilota     Kisira     ITEM 7     Ahmed     Madawaki     Ganmo Power Sub-Station     Amuda Aluko     Kwara Consultative Forum     Omu-aran     Jimoh Lambe Abdulkareem     Quareeb Islamic Association     Third Estate     Aiyedun     Yomi Adeboye     Abdulmumini Jawondo     AbdulRazaq Abubakar Jiddah     Saidu Kawu     Bursary     Oloyede     Magaji Are     Abdulwasiu Bolaji Adeyi     Simeon Sule Ajibola     Forgo Battery     Abdullahi Dasilva Yussuf     Kwha.gov.ng     Ishola Abdullahi     Ishaq Salman     Toun Okewale-Sonaiya     Mohammed Danjuma     Balogun Ajikobi     Kwara State Television     Elerin Of Adanla     COVID