House Of Reps Set To Investigate NNPC Contracts

Nigerian National Assembly decided to probe supposed crude oil swaps contracts, between the Nigeria National Petroleum Corporation (NNPC) and some companies.

The NASS at its sitting on June 24 decided to make up an Ad-hoc committee to study the NNPC, as well as its subsidiary, Pipelines and Products Marketing Company over the scam contracts.

READ ALSO: NNPC Missing Money: The Role Of A Top Bank

Michael Enyong, the sponsor of motion from Akwa Ibom state, said that crude oil assets to 445,000 barrels per day was granted to the nine companies comprising, Sahara Group, Aiteco, Duke Oil, Mercuria, Glencore, Taleveras Nig. Ltd., Etena Oil and Gas, Tranfigura, a Swiss firm, and Ontario Oil and Gas.

Enyong said a barrel of crude amounts to 159 litres and if a barrel is multiplied by 445,000 barrels, it would amount to 70,775000 litres per day, whereas Nigeria daily consumption is 40,000,000 litres per day.

He added that the NASS should be concerned “that the Nigerian Extractive Industries Transparency Initiative in its 2009-2011 and 2012 reports had ascertained that there was massive staggering revenue loss of 8 billion USD due to discrepancy between the value of the crude oil given out and the refined products delivered.

“In year 2011,there was a shortfall of 500,075,32 litres of refined products by the five companies, namely Tranfigura, 173,786600 litres; Vitol, 654,440 litres; Taleveras, I52,308,878 litres; Aiteco, 193,046590 litres; and Ontario Oil and Gas, 180,278,732 litres. ”

The gesture was argued by Obinna Chidoka from the opposition party, Anambra state, and Mojeed Alabi from the ruling party in Osun state.

While Alabi opposed that the motion was lacking in research and date quality, Chidoka said the figures cited were not correct.

READ ALSO: Alison-Madueke Sues APC, Premium Times, 9 Others 

It should be mentioned that immediate past minister of petroleum resources, Diezani Alison-Madueke, had sued some individuals and organizations to prevent them from reporting on the controversial missing $20billion oil money.

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