House of Representatives is set to probe the crude oil swap contracts entered into by the Nigerian National Petroleum Corporation (NNPC) and oil traders.
Hon. Michael Enyong from Akwa Ibom who raised the motion on the ‘urgent need for a forensic investigation of the contracts known as Refined Product Exchange Agreement or Swap Contract’ said “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 buyers of Nigeria’s crude oil such as the United States has discovered alternative sources.”
Enyong explained that in 2011, there was a shortfall of 500,075,032 litres of refined product under the listed companies: Vitol 654,440 litres, Taleveras 152,308,878 litres, Trafigura 173,786,600 litres, Aiteo Limited 193,045,590 litres and Ontario Oil & Gas 180,278,732 litres.
Some members of the house was against the motion saying Enyong had not provided enough information on the matter.
However Hon. Femi Gbajabiamila insisted that it should be taken because the relevant standing rules of the House can be suspended for a motion to be taken, saying nobody has anything to hide.
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