The House of Representatives’ Committees on Petroleum
Upstream and Downstream), and Justice are to investigate the Nigerian
National Petroleum Corporation (NNPC) for allegedly conniving with a Swiss
trading firm to swindle the country of $6.8billion.
The committees would question the
corporation for selling the country’s crude oil below the market value through
what is termed “Letter Box Companies.”
The decision of the lawmakers
followed the prayers and the adoption of a motion by Abiodun Abudu-Balogun
(APC, Ogun), that the fraud was reported by a Swiss Non-Governmental
advocacy organisation, the Berne Declaration.
He said the report by the organisation
declared the deal as the “greatest fraud Africa has ever known” that is
draining Nigeria of billions of dollars in revenue.
He said: “The report by Berne
Declaration, tiled: ‘Swiss Traders Opaque Deals in Nigeria,’ is so disturbing
with details of the schemes employed by the NNPC and foreign oil companies to
dupe the country of over $6.8billion
“A major partner of NNPC, Vitol and
Transfigura Commodity Trading Firms was mentioned in the deals where large
volume of our crude oil was sold below the market price, “ he said, stressing
that it should be a source of concern that exclusive and untransparent
partnerships of Vitol and Transfigura Commodity Trading Firms with the
NNPC, gave them over 36 per cent of the market share, “with NNPC selling its
crude at a discount.”
Balogun sought justification behind
Nigeria being the only major oil producing nation that sells 100 per cent of
its crude to private traders, rather than market it herself and benefit from
the resulting added value with the greatest number of beneficiaries of export
allocations.
He said another cause for worry is
the sharp practices and deals in the NNPC crude oil allocations to local
refineries that are not utilised, but sold fraudulently at knock- down
prices to Geneva-based companies through Letter box companies by swap
arrangement.
“What should also bother Nigerians
is the numerous damaging allegations contained in the report against the NNPC
and its subsidiaries accused of not publishing detailed financial reports since
2005,” he added..
The presiding officer, Deputy
Speaker Emeka Ihedioha referred the motion to the three House committees after
it was unanimously supported when put to voice vote.
The committees are expected to put
in their report in four weeks.
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Dat is it,it is bcause our leaders are so corrupt n aid dis people in defrauding Nigerians in all areas including d foreign investors against d citizens of dis great country,4 instance mtn used to dupe us by not giving us good service n yet give us their service at high rate,thank God 4 GLO n Adenuga who rivalled them to beat down d rate atleast to an extent,talk of Julius berger among these companies,imagine d billions of dollars mentioned here whereas dis government claims they can't pay ASUU just 400 billion naira 4 citizens sake.We need a change of party n government in dis country hence there shud be divisions pls
ReplyDeleteThank you Raphael for Ur observation, We need a change of govt. yes I agreed but a change of party? To which one? From PDP to APC I guess? broda, they are birds of a feather. PDP is led by fultures but ACN by vampires like Bisi Akande who wrecked Osun State as a gov., Asiwaju B.A.T who has turned Lagos State to his family biz & Buhari the ground father of Boko Haram. Is that the party you want us to change into? And Ur opinion is that we divide? Plz continue to pray for Naija cos I don't think you understand what division in Nigeria would cause. I think what we need is devine intervention
ReplyDeleteSince you are a patient dog that will wait for PDP for more donkey years to come
DeleteI have no problem with that.
My problem with you is your labelling
Buhari a pro BH with out any proof.
Since you are anonymous I take it that you label people with bad names and then hide.
We have tasted buharis/idiagbon rule
He brought justice and descpline which are nowhere to be found in this environment.
And the BH are failure of your Adminstration which is so corroupt that it is on the air live for all to see.
What a shame I am disgusted at the
PDP and jona who have lost and sold their selves so cheaply.