HOUSE MOVES TO INVESTIGATE CRUDE OIL SWAP CONTRACTS BY NNPC
The House of Representatives has on Wednesday, 24 June, 2015 resolved to set up an Ad hoc Committee to conduct a forensic investigation following allegations of malpractices by the Nigerian National Petroleum Corporation (NNPC) regarding crude oil SWAP contracts otherwise known as “refined product exchange agreement†between the Pipelines and Product Marketing Company (PPMC) a subsidiary of NNPC and Oil Trading Companies. The resolution came by way of a motion moved by Hon. Michael Enyong during plenary. He charged the House to quickly constitute an Ad hoc Committee to investigate the allegation with a view to ensuring that revenue from the nation’s extractive industries are openly and prudently managed.
Adding that such interventions will be in tandem with the anti-corruption stance of the three arms of government being also a core mandate in the legislative agenda of the 8th House of Representatives. He expressed concern that leakages in the country’s accounting system may never be blocked if such allegations are swept under the carpet.
To wrap up the day’s sitting, the House started a debate on the Draft Legislative Framework of the House of Representatives of the 8th National Assembly. The Deputy Speaker, Hon. Lasun Yussuf who led the debate, highlighted the prominent points of the Agenda and urged members to unanimously endorse it.