Corporation ignores House of Reps directive

An ad hoc committee chaired by Hon. Zakari Mohammed was set up by the House, to investigate the sawp deal.

 

The Nigerian National Petroleum Corporation (NNPC) has ignored a House of Reps directive to get a Presidential authorisation mandating it to trade 445,000 barrels of crude oil under its new swap deal.

The swap deal, also referred to as the refined product exchange agreement contract entails the exchange of crude oil for refined petroleum products.

As part of the deal, the NNPC will be giving out 445,000 barrels of crude to trading companies every day.

A senior national assembly source who spoke to Punch Newspapers said “This is the third week since the committee requested the corporation to provide the presidential approval and the resolutions of its board.

“None of these vital documents has reached the committee’s secretariat.”

An ad hoc committee chaired by Hon. Zakari Mohammed was set up by the House, to investigate the sawp deal.

Punch reports that despite the committees request to NNPC to provide a Presidential approval and evidence of its board resolutions mandating the deal, nothing has been done.

Punch also reports that the House committee chairman, Hon. Mohammed said “They have not submitted the evidence of the approvals.

“As a committee, we are not deterred. The investigation has to go on whether they submit the presidential approval or not.

“We are analysing the documents before us and we are going to open the public hearing before the House will adjourn for the Christmas break.”

The House of Representatives is the lower house of Nigeria's bicameral National Assembly.

The Nigerian National Petroleum Corporation (NNPC) is a Federal Government agency that regulates the petroleum industry.

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