According to a member of the committee, “we’ve concluded all our investigative hearings on crude oil swap and the revelations are earth shaking, particularly in the volumes of swaps and outrageous gaps in receipt of payments during this oil swap regime.”
Asked whether there is any pressure from the oil marketers, the source said: ”Yes, of course, some of the marketers are trying to use legal weapons to truncate a job we painstakingly investigated. But members of the committee are resolute and for their threats we’ll go the extra mile by ensuring that every kobo stolen must be returned with interests”.
“We will not even stop at that, immediately we conclude the public hearing next month those found wanting will be invited by all the anti-graft agencies.
“The pressure on us is enormous to bend the rule to favour those who think they are untouchable but we’ll surprise them beyond their expectations as all the questions must be answered.”
The Adhoc committee was set up following a motion promoted in June 2015 by Rep Michael Enyong, Akwa Ibom PDP, who alleged that the country has lost considerable revenue from the oil traders involved in the crude oil swaps and Offshore Shore Processing Agreements (OPAs).
There were allegations that the oil traders under-delivered petroleum products to the PPMC, the NNPC subsidiary responsible for taking delivery of the products after crude oil has been lifted by the traders.
The committee is charged with exposing corruption, inefficiency, and waste in the operations of the swap agreement, as a prelude to the efficient and transparent management of the nation’s resources for improved revenue generation for the country.
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