From Ndubuisi Orji, Abuja

House of Representatives is to probe alleged loss of over $2.4 billion revenue from illegal sale of 48 million barrels of crude oil export from 2014 till date.

The House also resolved to probe all crude oil exports and sales by Nigeria from 2014 till date with regards to quantity,insurance, revenue generated, remittances into the federation accounts or other accounts as well as utilisation of the revenues.

The House has set up an ad-hoc committee for the exercise which is expected to report back within four weeks for further legislative actions.

This followed the adoption of a motion by Isiaka Ibrahim and Mark Gbilla, calling for the investigation of crude oil exports from 2014 to date.

Related News

Ibrahim, in the lead debate, informed the House that a whistleblower in July 2020 brought to the attention of the government the existence of 48 million barrels of  Nigeria’s Bonny Light crude oil in storage at several ports in China.

He said the whistle blower had revealed that the crude oil were “ostensibly under the authorisation  of the Nigerian National Petroleum Company (NNPC) and the intention of parties in China and the  NNPC to sell this cargo.”

The lawmaker added that the whistleblower claimed that the panel set up by the government after investigation, confirmed the existence of this cargo.

Ibrahim expressed worry that “the allegations that the entire cargo of 48 million barrels of Bonny Light Crude was sold without the proceeds being remitted to the coffers of the country, which translated to a loss to the Nigerian state of over $2.4 billion considering the 2015 global average crude oil price of $52 per  barrel.” 

He stated that it is imperative for the House to “ascertain the actual details of all previous crude exports from Nigeria from 2014 till date with regards  to quantity, sale, insurance, revenue generated, payment into the Federation Account and how these proceeds were utilised.”