Alleged $2.4bn Revenue Loss: Reps Probe Sale Of Crude Oil From 2014

The House of Representatives has revealed its plans to investigate the alleged loss of over $2.4 billion in revenue accruing from illegal sale of 48 million barrels of crude oil export in 2015, including crude oil exports from 2014 till date.Information Guide Nigeria

The house also said it will set up an ad-hoc committee that will investigate the whistleblower‘s allegations of the illegal sale of 48 million barrels of Nigeria’s Bonny Light crude in China in 2015.

This resolution was passed following the adoption of a motion sponsored by Hon. Isiaka Ibrahim.

In his lead debate, Honourable Ibrahim, “The House is aware of allegations by a whistleblower in July 2020 that he had in July 2015 and in response to the current administration‘s whistleblower policy brought to the attention of a committee purportedly set up by the President for the recovery of missing crude oil exports, the existence of 48 million barrels of Nigeria’s Bonny Light crude oil in storage at several ports in China ostensibly un- der the authorization of the Nigerian National Petroleum Corporation (NNPC) and the intention of parties in China and the NNPC to sell this cargo.NYSC portal

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“The House is also aware that the whistleblower claimed that the committee, which comprised very high-ranking officials of the administration and NNPC (some of whom he held meetings with) carried out an investigation and confirmed the existence of this cargo, but he discovered in October 2015 that the sale of this cargo had been initiated through unofficial channels and the eventual refusal of the committee to honour their agreement to pay five percent value of the cargo in line with the terms of the whistleblower policy.

“The House is worried by 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.JAMB Result

“The House is concerned that more than two years after these allegations came to the fore and the uncertainty surrounding the re- quired insurance of these crude exports, it becomes imperative that the House needs to ascertain the actual details of all previous crude exports from Nigeria from 2014 till date with regard to quantity, sale, insurance, revenue generated, payment into the Federation Account and how these proceeds were utilised.”

The House mandated the ad-hoc committee to investigate all crude oil exports and sales by Nigeria from 2014 till date.

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