Oil swap deals: Diezani must answer for actions – House Commtt.

*Nigeria's House of Representatives.

*Nigeria’s House of Representatives.

Oscarline Onwuemenyi

23 February 2016, Sweetcrude, Abuja – The House of Representatives Adhoc Committee investigating the Refined Product Exchange Agreement/Crude Oil Swap between the Nigerian National Petroleum Corporation/Petroleum Pipelines Marketing Companies (NNPC/PPMC) has insisted that the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke must come and explain her role in the controversial oil swap deals.

It has therefore slated March 2, 2016, to grill the former Minister who is currently living in the United Kingdom where she is being treated for cancer.

The Minister is being invited to provide explanation into crude oil swap deals contract extensions granted Duke Oil Company Incorporated and Trafigura B.V, without valid contracts.

The deals were worth $24billion and lasted for a period of 20 months without any agreements to formalize the contract. The contracts were signed on the twilight of the expiration of the swap programme and backdated.

The committee was inviting the Minister despite the fact that she is currently on bail in the United Kingdom, and has had her passport seized.

The ad-hoc committee in a letter dated February 22, 2016, and sent to the Minister through the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), directed her to appear March 2, 2016.

The letter instructed her to appear with all relevant documents related to the swap programme, including a full brief on all swap arrangements, a proof of Federal Executive Council approval of the contracts, NNPC board resolution on the contracts, evidence of the approval limit of the board, that of the Minister of Petroleum and that of the GMD of the NNPC.
She was also directed to provide proof of extension of the contracts which had expired.

It should be recalled that both oil trading firms had a contract which lasted from October 2010 until October 2011. They, however, continued to lift crude until December 2014 with formal extension of their contracts.

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