Reps move to probe PPMC, oil marketers over N500bn debts

House of Representatives on Thursday resolved to exert its constitutional powers to investigate the N500 billion debt owed Petroleum Pricing Marketing Company (PPMC) by major marketers and Independent oil marketers.

Section 88 and 89 of the 1999 Constitution (as amended) empowers the House of Representatives to carry out oversight functions on Government institutions with the view to expose corruption.

The resolution was passed following the adoption of the motion sponsored by Agom Jarigbe (PDP-Cross River), over alleged sabotage by some oil marketers.

To this end, the House resolved to set up an Adhoc Committee that will investigate the “huge debts and criminal act of sabotage by oil marketers in connivance with the management of PPMC.”

In lead debate, Jarigbe who urged the House to resist vehemently the act of criminality being perpetuated within the sub-sector, alleged that “there is a connivance and compromise by functionaries of PPMC to leave Government funds in the hands of these marketers, thereby putting the country in dire financial straits.

“The House is further aware that PPMC went into through Put Agreements with some of the marketers, which does not empower the marketers to sell out products stored in their respective Tank Farms, but the marketers surreptitiously and criminally sold out the products and have since, not remitted the funds to PPMC.

“Cognisance that some of the marketers were beneficiaries of the interventionists allocations from PPMC and have still not remitted the proceeds to PPMC, after several months.”

The House which condemned the lackadaisical attitude of PPMC management towards the recovery of the funds, alleged that those concerned have “deprive the country from getting back funds that are arbitrarily in custody of some few individuals, who intend to sabotage Government and criminally convert funds that should rightly accrue to the Consolidated Revenue Fund.”