Reps probe $9.1m alleged diverted forex

The House of Representatives adhoc committee on review of pump price of petroleum products on Thursday expressed concern over the sum of $9.1 million foreign exchange allegedly diverted by one of the major oil marketers.
Nnanna Igbokwe, chairman of the Committee stated this during the ongoing investigative public hearing held at the National Assembly complex, Abuja.
Igbokwe (PDP-Imo) alleged that the forex was collected as part of Federal Government’s special intervention fund through Central Bank of Nigeria (CBN) for the importation of Premium Motor Spirit (PMS) for avoidance of scarcity of product in the country.
“Forex collected by you was on the 22 June 2016, but I want to draw your attention to products consummated by you before collecting forex to pay,” Igbokwe told Total Plc representative at the hearing.
The lawmaker alleged that the discrepancies in the presentation and documents submitted which didn’t tally with other stakeholders like SGS inspection company, Department of Petroleum Resources (DPR), Nigeria Ports Authority and others.
Similarly, the committee queried the oil marketers over the sum of N2.1 billion indebtedness to Petroleum Product Marketing (PPMC), in breach of the 14 days credit sales agreement.
Igbokwe who expressed concern over the development said: “how come you are owing this huge sum when you are to pay for any product received from PPMC on or before 14 days?
“It is even more worrisome that the document before us shows that the N2.1 billion reflects that the indebtedness arising only from Dual Purpose Kerosene (DPK)”.
“So we stand by the decision that the transaction you are doing with PPMC is opaque, your through-put documents are not included here,neither is your credit sales. The entire process of your acclaimed reconciliation with PPMC is with irregularities,” he said.
While responding to the questions, Funmi Ogunmade, Total’s representative, argued that since 1998 the company had dispute with DPR over some transaction between them and PPMC, thereby making difficult for either of them to ascertain the actual amount they owe.
“I will crave your indulgence to step down the decision as taken by your committee due to the irreconcilable differences between us (Total) and PPMC,” Ogunmade said.