Reps warn against plot to stall probe on ownership of oil blocs, revenue leakages

…as marketers gives account on how products lifted from refinery are diverted to offshore Lome

The Adhoc Committee investigating the ownership, distribution and authenticity of Oil Mining License (OML), Oil Prospecting Licenses (OPL), relinquishment, signature bonuses and bidding process on Tuesday, warned all the invited stakeholders against derailing the committee.

Agom Jerigbe, chairman of the Adhoc Committee who read the Riot Act at the National Assembly, expressed concern over the leakages within the Department of Petroleum Resources (DPR).

Jerigbe (PDP-Cross River) who decried DPR’s decision not shun the invitation of the Adhoc Committee, threatened to invoke relevant law to compel compliance by recalcitrant  public and private entities because of time constraint.

He explained that the queries issued by the Adhoc Committee were sent to a list of affected agencies and oil companies but the DPR has refused to respond.

“Some of them have responded, some asked for time but DPR did not respond. This is a surprise to us because this attitude is least expected from a government agency.

“We don’t have all the in the time in the world considering the fact the economy is under some constraints right now, as such all hands must be on deck to put it back on the right track for the betterment of every citizen of this country,” Jerigbe said.

In a related development, one of the oil marketers, Shorelink Oil & Gas Limited, involved in the lifting of petroleum products from the domestic refineries confirmed that most of the companies take the products to offshore Lome for security reasons.

The oil marketer who testified before the Adhoc Committee on review of price of premium motor spirit, chaired by Nnanna Igbokwe.

The oil marketer who could not substantiate the whereabouts of 15,750 Metric Tonnes of premium motor spirit (PMS) lifted from PPMC without commensurate record from various regulatory agencies, also accessed $32.700 million special intervention foreign exchange from Central Bank of Nigeria (CBN) in June 2016.

While noting that the sum of $18 million was released as special intervention fund, the oil marketer stressed that other forex released were meant to liquidate past transactions.

He however noted that the sum of $5,490,282.06 was utilised while $59,000 was returned to the apex bank.
Igbokwe who alleged that the 15,750MT premium motor spirit picked up by the company, queried why the company fail to submit relevant documents on the transaction.

He stressed that only $12 million utilisation was justified in the documents submitted while $18 million, adding that the company also accessed $6,704,998.65 on the 18th August 2016.

The lawmakers who queried the rationale behind the two companies having the same General Manager, directed Corporate Affairs Commission (CAC) to provide copies of the Article of Association of Shorelink Oil & Gas Limited and Stop Gap Limited for further investigation.

The adhoc committee also requested Federal Inland Revenue Service to provide the update of taxes paid by both companies as well as establish the relationship between them.

Igbokwe alleged that “the allocation of $32.700 million to Shorelink Oil & Gas and subsequent utilisation is hereby put under further inquiry and the MD of Stop Gap Limited is hereby summoned on the need to further clarify the transaction involving 15,000MT picked as direct purchase from PPMC but registered as direct import, which present a fraudulent and calculated attempt for further forex allocation.

The Adhoc Committee also demanded for records of all forex allocated to AMASCO International Limited including the $42 million collected in July 2016 as well as the sum of $5,288,999.25 accessed by Beumari Oil company for the lifting of 10,000MT at the Calabar port.

Similarly, the lawmakers queried the utilisation of $108,462,958.04 accessed by Prudent oil company.