Former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke
- Committee demands swap review report
As the House of Representatives continues its investigation into the
crude oil for refined products swap programme of the last
administration, it has been revealed that the former Minister of
Petroleum Resources, Mrs. Diezani Alison-Madueke, informally extended
the contracts of the two main firms, Duke Oil Company Incorporated, and
Trafigura Ltd from 2011.
Both companies had substantive contracts which lasted from October 2010
to October 2011, when the contracts elapsed. They however continued to
lift crude till December 2014 without formal agreements. In the period,
Duke, a subsidiary of the NNPC, and Amsterdam-based Trafigura, lifted
crude worth $24 billion.
Speaking when he appeared before the Adhoc Committee investigating the
Refined Product Exchange Agreement/Crude Oil Swap between the Nigerian
National Petroleum Corporation/Petroleum Pipelines Marketing Companies
(NNPC/PPMC) and some oil firms.
on Tuesday, former Group Managing Director (GMD) of the Nigeria
National Petroleum Corporation, Mr. Austin Oniwon said the initial
contract expired during his tenure which lasted from May 2010 to June
2012.
Oniwon initially insisted that there were no breaches in the swap deal
during his tenure. Questioned by the members of the committee, he
however admitted that the Minister approved the extension of the
contracts without formality.
"There was an approval for the extension by the Minister. I believe the records are with the NNPC," he said.
"There was an approval for the extension by the Minister. I believe the records are with the NNPC," he said.
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