House of Reps Summon CBN, NNPC Over $20 Billion Oil Theft

The House of Representatives has summoned the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation (NNPC) over the alleged diversion and stolen crude oil estimated at $20 billion.

The Ad Hoc Committee on Oil Theft grilled officials of the Department of Petroleum Resources on Wednesday during an investigative hearing held in Abuja.

The committee led by Deputy Majority Leader of the House, Mr. Peter Akpatason announced it has also summoned the NNPC and CBN to appear before it on Thursday and Friday, respectively.

“During the analysis, the committee made discoveries that require clarifications from major stakeholders. The committee had earlier scheduled to meet with the military. Due the recent changes of service chiefs, the meeting was postponed. On this, a new date will be communicated soon.

“Today, the committee is meeting with DPR, tomorrow and Friday, the committee shall be meeting NNPC and CBN, respectively.”

Akpatason, however, explained that the committee was created to find a lasting solution to the ‘lingering cancer bedevilling us as nation’ and was not created to witch hunt any person or organisation.

He said, “The committee requested and obtained schedules of crude oil produced and lifting between 2005 to 2019.

“Forensic analysis of the data revealed a very wide margin between what was reported produced and what was lifted.

“Between 2005 and 2012, DPR reported production of 1,746,621,167 barrels from four (4) sampled oil terminals of Egeravos, Bonny, Forcados and Bonga.

“Out of this production volumes, only 1,417,200,848 barrels were accounted for as having been lifted officially. A whopping volume of 329,420,319 barrels, valued at over $20bn, could not be accounted for. The same trend of infractions was observed in the years 2016-2019.”