Reps probe disappearance of NNPC’s N11bn petrol

The House of Representatives has resolved to investigate the disappearance of N11 billion worth of petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC).

Adopting a motion by Rep Yusuf Ayo Tajudeen (PDP, Kogi), the House mandated its Committee on Petroleum Resources (downstream) to investigate the matter and report back in four weeks for further legislative action.

The House said in February this year, there were reports that about 84 million litres of petroleum products belonging to the NNPC, with a market value of about N11bn and stored in a private tank farm somewhere in Lagos had disappeared.

The House said the sudden disappearance of the products led to revenue loss to the Federal Government at a time the country was experiencing economic downturn.

The lawmakers said as part of NNPC’s efforts to make petroleum products available for consumers, the corporation went into agreements with owners of tank farms for storage of petroleum products.

The House said the owner of the tank farm was invited by the Department of State Services (DSS) and later released, after which an NNPC panel constituted on the matter “merely recommended the retirement of a few of its officials who may have connived in the deal.”