Alleged fraud: PPMC denies summon by Senate

The Pipeline Products and Marketing Company (PPMC) said its Managing Director was never summoned by the Senate over allegation of fraud in crude oil SWAP deal.

This is contained in a statement by the PPMC spokesperson, Nasir Imodagbe, on Tuesday in Abuja.

Imodagbe said the PPMC Managing Director, Haruna Momoh, was, however, invited by Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-Corruption to explain PPMC’s operations.

He said the content of the invitation, which also asked for explanation on dynamics of the petroleum SWAP programme, was clear and never alleged any fraud.

It would be recalled that the SWAP programme was approved by late President Umaru Yar’Adua for and in favour of the Nigerian National Petroleum Corporation (NNPC).

It is based on the 445,000 barrels crude oil allocation to the NNPC for domestic consumption. The proceeds are remitted to the Federation Account directly by NNPC.

Imodagbe said the PPMC boss had explained to the committee that SWAP arrangement had never been arranged by PPMC.

“PPMC is merely an operator for and on behalf of the NNPC.

“PPMC’s mandate is the supply and distribution of petroleum products nationwide, transportation of crude oil to the refineries and running of the NNPC crude oil and products pipelines,” he said.

He said the word `fraud’ was not mentioned by the committee in its letter to the company.

Imodagbe said the Chairman of the committee, Sen. Victor Lar, expressed displeasure over the misrepresentation of the committee’s invitation to PPMC.

He said the chairman had, therefore, apologised to Momoh when he appeared before the committee on Monday.



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