Reps probe $17bn lost to crude oil under-declaration

The House of Representatives has resolved to investigate the loss of $17 billion to undeclared crude oil and liquefied natural gas exports. The resolution by the house followed a motion of urgent matters of public importance sponsored by Johnson Agbonayinma.

While moving on the floor of the house, he alleged that 20 companies, two government agencies, two law firms and a consultant appointed by the immediate past administration were involved in “stealing” the said sum.

“The data gathering of shipment of the USA for the period 2011 to December 2014 through critical NNPC data and the central bank pre-shipment inspection shows undeclared crude oil shortfalls of 57,830,000 barrels of Nigeria crude oil, translating to well over $12 billion to the USA, also over $3 billion to China and $839,522,600 to Norway,” Agbonayinma said.

“These were conclusively ascertained by buyers, bill of lading, arrival dates, destination ports, quantity of crude oil and other documented information.

“This job has been done in 51 countries where Nigerian crude oil has been exported. The report of the USA, being the largest receiver of crude oil and that of other countries, was made available to the former president, the office of the attorney-general, NIMASA and the EFCC.

“As of today, the country has to its credit over $17 billion of recoverable shortfalls from undeclared crude oil exports to global destinations,” he said.

According to Agbonayinma, the monitoring measures put in place and meant to check these excesses have been crippled over time.

“These data so gathered show that for LNG shortfall, a total of 727,460 metric ton of liquefied natural gas, estimated at about $461.44 million was firmly established shortfall from shipment to seven countries.

“This revenue loss was traced to cargo at each destination port of entry and have been established as undeclared cargo,” he added.

The house, which adopted the motion after it was put to a voice vote by Speaker Yakubu Dogara, will setup an ad hoc committee to investigate the said missing $17 billion.

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