House Of Reps Probes Illegal Sale Of 48 Million Barrels Of Crude In 2015
House of Representatives has initiated an investigation of claims by a whistle blower that 48 million barrels of bonny light crude oil were illegally sold to china in 2015.
The revenue lost to the federation account by the illegal crude oil sale is put at $2.4 billion, based on the average price of crude in 2015.
The 48 million barrels of the crude oil, according to the whistle blower, were then in storage at several ports in china, ostensibly under the authorization of the Nigerian National Petroleum Corporation (NNPC) and the intention of parties in China and the NNPC to sell the cargo.
The House began the probe following its adoption of the resolution of a motion sponsored by a member of the House, Isiaka Ibrahim.
The lawmakers also resolved to investigate all the crude oil exported and sold from 2014 till date.