ALLEGED ILLEGAL SALE OF 48 MILLION BARRELS OF CRUDE OIL WORTH $2.4 BILLION: CACOL BACKS HOUSE OF REPRESENTATIVES’ PROBE.
28th March 2023
Press Release
ALLEGED ILLEGAL SALE OF 48 MILLION BARRELS OF CRUDE OIL WORTH $2.4 BILLION: CACOL BACKS HOUSE OF REPRESENTATIVES’ PROBE.
The Centre for Anti-Corruption and Open Leadership, CACOL, has thrown its weight behind the Nigerian House of Representatives bid to investigate the alleged illegal sale of 48 million barrels of crude oil worth $2.4 billion.
In a release issued by CACOL and signed by Tola Oresanwo, the anti-corruption organization’s Director of Administration and Programmes, on behalf of its Chairman, Mr. Debo Adeniran, he stated, “We welcome the decision by the House of Representatives to investigate the alleged illegal sale of 48 million barrels of crude oil worth $2.4 billion”.
It would be recalled that in December 2022, the house had set up an ad hoc committee to investigate a whistleblower’s claims that 48 million barrels of Bonny Light crude was illegally sold in China in 2015. The committee was also to investigate all crude oil exports and sales by Nigeria from 2014 till date.
To this end, the House Committee will on April 11, 2023, grill ministers and other heads of ministries, departments and agencies of the Federal Government as well as oil companies and banks over the alleged illegal sale of 48 million barrels of crude oil valued at $2.4bn.
The CACOL Boss stated that “It is a known fact that even as government complains of dwindling revenue, there are so many avenues that revenues that are supposed to be remitted to government coffers are being siphoned. This alleged illegal sale of crude oil is one of them. Some Experts have come out to say that Nigeria losses about 600,000 barrels of crude oil per day to oil thieves. The Nigerian National Petroleum Corporation (NNPC) however admits losses of 470,000 barrels per day. While this discrepancy exists, what is, however certain is that much of our crude oil is stolen on a daily basis.”
“We at CACOL believe that the magnitude of Oil theft in Nigeria is so huge as a result of the systemic and pragmatic co-operation and connivance between security forces, militia organizations, the local population, and oil company employees who use a variety of methods to steal oil from the multinational oil corporations that are stationed within the country. Similarly, the lack of social welfare in Nigeria, the high poverty rate, and poor governance are elements that foster a positive environment for oil theft operations”.
The CACOL Boss further enthused, “we at CACOL commend the House of Representatives for this bold step. It is indeed a step in the right direction and we want them to make the report of their findings public so that every Nigerian will know who are behind the incessant oil theft in the country and anyone found culpable should be made to face the full wrath of the law to serve as deterrent to others. We would also use this medium to call for stronger legislation, strategies and mechanisms that will ensure nefarious acts like this are very difficult to carry out by the enemies of the state.”
Tola Oresanwo
Director, Administration and Programmes, CACOL
08141121208.