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Allison Madueke orders probe of domestic crude purchase by NNPC.

Ben Agande, Abuja.
The Minister of Petroleum Resources, Mrs Deziani Allison Madueke, has ordered for an immediate investigation into the management of the 445,000BPD domestic crude oil purchase by the Nigeria National Petroleum Corporation (NNPC) and remittances to the Federation Account.


A source closed to the minister said the investigation followed the president’s displeasure over alleged corrupt practices in the purchase of domestic crude by officials of the NNPC.

The source who pleaded anonymity because he is not authorised to speak on the issue added that the investigation is to ensure the integrity of the exercise.

“The minister has  directed the NNPC Group Executive Director Finance and Administration to engage immediately an independent consultant to conduct the investigation” he said.

The source noted that the allegation against officials of the NNPC was to grave to be swept under the carpet.

“The Minister has  directed that detailed investigations commence immediately into all aspects of transactions regarding the management of the 445,000 barrels of oil, day allocated, sales to NNPC by the Federation viz-a-viz the level of remittances made to the federation account.

“The investigation, would also cover but not limited the volumes and the value of crude purchased by the NNPC, the allocation of crude oil volumes into the following components-volumes and values utilised exported oil, volumes and values of crude oil dedicated for offshore processing, volumes and values of crude oiled dedicated to products swap as well as volumes and values of crude oil delivered to local refineries” the source added.

Also to be covered by the  investigation is the values of proceeds from crude oil purchase, volumes exported, volumes and values of various states of products yield delivered for crude oil and for offshore processing, product swapping and the quantity and values delivered for local refineries.

The investigation Panel is also to determine the amount realised by the Petroleum Price Monitoring Commission (PPMC) from the sales of petroleum, remittances made by Corporate Treasury from the sales of petroleum products, and remittances made by Corporate Treasury to the Federal Allocation Accounts Committee (FAAC) from proceeds of volumes of crude oil delivered to local refineries, offshore processing and  crude exported.


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