ABUJA: The Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-Corruption has apologised to the Pipeline Products and Marketing Company, PPMC, for misrepresentations over its involvement in crude oil swap arrangement and exonerated the company from any allegation of fraud.

According to a statement by spokesperson for the PPMC, Mr Nasir Imodagbe,the Senate Committee apologised to its Managing Director, Prince Haruna Momoh, over a misrepresentation of its invitation to him.

Imodagbe said contrary to reports, Momoh was invited by the Committee to explain the operations of PPMC, adding that the content of the invitation which also asked for explanation on dynamics of the petroleum swap programme was clear and never alleged any involvement in fraud by the company’s Managing Director.

Chairman of the Committee, Senator Victor Lar, was reported to have apologised to the PPMC boss when he appeared before the committee and expressed displeasure over the erroneous misrepresentation of the committee’s invitation, adding that it had taken steps to clarify the distortion of its invitation to him.

Lar was quoted as saying, “In one of the dailies, it is alleged that Momoh is being invited in connection with fraud, that is not correct. Momoh is just a function of the petroleum industry. He heads an organ. He cannot therefore be responsible for the fraud, if any.

“Mr. Momoh, on behalf of the committee, please accept our apology. We don’t believe in media trial and we call on the media organisation in question to correct the impression.

“The Managing Director had explained to the committee that the SWAP arrangement was never arranged by PPMC. The Swap Arrangement was approved by late President 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.”

Lar explained that all issues relating to and surrounding NNPC remittances to the Federation Account have been subjected to series of thorough investigation and rested.

According to him, details about the issue was beyond the limit of the PPMC as the matter is handled solely by the NNPC.

He said, “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.”