Diversion Of $26 Million Forex: House Of Reps Invites Emefiele, Kachikwu

Diversion Of $26 Million Forex: House Of Reps Invites Emefiele, Kachikwu

By Agency Reports on March 24, 2017
Private Sector, Recession FOREX CBN Central Bank Governor of Nigeria, Mr. Godwin Emefiele CBN Naira
Central Bank Governor of Nigeria, Mr. Godwin Emefiele

The House of Representatives on Thursday, March 23, 2017 invited the governor of Central Bank of Nigeria, CBN, Godwin Emefiele, and the minister of state for petroleum resources, Ibe Kachikwu to appear before it on Monday, April 7.

The House ad hoc Committee on the Review of Petroleum Pump Price, which issued the summons, said the two were to explain issues over alleged diversion of foreign exchange by some oil marketers between 2016 and 2017.

Also invited are Chief of Naval Staff Ibok-Ete Ibas, Chief Executive Officers of Keystone Bank and Zenith Bank, which were involved in the allocation of foreign exchange to oil marketers.

The Chairman of the Committee, Rep. Nnanna Igbokwe, urged the Inspector-General of Police, Mr Ibrahim Idris, to determine the whereabouts of Mr Andrew Alagu, the Managing Director of HAR Petroleum Resources Ltd, by March 27.

“The invitation is to determine the involvement of the company in alleged diversion of 26 million dollars for importation of Premium Motor Spirit (PMS) under the Direct Sale Direct Purchase (DSDP) arrangement of the Nigerian National Petroleum Corporation (NNPC),’’ Igbokwe said.

He said that the committee disregarded a letter from HAR Petroleum Resources Ltd absolving itself from engaging in importing the product and could not have sourced for and accessed foreign exchange from CBN.

According to the Igbokwe, documents provided by Crude Oil Marketing Department of the NNPC confirm the company’s participation in the business.

“We have it on good authority that in 2014, your company applied and got over 11 million dollars, and in 2015, it got another forex of over 14 million dollars from Zenith Bank for the importation of petroleum products into this country.

“And you now deny ever engaging in product importation or any of such transactions  with the NNPC retail outfits.

Igbokwe asked the company representative, Mr Jefferson Ogunma, “Where did the 26 million dollars you took in forex from the bank according to CBN records go to?”

Meanwhile, Ogunma said Alagu was away on official assignment outside the country and added that the company only handled logistical activities on behalf of Total Nigeria plc. (NAN)


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