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Diezani accused of approving $24bn crude swap without contract

17 February 2016, 12:22

Abuja - Former Minister of Petroleum Resources, Diezani Alison-Madueke has been accused of approving the lifting of over $24bn worth of crude oil from the country between 2011 and 2014 without a formal contract.

A former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Austin Oniwon made the disclosure on Tuesday when he appeared before the House of Representatives’ ad hoc committee investigating the refined product agreement between NNPC and some oil companies.

Oniwon who was GMD from May 17, 2010 to June 26, 2012 noted that there was no formal contract between the NNPC and trading companies that lifted the $24bn worth of crude oil from the country between 2011 and 2014.

Also read: Nigeria's former oil minister Diezani Alison-Madueke arrested in London

He stated that the formal minister merely granted the extension of an earlier contract.

He said the original contract was signed between the NNPC and two crude traders, Duke Oil and Tranfigura in 2010 to last for one year.

He added that Alison-Madueke granted an extension of the contract when the contract expired in 2011 without the NNPC formally signing another contract on the new deal.

Chairman of the committee, Zakari Mohammed, disclosed that about $27 million taxes and levies are owed by the companies involved in the crude oil swap trading agreement within the period under review.

- News 24


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