Reps committee invites Emefiele, Kachikwu over alleged forex diversion

House of Reps 3
House of Reps [Photo: Twitter - @HouseNGR]

The House of Representatives on Thursday 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, Nnanna Igbokwe, urged the Inspector-General of Police, Ibrahim Idris, to determine the whereabouts of 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),’’ Mr. Igbokwe said.

He said 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 Mr. 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.

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

Mr. Ogunma said Mr. 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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  • raff jones

    All these and some still wonder why the value of the naira sank to an all time low, how boko haram and lately ¨ those disguised as herdsmen¨ get funding? What does a company which merely ¨ only handled logistical activities on behalf of Total Nigeria plc. (NAN)¨ need forex for?

    • Impulse400

      To perpetuate fraud on behalf of Total as a front, may be.

  • kayode Olufade

    At least they don’t need to wear uniform to appear

  • Greg

    It really amazing what corruption has done to this country. Must everybody steal in a nation? Nigerians are terrible. Am just baffled. What a nation! Our leaders has succeeded in mortgaging the destiny of this nation. Moreso, even the judiciary the common hope for the poor is worst. What else is left in nation. Am epitome of a failed state. Disgusting!