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House of Reps summon Emefiele, Kachikwu over alleged diversion of 26m dollars

House of Representatives

– The House of Reps is investigating an alleged diversion of foreign exchange by some oil marketers between 2016 and 2017

– The House has urged the police IGP, Ibrahim Idris, to determine the whereabouts of Andrew Alagu, the managing director of HAR Petroleum Resources Ltd, the company at the centre of the investigation

– The House says the company’s participation in the business is confirmed by the documents provided by crude oil marketing department of the NNPC

House of Reps has accused HAR Petroleum Resources Ltd of diverting foreign exchange.

The governor of Central Bank of Nigeria (CBN), Godwin Emefiele, and the minister of state for petroleum resources, Ibe Kachikwu have been invited to appear before the House of Representatives to explain issues over alleged diversion of foreign exchange by some oil marketers between 2016 and 2017.

According to the News Agency of Nigeria (NAN), the House ad hoc committee on the review of petroleum pump price, which issued the summons, on Thursday, March 23, said there was need investigate an 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) by HAR Petroleum Resources Ltd, by March 27.

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.

He said the committee dismissed 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.

Igbokwe said the company’s participation in the business was confirmed by the documents provided by crude oil marketing department of the NNPC.

“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.

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