Reps Investigate $2.4bn Loss From Alleged Illegal Sales Of 48m Barrels Of Crude

The House of Representatives is set to investigate the whistleblower`s allegations of the illegal sale of 48 million barrels of Nigeria’s Bonny Light crude in China in 2015 and the insurance status of the cargo, which allegedly led to the loss of $2.4 billion to Nigeria.

The House adopted a motion sponsored by Isiaka Ibrahim (APC, Ogun) on Tuesday, which calls for the setting up of an ad-hoc committee to investigate.

Presenting the motion, Isiaka stated that, a whistleblower had alleged in July 2020 that he had in July 2015 brought to the attention of a committee purportedly set up by the president to recover missing crude oil exports, about the existence of 48 million barrels of Nigeria’s Bonny Light crude oil in storage at several ports in China.

The lawmaker said the House was worried by the allegations that the entire cargo of 48 million barrels of Bonny Light Crude was sold without the proceeds being remitted to the coffers of the country.

According to him, the sale translated to a loss to the Nigerian State of over $2.4 billion considering the global average crude oil price of $52 per barrel in 2015.

The House therefore resolved to set up an Ad-hoc Committee to investigate all crude oil exports and sales by Nigeria from 2014 till date with regards to quantity, insurance, revenue generated, remittances into the federation accounts or other accounts as well as utilisation of this revenue for the period under review.