The House of Representatives on Wednesday approved a motion to probe the crude oil swap contracts entered into by the Nigerian National Petroleum Corporation (NNPC) and oil traders, indicating that it was doing so to ensure that future contracts are transparent and in accordance with global best practice.
Raising the motion on the ‘urgent need for a forensic investigation of the contracts known as Refined Product Exchange Agreement or Swap Contract’, Hon. Michael Enyong from Akwa Ibom alleged that Nigeria has lost considerable revenue due to leakages in the accounting system and mismanagement of the economy.
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