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Nigeria Navy indicts oil marketers of product diversion


Nigeria Navy indicts oil marketers of product diversion

The House of Representatives ad-hoc committee on the review of price of petroleum on Monday summoned the Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele to appear before it and clear the air over allocation of foreign exchange to oil marketers for importation of petroleum products.

Emefiele’s summon is coming after the Nigeria Navy indicted the importers of diverting petroleum products meant for Nigeria to neighbouring countries.

At Monday’s meeting, the committee chairman, Hon. Raphael Igbokwe insisted that the CBN governor must appear in person before it.

The committee had earlier met with the representative of the CBN governor, Director Financial Market Department, Dr. Alvan Ikokun but concluded that the representative was not competent to answer the question.

The committee mandated Emefiele to bring details of all beneficiaries of foreign exchange allocation from 2015 to date including the banks that processed the money during his appearance.

The representative of the Nigerian Navy, Director Marine at Naval Headquarters, Navy Commodore Preston Efedue had earlier informed the committee that the allegations by the oil marketers that they have to transport petrol products to neighbouring countries because of insecurity on Nigeria water ways was not true.

According to him, “I have asked the marketers one on one why they are discharging in Lome and not in Lagos, they said it was due to various charges being charged by the supervising agencies at the port which they say are too numerous.”

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