Forex diversion: Reps summon Emefiele, Kachikwu

The House of Representatives on Thursday invited the Governor of the Central Bank of Nigeria, Godwin Emefiele, and the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to appear before it on 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 the 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, Rep. Nnanna Igbokwe, urged the Inspector-General of Police, Ibrahim Idris, to determine the whereabouts of Andrew Alagu, the Managing Director of HAR Petroleum Resources Limited, 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,” Igbokwe said.
He said the committee disregarded a letter from HAR Petroleum Resources Limited absolving itself from engaging in importing the product and could not have sourced for and accessed foreign exchange from CBN.
According to the Igbokwe, documents provided by Crude Oil Marketing Department of the NNPC confirmed the company’s participation in the business.
Igbokwe asked the company representative, Jefferson Ogunma: “We have it on good authority that in 2014, your company applied and got over $11 million, and in 2015, it got another forex of over $14 million 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?”
Meanwhile, Ogunma said Alagu was away on official assignment outside the country and added that the company only handled logistical activities on behalf of Total Nigeria Plc.