The House of Representatives adhoc committee on "Review of Pump Price of Petroleum" on Thursday again mandated the Managing Director of TOTAL plc to appear its committee to make clarification over the diversion of Foreign Exchange (FOREX) to the tone of $9.1million.
The chairman of the committee, Hon. Nnana Igbokwe (Imo-PDP) while ruling on the matter said the above sum was collected by TOTAL plc as part of the federal government special intervention fund through the Central Bank of Nigeria (CBN) for the importation of Premium Motor Spirit (PMS) for avoidance of scarcity of product in the country.
"FOREX collected by you was on the 22 June 2016, but I want to draw your attention to products consummated by you before collecting FOREX to pay".
The committee expressed worry over the discrepancies in the presentation and documents submitted which didn't tally with other stakeholders like SGS inspection company, Department of Petroleum Resources (DPR), Nigeria Ports Authority and others.
The committee also raised eye brow over TOTAL's N2.1billion. Indebtedness to Petroleum Product Marketing (PPMC). They were also reminded of the 14 days credit sales agreement which does not give them room to owe.
According to Hon. Igbokwe, "how come you are owing this huge sum when you are to pay for any product received from PPMC on or before 14days", he queried?
"It is even more worrisome that the document before us shows that the N2.1billion reflects that the indebtedness i arising only from Dual Purpose Kerosene (DPK)".
The representative of total who make frantic efforts to explains to t
So we stand by the decision that the transaction you are doing with PPMC is opaque, your through-put documents are not included here,neither is your credit sales. The entire process of your acclaimed reconciliation with PPMC is f with irregularities", he said.
However, TOTAL's representative, Mr. Funmi Ogunmade who made frantic efforts to explain to the committee that since 1998 they have had dispute with DPR over some transaction between them and PPMC, thereby making difficult for either of them to ascertain the actual amount they owe.
"I will crave your indulgence to step down the decision as taken by your committee due to the irreconcilable differences between us (TOTAL) and PPMC", Ogunmade submitted.
0 comments: