OIL SWAP: REPS CAUTION KACHIKWU

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The House of Representatives has expressed reservation over the capacity of the present managers of the nation’s oil and gas industry to reposition the sector. The Lawmakers’ position followed the failure of the Minister of State for Petroleum Resources and Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Ibe Kachikwu to provide satisfactory answers to questions during an ongoing investigation on Oil swap arrangement.

The Minister drew the anger of the Committee following his repeated attempt to evade questions with vague answers on how beneficial was the oil swap arrangement. The Committee also asked the Minister to inform it on the extent due process was adhered to during the bidding process, in addition to what might have led to the circumstances that determined the agreements at the time.

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