The Nigerian National Petroleum Corporation (NNPC) Tuesday explained that contrary to a claim by a Swiss-based non- governmental organization (NGO), Bern Declaration, that it sold 36% of total federation crude oil to Vitol and Trafigura, the corporation only had 9% of such transaction with the foreign companies.
The corporation also denied that the federal government lost $6.8 billion in oil revenue as a result of the oil swap arrangements it had with Swiss-based companies listed in the NGO’s report, which prompted the probe instituted by the House of Representatives.
The Group Managing Director of the NNPC, Andrew Yakubu, disclosed these at the public hearing on the matter held by a joint committee of the House chaired by Hon. Muraino Ajibola.
According to Yakubu, the NNPC never sold crude oil below market price as claimed by the “Bernes Declaration” that the NNPC in collaboration with “Swiss Oil Trading Companies” dispose Federation crude at prices lower than market value.
