The House of
Representatives on Monday summoned Central Bank of Nigeria (CBN) Governor,
Godwin Emefiele, over alleged sale of foreign exchange to International Oil
Companies (IOCs).
Mr.
Emefiele’s invitation by the House’s Ad hoc Committee on the Review of Pump
Price of Petrol followed the committee’s rejection of the records of the
foreign exchange transactions presented to it.
The
committee, which continued its public hearing on the issue in Abuja, ordered
that the CBN governor should appear with details of all beneficiaries of the
foreign exchange deals.
He is also
expected to give insight into the banks used by the apex bank in the
transaction with the oil marketers.
In the
rejected record presented on behalf of Mr. Emefiele by Alvan Ikoku, Director,
Financial Market Department of CBN, the CBN governor told the committee why the
bank acted as third party to oil companies and importers of petroleum products.
He said the
CBN took over the purchase of dollars from the IOCs and began to sell directly
to petroleum marketers seeking foreign exchange to import products.
It was,
however, not revealed in the records how much the apex bank sold the currencies
to the companies even when it stated that Mr. Emefiele determined the rate the
currencies were sold to oil marketers.
The
committee Chairman, Raphael Igbokwe, directed that the CBN boss should prepare
explanations on the legal grounds or provisions that allowed IOCs to operate as
financial institutions selling foreign exchange to Nigerians.
According
him, by so doing the IOCs acted as parallel financial clearing houses.
The
committee demanded explanation on the criteria for the allocation of foreign
exchange to dealers as well as necessary documents to show such allocations to
the marketers.
It also
ordered the appearance of Managing Director of Duke Oil and other oil
marketers, who were invited.
Mr. Igbokwe
explained that the order was important as the representatives of the oil
marketers were not in the capacity to respond to some allegations levelled
against the companies.
P.A. Efedue,
a Commodore, who represented the Nigerian Navy, explained that multiple charges
by government agencies operating at the ports were responsible for most oil
importers avoiding Nigerian ports.
Mr. Efedue
said the charges were part of the reasons why some of the oil marketers
preferred to deliver their products through ports in neighbouring countries.
He said the
development was in spite of security which had improved tremendously at
Nigerian ports.
“The oil
marketers come to my office every day and I ask why Lome, not Lagos port.
They
said the reason is that charges in Lagos are higher,’’ Mr. Efedue said.
He,
therefore, advised that the charges at the ports should be addressed to attract
oil
vessels to Nigeria’s ports, saying that the rate of insecurity in the
country’s waterways had reduced.
“Cases of
piracy have reduced, so it is the charges that are the issue with the
marketers.”
He also said
that the navy did not charge any money to grant approval to marketers, adding
that the collaboration between navy and NIMASA was helping in securing the
water ways.
On his part,
A.O. Bamidele, a Navy Commodore of the Operations Directorate, Naval
Headquarters, also reiterated that insecurity was not the reason for marketers preferring
neighbouring countries’ ports.
“It is not
security; look at Lagos harbour and anchorage, we don’t have security
challenges.
“It is only
in Bayelsa and Rivers area but we are making efforts to put it in check,” Mr.
Bamidele said.
(NAN)
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