Senate probe on NNPC to focus on alleged preferential treatment for Duke Oil

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The Senate ad hoc committee charged with probing the award of the $25 billion contracts by NNPC Group Managing Director, Dr. Maikanti Baru without recourse to the governing board of the corporation will focus on the preferential treatment accorded to Duke Oil, a subsidiary of NNPC, in oil lifting contracts and oil swaps, THISDAY reports.

Duke Oil is a wholly owned subsidiary of NNPC registered in Panama in 1989. It is engaged in direct oil trading activities in the spot market to achieve operating capability, downstream integration and additional profits from oil operations.

One of the allegations against the firm is that it does not pay taxes in Nigeria. It has also been named in several NNPC deals which are being investigated, including the oil swaps and unaccounted crude oil lifting worth $17 billion.

Duke Oil is said to have been given preferential treatment under Baru, as have previous successive heads of the oil corporation. Despite the preferential treatment in contract awards, the company has also been alleged to sublet several of its contracts since it cannot fulfill them.

 

 

  • Kalada Charles

    A most fraudulent opaque arrangement by NNPC under Kanti Baru.. PPMC is simply a shell now, regarding special products.. and Duke Oils governing structure is now 99% Northern Nigeria held.. Just off!