Reps Summon CBN Gov Over Allocation of Forex to Oil Marketers

 Reps Summon CBN Gov Over Allocation of Forex to Oil Marketers

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The House of Representatives ad hoc committee on the review of price of petroleum on Monday summoned the Governor of Central Bank of Nigeria, CBN, Mr Godwin Emefiele to appear before it over allocation of foreign exchange to oil marketers for importation of petroleum products.
This is coming just as Nigeria Navy indicted the importers of petroleum products of diverting petroleum products meant for Nigeria to neighboring countries and brings same back to the country because of multiple charges by government agencies.
At the committee’s meeting yesterday, the chairman of the ad hoc committee, Hon. Raphael Igbokwe insisted that the CBN governor must appear in person before the committee.
The committee had earlier engaged the representative of CBN governor, Director Financial Market Department, Dr. Alvan Ikokun but concluded that the representative was not competent to answer the question.
However, the committee mandated the CBN governor when appearing to bring details of all beneficiaries of forex allocation from 2015 to date including the banks that process the money.
The committee also asked the CBN governor to come and justify how foreign company to importers.
Also, the CBN governor was also sales to come with criteria in accessing and allocation of foreign exchange to the oil marketers.
The chairman of the committee who gave the ruling after listening to the representative of CBN governor said that, the committee was working towards ensuring that Nigerians are not paying more than what they ought to pay for the petroleum product.
The representative of Nigerian Navy, Director Marine at Naval Headquarters, Navy Commodore, and Preston Efedue told members of the committee that the allegations by the oil marketers that they have to transport petrol products to neighboring countries because of insecurity on Nigeria water ways was not true.
According to him, “I have asked the marketers one on one why they are discharging in Lome and not in Lagos, they said it was due to various charges being charged by the supervising agencies at the port are too numerous’.

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