Politics Reps Probe Reveals: Nigeria Loses $8 billion Yearly to Crude Oil Swap

Vunderkind

Social Member
Leadership Newspaper reports that Nigeria loses a whopping $8 billion yearly to the Crude Oil-Product Exchange, also known as the crude oil swap arrangement.

This was revealed during a joint House of Representatives Public Hearing into the alleged shady dealings between NNPC and two Swiss oil companies Vitol and Trafigura.

In a crude oil swap deal, oil trading companies are allowed to lift crude oil in exchange for another petroleum product such as petrol, diesel and kerosene.

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