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.
Read more on Leadership
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.
Read more on Leadership