Buhari Orders Probe of Kachikwu over Oil Swap deals

Following the handover of the affairs of the NNPC to Ibrahim Baru, President Muhammadu Buhari ordered a probe into the current lists of crude oil takers, swap deals and liquefied natural gas lifting lists which were in operation under the regime of outgoing Group Managing Director, GMD, of the NNPC, Dr. Ibe Kachikwu.

This follows allegations of favouritism in the allocation of crude oil to certain companies. The President reportedly ordered new GMD, Ibrahim Baru to specifically look into  the swap deals involving CEPSA Refinery, IOC Refinery, ENOC and Sara Refinery.

Financialwatchngr.com reports that Baru was also asked to investigate the list of 20/206 crude oil takers approved by Kachikwu. Some of the companies involved include Master Energy and Taleveras, as well as Mercuria, Vitol, and Trafigura which were all approved by Kachikwu.