The House of Representatives has on Thursday passed a motion mandating the Committee on Petroleum Resources (Downstream) to investigate the disappearance of N11 billion worth of petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC).

The resolution was sequel to a motion sponsored by Hon. Yusuf Ayo Tajudeen which stated that sometime in February 2017, about 84 million litres of petroleum products belonging to the NNPC, which market value is about N11 billion stored in a private tank farm in Lagos had disappeared.

However, Tajudeen said the sudden disappearance of the petroleum products had led to humongous revenue loss to the federal government at a time when the country is experiencing massive economic downturn.

The House further noted that in its bid to make petroleum products readily available for consumers, NNPC on a regular basis has subsisting agreements with owners of tank farms for storage of petroleum products.

The House noted that the owner of the tank farm, when confronted, confessed to having lifted the products without authorisation and agreed to either return the products or pay the monetary value within seven days but has failed to do so, hence the NNPC had to report the incident to relevant security agencies.