House Committee Orders Arrest of 3 Top NNPC Staff over Missing Funds Running into Billions of Dollars

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IGP AbubakarHouse of Representatives Committee on Public Account has ordered the Inspector General of Police, Mr Mohammed Abubakar, to arrest and bring before the committee, the Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Engineer Andrew Yakubu, the Executive secretary, Petroleum Products Price regulatory Agency (PPPRA), Mr Reginald Stanley, and the Director Department of Petroleum Resources, Mr Augustine Olorunsola.

This is as a result the refusal of the trio to appear before the committee to defend the multi-billion dollar Auditor-General of the Federation query dated back to 2007. The IGP has therefore been given an ultimatum to ensure that the three individuals were brought before the committee in person by 1.00pm today.

The 2007 Auditor General of the Federation query against the NNPC and some of its subsidiary released to newsmen by the Chairman of the House Committee, Honourable Solomon Adeola, says in part that: “at the Office of the Accountant-General of the Federation, it was observed from the component statements of 2007 that Joint Venture Cash Calls (JVC) of the sum of N549,973 billion Excess Crude of the sum of N1,168 trillion and Petroleum Product Subsidy of the sum of N236,641 billion were deducted from proceeds of crude oil sales, while the sums of N25.951 billion and N62,542 billion were excess proceeds deducted in respect of Petroleum Profit Tax (PPT) and Royalties respectively.”

The query further showed that, “these deductions were made before the net revenues were paid to the Federation Account contrary to the provisions of Section 162(1) of the 1999 Constitution of the Federal Republic of Nigeria which requires all such revenues to be paid directly into the Federation Account.”

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2 COMMENTS

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  2. The house is always concerned with money issues may be, because they want to eat more not for the general use for the people. Why it is that they have kept quite for that long period?

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