CBN Governor Exposes $50bn Fraud By NNPC

Must Read

Kwankwaso Is The Most Selfish Person I Know: Ganduje

  Abdullahi Ganduje, governor of Kano, has described his predecessor, Rabiu Kwankwaso, as the most selfish person he knows. Ganduje had...

Southwest Governors, FG Reach Agreement On Amotekun

  The federal government and southwest governors have reached an agreement to draw up a legal framework for the Western...

I Have Made Plans To Fumigate Nigeria: Ned Nwoko

  Ned Nwoko, a former senator representing Delta-north and husband of Nollywood actress, Regina Daniels says has revealed his plans...

Amotekun Remains Illegal: AGF Malami

Abubakar Malami, attorney-general of the federation, says the regional security outfit established by governors of the south-west code named...

We Are Working Hard To Avoid Spread Of Lassa Fever: Governors

  The Nigeria Governors Forum (NGF) says states are taking precautionary measures to ensure the outbreak of Lassa fever, a...

Minister-of-Petroleum-Resources-Mrs-Diezani-Alison-Madueke

Governor of Central Bank, Mallam Sanusi Lamido Sanusi has revealed the corruption in the nation’s oil sector, especially the non-remmittance of about $50b oil income to the national account by the NNPC.

The $50 billion was accumulated between 2012 and 2013.

Sahara Reporters reports that the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi in a letter dated 25 September complained to President Goodluck Jonathan about the continuing refusal of the Nigerian National Petroleum Corporation (NNPC) to honour its legal obligations, including failure to remit $49.8 billion to the Federation Account between 2012 and 2013. That amount represents 76% of the value of crude oil liftings during the period.

In a similar vein, Governor of Rivers State, Rotimi Amaechi recently asked the federal government to tell Nigerians how $5 billion got missing from the Excess Crude Account, an allegation denied by the Finance Minister, Ngozi Okonjo-Iweala, who said there was no such money missing from the Excess Crude Account.

“Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors shows that between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57,” the letter said. “Out of this amount, NNPC repatriated only $15,528,410,098.77 representing 24 per cent of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804 billion of the value of oil lifted in the same period,” governors under the platform of the All Progressives Congress also noted.

Drawing attention to an attached table of analysis of the crude oil liftings and repatriations as prepared by the CBN, Governor Sanusi noted that the failure of the NNPC to repatriate the amounts constitutes not only a violation of constitutional provisions but also of both Nigeria’s foreign exchange and pre-shipment inspection of exports laws.

Also drawing attention to previous occasion in which he had expressed concern about what appeared to be shortfalls in remittances to the Federation Account in spite of the strong recovery in the price of oil, Mr. Sanusi said that a point of departure ought to be to insist that the NNPC account fully for all proceeds that were diverted from its accounts with the CBN and the Federation Account.

“As an indicator of how bad this situation has become, please note that in 2012 alone, the Federation Account received $28.51 billion in Petroleum Profits and related taxes but only $10.13 from crude oil proceeds,” Sanusi informed Mr. Jonathan.

“In the period January-July 2013, the corresponding figures are $16.65 billion and $5.39 billion, respectively. This means, Your Excellency, that in the first seven months of the year, taxes accounted for 76% of the total inflow from this sector, while NNPC crude oil proceeds accounted for only 24%.”

According to SaharaReporters, Mr. Sanusi specifically recommended to the President to:

– Require NNPC to provide evidence for disposal of all proceeds of crude sales diverted from the CBN and Federation Account;

– Investigate crude oil lifting and swap contracts, as well as the financial transactions of counter-parties for equity, fairness and transparency; and

– Authorise prosecution of suspects in money-laundering transactions, including but not limited to BDCs who are unable to account for hundreds of millions of dollars.

- Advertisement -

1 COMMENT

  1. The decision we make today determines our tomorrow. The actions or inactions of a man will either be regretted or appreciated. Some people who SAW while others were LOOKING sought for money to purchase some plots of land at the present Lekki Penninsula when a plot of land in that arear was sold for as low as between N500,000 and N1m; are reaping the benefits now that its sold for as high as N130m per plot. Some heard of it then and ignored it or never believed such an area could develop, bringing about drastic appreciation of properties in the area. Lekki Free Trade Zone, The New International Airport, The Deep Seaport (which will be the second in Africa after that in South Africa), The Lagos Industrial site, Eleganza Industrial site, The Permanent site of PAN Africa University and many more developmental projects are springing up in Epe, Ibeju Lekki and their axis. Blue Chip Companies are now acquiring hecters of land in that area. Just for the ones that have foresight and will take action while others may ignor PWAN HOMES LTD is now selling Estate Lands for as low as between N330,000 and N1.5m at Ajah, Ibeju Lekki and their environs. Promo is currently on for limited time. Some of these lands are with title such as C of O, Global C of O while some are awaiting title. Omo onile problem have been wiped off. For more information, site visitation and to pick up your own plots call Abayomi on 08179517872 or 08065415971. EVERY OTHER ASSETS DEPRECIATE, WHILE LAND APPRECIATE. INVEST WISELY TODAY TO APPRECIATE YOUR DECISION TOMORROW

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -