NNPC Yet To Remit N2.32trn

The Nigerian National Petroleum Corporation (NNPC), yesterday, June 12, 2015, confirmed the corporation is yet to remit $11.6 billion, about N2.32 trillion, into the Federation Account.

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NNPC attributed it to its inability to remit the Nigerian Liquefied Natural Gas (NLNG) dividends on an ongoing reconciliation process.
The Nigeria Extractive Industries Transparency Initiative, NEITI, had earlier accused NNPC of not being transparent in the transfer of eight oil wells to Nigerian Petroleum Development Company, NPDC.

NEITI also accused the agency for its failure to get the money in question remitted.

In a statement signed by Ohi Alegbe, Group General Manager, Group Public Affairs Division, he explained that the matter has since been referred to the Inter-Ministerial Task Team (IMTT) for reconciliation and resolution “At the last meeting of the IMTT, it was resolved that the Minister of Petroleum, Chairman of NEITI, Executive Secretary of NEITI, and the Group Managing Director of NNPC should meet on the issue of NLNG dividends and report back to the IMTT. Unfortunately, that meeting has not held. However, another meeting of the IMTT is coming up next week and the issue will be taken up from there.” he explained.

Executive Secretary, NEITI, Mrs. Zainab Ahmed, who made the allegations in Abuja, described the transfer of eight oil wells sold by the NNPC to the NPDC in 2010 and 2011 as shady.

She however, called on President Muhammadu Buhari to investigate and ensure the money is returned to government coffers;

“Our 2012 Audit Report discovered that total dividend loans and interest repayment from LNG paid to the NNPC in 2012 was $2.8 billion, however in the course of NEITI’s audit, NNPC was unable to provide any evidence to provide that the funds were remitted to the federation as required by law. The total amount received by NNPC from LNG under the same circumstances which has not been remitted to the federation account stands at $11.6 billion.” She affirmed.

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