Fidelity bank banner Bayelsa State banner
NNPC failed to remit $12.9bn in 8 years —Senate •Reps summon Kachikwu for flouting orders on refineries

By News Express on 03/06/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,910

The Senate, yesterday, alleged that the Nigerian National Petroleum Corporation (NNPC) failed to remit $12.9 billion paid by Nigerian Liquified Natural Gas (NLNG) to it between 2005-2013 to the Federation Account.

The revelation was made at plenary when Senate considered a motion on the urgent need to look into the Nigeria Extractive Industries Transparency Initiative (NEITI) 2013 oil, gas and solid minerals audit report.

Senator Tijjani Yahaya Kaura, who moved the motion, said Nigeria lost about $5.966 billion and N20.4 billion in the sector from the operation of offshore processing agreements by state oil firms, NNPC, crude oil swap and theft.

He said from the audit report, Nigeria made about N58.07 billion from hydrocarbons industry in 2013 and added that N33.86 billion was realised from solid minerals sector in the same year.

He expressed worry that $3.8 billion and N358.3 billion stand as outstanding revenues from the NNPC and its subsidiaries in 2013.

He also claimed that NNPC introduced different pricing modules which aided major oil and gas companies to underpay royalties and profit rates into the federal account. He said it was time Senate checked in-house conspiracy to save Nigeria from financial paucity.

Reacting to some claims made in the report, Senate President Bukola Saraki, said the chamber will soon look into it.

He said claims made in the audit report were too enormous to ignore.

The Senate is expected to invite NEITI executive secretary to explain in details, contents of the report.

Meanwhile, the House of Representatives Committee on Privatisation has directed the Minister of State for Petroleum Resources and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Ibe Kachikwu, to stop making public pronouncements on the planned privatisation of three refineries owned by the Federal Government.

Chairman of the Committee, Ahmed Yerima (APC-Bauchi), said it was illegal for the minister to continue to speak on the policy after the committee had directed NNPC to halt whatever plans it had with regard to the refineries.

Group Executive Director of the NNPC in charge of Refineries, Anibor Kragha, who represented the minister, assured that Kachikwu will honour the invitation next week.

Speaking in Port Harcourt on May 27, Kachikwu explained that President Muhammadu Buhari has not given him the mandate to privatise the refineries in the country.

He said the president only gave approval for investors to invest in the refineries, in order to raise needed funds to improve their operations. (Daily Sun)

Photo shows Kachikwu.

Source News Express

Posted 03/06/2016 05:57:48 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
Okowa apologises over Asaba flood, vows to tackle...

Emmanuel inaugurates construction of 81km roads in Akwa...

Lagos gives 7-day ultimatum to market leaders, threatens...

Call on Buhari to sack Amaechi, Onu frivolous...

Suspected Badoo gang member set ablaze in Ikorodu...

Barcelona, Bayern Munich labour to slim victories in...

BREAKING: Defending Champions Germany crash out of World...

5 reported dead in Bayelsa supplementary governorship election...

Investors laud Ogun’s friendly business policies

How to develop a nation through science and...

U.S. intelligence agencies ban Huawei, ZTE phones

Suspected cattle rustlers kill 35 in Niger community...


Latest News Hate Speech Bill: Issues and worries, By Jerome-Mario Utomi 18-year-old boy rapes 7 Ekiti Varsity students Communications Minister, Adebayo Shittu, in certificate scandal Lawyer ambushes Python Dance 3 in court •Sues Buhari, Buratai, Malami, others Buhari, governors may clash with Tinubu over Ambode Oshiomhole, APC bow to governors, make U-turn on indirect primaries Delta establishes 6 IDP camps •To forward 2019 budget proposals to DTHA soon Southern, Northern leaders express fears over 2019 polls Plateau women protest half naked over military action Businessman sentenced 140 years for forging foreign cheques Stella Oduah dumps APGA, announces return to PDP Have we ever met before? Buhari asks new DSS boss


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (395,120 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,073 views) Shameless Genevieve Nnaji exposes breasts in public (307,675 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,138 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,653 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,334 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,554 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,184 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,267 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,137 views) Lagos plane crash: Journalist releases victims’ names (157,829 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,646 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (62) Business & Economy (3,613) Business Verdict (52) Columnists (932) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (652) Global Business Monitor (301) International (2,415) Interview (164) Live Commentary (28) Love Matters (143) News (39,022) Opinion (1,109) Pidgin (11) Politics (6,663) Religion (869) Sports (1,697) Stock Watch (33) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera