NewsExpress advert FCMB banner
Reps summon Magu, Emefiele, Baru, 5 others over stolen $17bn oil money

By News Express on 11/04/2017

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

Views: 749

•Reps Committee Chairman Abdulrazak Namdas.
•Reps Committee Chairman Abdulrazak Namdas.

The House of Representatives Ad hoc Committee investigating alleged 17 billion dollars stolen undeclared oil proceeds has summoned Mr Ibrahim Magu, acting Chairman of Economic and Financial Crimes Commission (EFCC), to appear before it on Tuesday.

The Chairman of the committee, Rep. Abdulrazak Namdas, summoned Magu on Monday in Abuja at the opening of the investigation where all the invited stakeholders sent their subordinates to represent the committee.

The committee has commenced investigation into alleged 17 billion dollars stolen from undeclared crude oil and liquefied natural gas exports to global destinations.

Also summoned by the ad hoc committee to appear before it were the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru; and Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele.

Others were Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Dakuku Peterside; and Accountant General of the Federation, Mr Ahmed Idris.

The committee also summoned the Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr Stephen Sejebor; and Director of the Department of Petroleum Resources (DPR), Mr Modecai Ladan, in connection with the stolen fund.

Namdas, who is the spokesman of the House, noted that since the nation lived by oil proceeds, no fight against corruption could be meaningful without serious search-light on the industry.

According to him, this is especially when the perpetrators are high and mighty who inexorably are the models the society look up to.

He warned that the House would not hesitate to invoke its constitutional powers to compel the invited chief executives to appear, if they default.

He therefore turned back directors and other management staff who were sent as representatives of their respective organisations.

Earlier in his welcome remarks, Namdas said that reports had it that over 57 million barrels of crude oil were illegally exported and sold in the U.S. between January 2011 and December 2014.

He said that the estimated revenue loss by the government of Nigeria “is around 12 billion dollars”.

“At an exchange rate of N196 to a dollar, this translates to over N2 trillion. You could imagine what the value is now.”

According to him, the corruption in the oil industry distorts public policy, creates misappropriation and misapplication of resources.

He added that “it vitiates private sector and private sector development and over and above all, it undermines good governance and ultimately hurts the poor most”.

Meanwhile, the Speaker of the House, Mr Yakubu Dogara, had said that the incidence of stolen and missing money at the NNPC and the entire oil industry was now an albatross to the development of the nation.

Dogara, who declared the public hearing open, lamented that if not for the constant theft in the oil industry, the nation would not have been in economic recession at the moment.

“The incidence of money missing in the industry has become a recurrent decimal to the point that news items in the media are incomplete without mention of the ills of the industry.

“The reports of the media on the ills in oil industry clearly attest to the concern of the government to tackle corruption in the industry head on”.

The speaker, who was represented by the Minority Whip, Rep. Yakubu Barde, said that the country had received disturbing audit reports about the oil industry.

He said that the report about the oil industry involving International Oil Companies (IOCs) was that 4.4 billion dollars was trapped somewhere instead of remitting it to the federation account.

He cited a report from an anti-corruption organisation, the Action Network for Economic Justice, in which it claimed that NNPC did not remit over 12 billion dollars to the federation account since 2009.

“The same organisation alleged that the sum of 5.9 billion dollars of the federation accounts were lost to offshore processing agreements and through crude theft in the country.”

According to the speaker, “If loss of revenue to the nation through the oil industry was to be avoided, I can beat my chest that under no circumstances should Nigeria be talking about recession.

“Therefore, no amount of investigation in the oil industry can be said to be an over kill as the oil industry has become endemic.

“The investigation of the 17 billion dollars therefore remains part of the ongoing process in confronting the hydra headed monster.”

He therefore urged the committee to complement government’s efforts in the fight against corruption. (NAN)


Source News Express

Posted 11/04/2017 12:11:46 AM


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



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Anambra Security & Vigilantism: Agenda for Gov. Obiano...

Insurgency: Rochas Foundation to build school for IDPs...

Kaduna records 4,000 TB cases annually

2015 Polls: An insider’s overview of security issues...

10 shot as bullets fly at Ogun APC...

BREAKING: Mayweather knocks out McGregor in epic fight...

BREAKING: Army Chief Tukur Buratai’s hometown under Boko...

New book, ‘Ladies Calling the Shots’, pays tribute...

Jonathan approves N500m relief materials for 116,000 persons...

NIA, Awka Capital Development Authority brainstorm on Obiano’s...

APC rejects voluntary resignation of National Legal Adviser...

Pharmacists Council warns medicine vendors against prescribing drugs,...


Latest News BOMBSHELL: Military conniving with killers — TY Danjuma •Tells Nigerians to defend themselves Tension in Dapchi as Boko Haram fails to release abducted Christian girl as promised Dino Melaye dares Police Scientists find miracle gel that kills cancer tumours IGP directs 24-hour surveillance in schools Protesters shut down Abuja Airport road Save Lagos Group demands immediate repeal of Land Use Act, others; cautions police, DSS Sheikh Zakzaky’s health fast deteriorating in custody — Shiites •Alleges denial of medical attention Restructuring: Ohanaeze youths laud Nwodo NUJ expresses concern over attitude of ‘overzealous’ security agents Okowa seeks support for less privileged Usain Bolt scores twice during Borussia Dortmund training session


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (333,208 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (326,204 views) Shameless Genevieve Nnaji exposes breasts in public (261,623 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (215,068 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (198,575 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (193,099 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (168,315 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,981 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (143,618 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (133,902 views) Lagos plane crash: Journalist releases victims’ names (133,144 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (126,344 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (35) Business & Economy (2,984) Business Verdict (36) Columnists (818) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (456) Features (554) Global Business Monitor (241) International (1,865) Interview (147) Live Commentary (28) Love Matters (114) News (33,893) Opinion (898) Pidgin (10) Politics (4,642) Religion (703) Sports (1,459) Stock Watch (28) AMA & Al Jazeera Global Update



NLNG Science and Literature Prize Awards




Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera