The amount of revenue from crude oil sales unremitted by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account is far more than the $20 billion last claimed by whistleblower, Sanusi Lamido Sanusi, who has been suspended as Governor of the Central Bank of Nigeria (CBN) in the aftermath of his revelations.

Sanusi first said NNPC failed to remit $49.8 billion out of the revenue from the crude oil shipped by NNPC between January 2012 and July 2013, but later came down to $10.8 billion before reviewing the figure to $20 billion shortly before his suspension exactly a week ago by President Goodluck Jonathan.

However, the Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday gave $22.8 billion as the amount of oil proceeds not reflected in NNPC’s books. NEITI made the disclosure at the House of Representatives Joint Committees on Petroleum (Upstream), Petroleum (Downstream) and Justice, investigating the allegation by a Swiss-based Non-Governmental and Advocacy Organisation, Berne Declaration, that two Swiss oil trading companies – Vitol and Trafigura –connived with NNPC to defraud Nigeria of about $6.8 billion in two years.

NEITI Executive Secretary, Hajiya Shamsuna Ahmed, said in her 29-page presentation before the joint committee headed by Hon. Muraina Ajibola: “These transactions, which sum up to $22.8 billion, are off balance sheet items (not disclosed in NNPC’s Audited Financial Statements). The implication is that there may be significant contingent liabilities to the Federation that are not being disclosed.”

NEITI also said that $1.73 meant for Joint Venture cash calls had been diverted by NNPC. “Non cash call items totaling $1.73 billion were financed from the CBN/NNPC JP Morgan Chase Cash Call Dollar Account. This reduced the amount available for funding JV operations with the attendant implications of NNPC seeking alternative funding arrangements to fund cash call shortfalls,” NEITI Executive Secretary Hon. Ajibola said.

NEITI faulted the alternative funding transaction entered into by NNPC on behalf of the Federal Government. It said that “there is, therefore, the need for transparent disclosure of all alternative funding arrangements in the audited financial statements (AFS) of NNPC.”

NEITI’s presentation contradicts that of NNPC Group Managing Director, Mr. Andrew Yakubu, who while testifying before the joint committee on Tuesday dismissed the Bernes Declaration as “are baseless and without material substance.”

•Photo shows NNPC GMD Andrew Yakubu.

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