Fidelity bank card banner Camano banner

Reps probe NNPC’s multiple accounts

By News Express on 12/04/2017

Views: 1,424

 •Reps Ad-hoc Committee Chairman Abdulrazak Namdas.
•Reps Ad-hoc Committee Chairman Abdulrazak Namdas.

The House of Representatives has mandated Nigerian National Petroleum Corporation (NNPC) to provide details of all its multiple accounts operated before the introduction of Treasury Single Account (TSA).

The House gave the charge in Abuja on Tuesday through its Ad-hoc Committee investigating the 17 billion dollars undeclared crude exported.

This is to enable the committee to ascertain the actual amount accrued from the sale of crude oil and payments into Federation Account and level of compliance with extant financial regulations.

Rep. Abdulrazak Namdas, Chairman and members of the Ad-hoc Committee had expressed concern over the 47,366,887 barrels differential in the documents submitted to the Ad-hoc Committee by NNPC and Department of Petroleum Resources (DPR).

Others are Nigeria Customs Service (NCS), NIMASA and Nigerian Navy

According to the documents submitted to the Ad-hoc Committee, 13 oil companies over lifted 7,423,266 barrels of crude in 2011 while 18 companies over lifted 20,367,803 barrels of crude in 2012.

Namdas, who confirmed that OICs paid directly into the CBN Petroleum Profit Tax FIRS account, expressed concern over NNPC denial of the account.

According to him, Shell Petroleum specifically paid over two billion dollars into the account as BO/Shell/NNPC in 2012.

But in swift response to the issue, Mr Chris Akamairo, NNPC’s General Manager, Finance Crude Oil and Marketing Division, explained that “no operator can pay cash call” into the account directly.

The lawmakers also queried the corporation for failing to give details of the money paid into the Petroleum Profit Tax account on behalf of Federal Inland Revenue Service (FIRS).

The amount they said is 8.8 billion dollars accrued from 80,069,372 barrels of crude which the corporation claimed that SPDC lifted as well as the disparity between NNPC and DPR records on crude lifted by Star Deepwater, SNEPCO and Total Upstream.

While responding, Mr Roland Ewubare, NNPC’s Acting Chief Operating Officer (Upstream) who dismissed the report, argued that the observed differentials were not realistic, adding that the 43,348,571 barrels for 2011 was 73 cargoes.

Ewubare who denied the reports of NIMASA and Nigerian Navy’s on the 3.2mbpd crude production in 2014, argued that OPEC would have slammed Nigeria for producing beyond the approved quota.

He added that it was also impossible for a cargo to load 10,271,091 barrels of crude as alleged by Customs in its report.

Ewubare while noting that a standard cargo can lift 950,000 barrels, further informed the committee that the nominated production level was different from actual production.

Rep. Johnson Agbonayinman (Edo-PDP) who argued that the OICs cannot be prosecuted in isolation of the government agencies, urged the AGF to ensure that government officials found culpable should be brought to book.

Mr Abubakar Malami, Minister of Justice and Attorney General of the Federation, confirmed that there were nine ongoing cases filed in Abuja and Lagos against some companies including Chevron, Total, Agip, Adax Petroleum and Brass Oil Services Limited, aimed at ensuring strategic recovering of stolen hydrocarbon and liquefied gas.

According to him, President Goodluck Jonathan via a letter dated Nov. 29, 2013 through the AGF’s office approved the request by NIMASA to enter into agreement with a forensic firm, Molecular Power System Limited to execute the retainership agreement on the recovery of the stolen crude.

He, however, noted that Federal Government had not commenced the determination whether to institute criminal charges against the affected companies.

Malami, who urged the National Assembly to expedite action on the passage of two bills critical to the fight against corruption, namely: Proceeds of Crime and Whistle Blower with dispatch, stressed the need for synergy between the three arms of government.

He disclosed that the TSA and whistle blower policies had helped in blocking leakages within the system, adding that “those laws that add sense and meaning should be treated with dispatch so as not to allow impunity to reign in the system.”

He maintained that the series of litigations and appeals filed by the OICs were responsible for the delay in the determination of the cases.

The AGF also urged the National Assembly to exercise its constitutional powers which had force of law to compel any government officials to comply with its resolutions.

NNPC team affirmed that the Corporation operated multiple accounts. It pledged to provide details of the accounts to the committee.

They also explained that the data submitted to the ad hoc committee did not reflect the brought forward of crude under lifted by the oil companies, but assured that the 2010 crude lifting will be submitted to the committee.

The delegation which denied knowledge of the CBN Petroleum Profit Tax FIRS, noted that only FIRS can ascertain the amount accrued into the account.

“No one in NNPC will have record for that (CBN, PPT, FIRS) account, all we do is to take the account number where the money is paid into.

“We will not know it because we do not manage that account. We only help FIRS to pay the money into the account,” Ewubare said.

He further disclosed that all the monies accrued from the sale of crude were paid into JP Morgan’s account. (NAN)

Source News Express

Posted 12/04/2017 3:18:52 PM





You may also like...
Bomb explosion rocks Aba; 6 traders injured

IPOB declares May 30 Biafra sit-at-home day

Air Peace begins direct international flights from Enugu...

El-Rufai, commissioners weep at valedictory executive session for...

Era of killing with impunity over, El-Rufai tells...

South Africa deports 97 Nigerians

Bombing of Nwodo’s home an attack on the...

Police summon Melaye, Murray-Bruce to appear on Monday...

Police arrest three suspects after shootout in Ikorodu...

LCCI faults CBN, calls for review of foreign...

UN Envoy Ibn Chambas to deliver Realnews Magazine’s...

Efe Obada: How Nigerian boy abandoned on London's...


Latest News 17 students die in road accident while seeking varsity admission •Their death preventable, says Governor Primate Ayodele predicts outcome of Bayelsa, Kogi Edo guber polls Customs intercepts 8 Armoured Tanks at Nigeria/Cameroon border Boko Haram: Borno Governor faults new military strategy Give Southeast one DIG, five AIGs, 15 Police Commissioners — Intersociety Army deploys new strategy to counter Boko Haram Newcastle stun Spurs as Man City storm back to Prem second spot Crisis looms in Nsukka Community as Igwe insists on sole right to form Town Union Kidnappers, informants in the net Pray that God touches the hearts of Nigerian politicians to use public funds for public good — Peter Obi Nurse in Nigeria’s medical team dies in Makkah FG to prosecute SIPs saboteurs — Uwais


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (531,206 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (439,433 views) Shameless Genevieve Nnaji exposes breasts in public (384,534 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (323,473 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (291,087 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (251,665 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (246,649 views) 10 cars more expensive than Jets (234,160 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (228,600 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (214,791 views) Lagos plane crash: Journalist releases victims’ names (193,544 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (191,408 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (99) Business & Economy (4,407) Business Verdict (79) Columnists (1,097) Complaints & Requests (95) Enterprise & Opportunities (215) Entertainment (649) Features (799) Global Business Monitor (424) ICT Monitor (59) International (3,865) Interview (199) Live Commentary (30) Love Matters (167) Maggie's Blog (387) News (50,408) Opinion (1,337) Pidgin (17) Politics (11,340) Religion (1,089) Sports (2,141) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera