Fidelity bank banner UBA banner
Missing oil revenue increases to $22.8b •NEITI exposes NNPC at House of Reps public hearing

By News Express on 27/02/2014

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

Views: 3,238

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.

Source News Express

Posted 27/02/2014 4:17:30 PM


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




You may also like...
Nigeria records first trade deficit in at least...

FG to collaborate with private sector to meet...

Entries open for Etisalat ‘Prize for Literature Flash...

I received no money from Dasuki —PDP National...

10 drown in Ibadan after falling off make-shift...

My Supreme Court triumph a victory for all...

Bad market: Nigeria’s 35m barrels of crude oil...

Alibaba chairman Jack Ma set to unveil succession...

Edo not keen on wage increase, favours economic...

Dasuki challenges FG for disobeying court orders on...

Africa’s youngest billionaire kidnapped

Lagos – Abeokuta Expressway blocked


Latest News EFCC lists 22 witnesses to testify against Fayose IPOB reveals Nnamdi Kanu’s position on 2019 Presidential election Boko Haram sacks two communities in Borno Ministry releases details of billions spent on 292 water projects in 7 years 45 Nigerian firms flaunt potential at SNEPCo exhibition 2019: Arewa youths threaten to stop Atiku over Fani-Kayode, Nnamdi Kanu Minimum Wage: NLC threatens to embark on fresh industrial action on November 6 I will contest in 2019, says Shehu Sani Don’t disenfranchise Zamfara electorate, CLO tells INEC •Urges Buhari to call Oshiomhole to order Wike an Action Governor — Prof. Gidado Buhari set to visit Seme border Police arrests drug store operator for murder in Borno


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (408,446 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,325 views) Shameless Genevieve Nnaji exposes breasts in public (315,737 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,781 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (238,185 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,860 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,680 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (186,093 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,940 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,237 views) Lagos plane crash: Journalist releases victims’ names (161,922 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,635 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (70) Business & Economy (3,701) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (561) Features (660) Global Business Monitor (304) International (2,559) Interview (165) Live Commentary (28) Love Matters (145) News (39,805) Opinion (1,126) Pidgin (13) Politics (7,325) Religion (883) Sports (1,738) Stock Watch (35) AMA & Al Jazeera Global Update


NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner





LIBYA vs NIGERIA 2-3 Goals Highlights


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera