Reps discover $15bn unremitted oil, gas revenue for 4yrs - Trends and Politics


Monday, 5 June 2017

Reps discover $15bn unremitted oil, gas revenue for 4yrs

The Adhoc Committee investigative hearing on the $17 billion stolen crude oil and Liquified Natural Gas to foreign destination, Monday discovered the sum of $15 billion unremitted revenue into Federation Account for four years.
It also discovered that the alleged missing fund were contained in the two separate documents submitted by the Nigerian National Petroleum Corporation (NNPC).
This came to fore while responding to questions from members of the Adhoc Committee, Rabiu Bello, NNPC's Chief Operating Officer (COO) admitted before the panelists that there were discripancies in the documents before the Adhoc Committee.
Jack Ukitetu, a CBN Director who represented the CBN Governor, Mr Godwin Emefiele during his presentation said it was the Accountant General of the Federation who approves and determines the money accrued into the Excess Crude Account.
He explained that before 2006, the CBN collected the money on behalf of government's agencies and remitted same into the Federal Reserve Account in New York and charged 0.25 percent, but noted that after 2006, the oil companies pay directly what is due to the government.
The CBN representative told the lawmakers that the CBN collects 0.25 percent via forex allocation and does not charge FG one kobo as its deductions are made from central sales.
He explained that the levels of sales are the buying,central and selling rates, but CBN does its deductions at central sales level.

The CBN representative disclosed that the crude oil account is maintained by JP Morgan but admitted that in making the transfers, the money could be misdirected to another account by the financial institutions, adding that the apex bank has no statutory power of oversight to demand for details of the transactions made by NNPC.
The committee at this point, asked him to bring the total commissions deducted by the apex bank from 2011-2014 within the next one week.
He was also instructed to bring along all letters of credit issued by the CBN within same period.
Abdulrazak Namdas,APC, Adamawa, chairman of the Ad-hoc Committee, earlier threatened that the Ad-hoc Committee will not hesitate to submit its report to the House without the inputs of major Ministries, Departments and Agencies (MDAs) which fail to honour the invitation of the committee.
To this end, the Adhoc Committee mandated the apex bank and NNPC to submit the audited report of the oil and gas account showing the remitted funds into the Federation Account between 2011 and 2014.
The Corporation was also mandated to submit Bill of Laden relating to the 974,721 barrels of crude oil lifted on 20th October 2011; 961,963 barrels lifted on the 10th October 2011; 974,935 barrels of crude oil lifted on the 9th July 2011 as well as 974,953 barrels of crude oil lifted on the 18th July 2011 but were not declared.

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