Amaechi Fing#ered In Leakage Of CBN Gov’s Letter To President Jonathan On The Theft Of $50 Billion Oil Earnings By NNPC…You’re Ignorant, Corporation Hits Back At Lamido Sanusi

December 10, 2013

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Rivers state governor, Rotimi Chibuike Amaechi has been fingered as the mastermind of the leakage of a letter written by the CBN governor, Sanusi Lamido Sanusi chronicling the massive theft of the nation’s crude oil earnings to the tune of $50 billion in just about a year; January 2012 to July 2013.

A highly placed source in the nation’s intelligence community told iReports-ng.com in Abuja this evening that investigations conducted so far by some intelligence agencies confirmed that indeed the CBN governor wrote the controversial letter and submitted same to President Jonathan by hand on September 25, 2013 at the presidential villa. It was further gathered that over two months after the letter has been submitted to the president, some opposition moles within the presidency leaked the letter to Amaechi who in turn leaked it to the new media; internet based news websites.

It was also learnt that the leakage has thoroughly embarassed Lamido Sanusi whose intention of writing the letter has now been twisted. “He does not regret writing the letter because he did with facts and figures at his disposal but he is angry because of the manner the letter was leaked which will give the impression that he is the one leaked a secret official letter he authored to the president”, one of his close associates told iReports in Abuja today.

In the controversial letter, the CBN governor had accused NNPC of stealing and diverting huge government earnings. The oil Corporation which is notorious for criminal plunder of the nation’s oil revenue has however offered some explanations in a statement today without addressing substantially and convincingly all the allegations levelled against it by the CBN. Instead, it resulted to accusing the CBN governor of displaying ignorance on matters concerning oil and gas business. The NNPC however failed to explain why it took the leakage of the letter before it comes out to offer flat explanations on its business transactions which have always been issues of controversy and shrouded in secrecy.

In its own reaction titled “Non-Remittance of $49.8bn: NNPC Refutes CBN Claim”, the NNPC berated the CBN for leaking a letter of its wrong allegations against the oil corporation. The NNPC’s statement is however ignorant of the outcome of security investigations linking the leakage to Governor Amaechi. The NNPC statement released today states:

“The Nigerian National Petroleum Corporation (NNPC) has refuted reports credited to the Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, alleging that it withheld the sum of $49.8bn representing 76% of the total crude oil revenues from January 2012 to July 2013.
“In a statement signed by the General Manager, Media Relations Department of the NNPC, Dr. Omar Farouk Ibrahim, and made available to the press, the Corporation clarified that the allegation is borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account.

“For the avoidance of doubt, it needs to be stated that the figure of 594.024 million barrels of crude oil given by the CBN as the total crude oil lifting for the period of January 2012 to July 2013 does not represent the correct picture of crude oil lifting for the period. From our records, the correct figure is 618.55m barrels. This shows that the CBN understated the actual crude lifting by 4.13%,” Dr. Ibrahim stated.

“He explained that revenues from crude oil liftings are in various categories, namely Equity Crude; Petroleum Profit Tax, Royalty, Third Party Financing and the Nigerian Petroleum Development Company, NPDC. Revenues from each of these categories are statutorily collected by different agencies of the government. The NNPC collects only one of the aforementioned categories, namely Equity Crude. Petroleum Profit Tax is collected by the Federal Inland Revenue Service, FIRS, Royalty goes to the Department of Petroleum Resources, DPR, Third Party financing goes for Research, Development, Program and Satellite fields Development, while NPDC goes to NPDC for upstream development.

“While NNPC pays proceeds from Equity crude directly to the Federation Account with the CBN, the FIRS and DPR pay PPT and Royalty respectively into the Federation Account with the CBN. The sum total of these proceeds make up the alleged unremitted revenues, Dr. Ibrahim stated.

“The 24% of total crude oil revenue receipts which the CBN governor is reported to have acknowledged that NNPC remitted represents the proceeds from the equity lifting which NNPC is directly responsible for. The alleged unremitted 76% was paid to the agencies that are statutorily empowered to receive them for onward remittance into the Federation Account”, Dr. Ibrahim explained.

“He stressed the need for institutions of the Federal Government and top government functionaries to seek understanding of issues that are not clear to them from relevant agencies rather than go public with misleading information that is capable of creating public disaffection. He expressed NNPC’s availability at all times to meet with all relevant stakeholders to clarify issues.”

Davefirst: Am booking this space, I will be back after reading the news..

Sunny_bobo: This is what happens when you have a man with Masters in Islamic studies heading the Central Bank.

texazzpete:

Well, we both know that the CBN Governor has been collecting accolades for his stewardship.

You, on the other hand, will remain an unheralded internet troll.

eGuerrilla: The larger import of Dr. Ibrahim's rebuttal is that we now know the other agencies concerned (FIRS and DPR) have been doing the "needful". I'd wager a bet that someone's personal bank account is a lot healthier as a result of the interest accrued from these "diverted" funds.

texazzpete:

Well, we both know that the CBN Governor has been collecting accolades for his stewardship.

You, on the other hand, will remain an unheralded internet troll.

ballabriggs: Sanusi has been Governor of CBN for over 4 years now and it is not the first time he has seen inflows into the federation account. If something unusual has happened, he can always tell.

For him to have written such a letter to Jona, then the situation must have gone really bad.

Nigerians pray hard for your country.

ballabriggs: Sanusi has been Governor of CBN for over 4 years now and it is not the first time he has seen inflows into the federation account. If something unusual has happened, he can always tell.

For him to have written such a letter to Jona, then the situation must have gone really bad.

Nigerians pray hard for your country.

Ngwakwe: You are now trying to assign motive to SLS letter and implying the best out of your cognitive still.

May I remind you that assigning motive to letters and speeches are forbidden if you are not the originator in intellectual discussions.

Spare us all these dungs of forbidden descriptions and highly opinionated analysis.

Ngwakwe: How do you know FIRS and DPR diverted the funds when FIRS recently quoted N3.81 Trillion as amount it generated in 2012 that was paid to CBN.

www.nairaland.com/1087386/firs-generates-n3.81-trillion-9months

ballabriggs: Sanusi has been Governor of CBN for over 4 years now and it is not the first time he has seen inflows into the federation account. If something unusual has happened, he can always tell.

For him to have written such a letter to Jona, then the situation must have gone really bad.

Nigerians pray hard for your country.

DerideGull:


Did Sanusi lamido Sanusi had all the facts before writing such letter to President? Why did he not copy the minister of finance? Did Sanusi Lamido Sanusi fellow the proper protocol in such as action?

ballabriggs:

You are dull. That a Central Bank Governor, an economic adviser to the nation writes such a letter to the President and you are talking of "motive".

You are really dull. Before a CB Governor writes a letter using words like, “As an indicator of how bad this situation has become, please note that in 2012 alone....", then it is an abnormal situation.

[s] So spare us your sychophancy and get a job away from being a paid troll. [/s]
Ngwakwe has a reputation to protect

DerideGull:


Did Sanusi lamido Sanusi had all the facts before writing such letter to President? Why did he not copy the minister of finance? Did Sanusi Lamido Sanusi fellow the proper protocol in such as action? Now that NNPC has painstakingly and categorically refuted the erroneous claims in the letter written by Sanusi Lamido Sanusi, I guess it would be proper to call for Sanusi Lamido Sanusi's resignation. Nigeria does not need a goofy character as the governor of CBN.

hardywaltz:
Exposing corruption of this magnitude does not require any protocol.
If this were in saner climes the country citizens will all be on the street demanding the resignation and prosecution of GEJ and all his fellow clueless thieves in partner.

eGuerrilla:

Listen, because Sanusi was concerned enough to write that letter, on the balance of probabilities, I think the diversion of funds was real rather than imagined. Are you a betting man yourself or do you always take words of folks, who are not exactly renowned for transparency, as the gospel truth?