President Goodluck Jonathan and two of his top ministers may be attempting a cover-up on what clearly competes as Nigeria's biggest fraud ever, involving the illegal diversion, or theft, of over N8 trillion crude oil sales proceeds.

In a memo to the president on September 25, 2013, Central Bank governor, Sanusi Lamido Sanusi detailed how government-owned oil firm, the Nigeria National Petroleum Corporation, NNPC, had systematically diverted the huge sum, being sales proceeds between January 2012 and July 2013. According to CBN governor, for all crude oil sales within the period, the NNPC paid only 24 percent proceeds into the federation account, and diverted or stole the remaining 76 percent-totalling N8 trillion.As the CBN calculated, the NNPC sold at least 594 million barrels of oil within the period, and should have paid N10.3 trillion (USD65.3 billion) into the federation account.

But the corporation paid only N2.5 trillion (USD15.5 billion), Mr. Sanusi said, citing documentation from pre-shipment inspectors. The whereabouts of the huge balance is unknown.Just to explain it in simpler figures: for each barrel of oil sold, say at an average of USD100, the NNPC illegally cornered $74 into an unknown account and gave Nigeria only $26. Mr. Sanusi said he was "constrained" to hint the president after observing the huge shortfalls for years. What is more, he accused the NNPC of breaching 2 federal laws and urged thorough investigation of the case.
Two months on, the president has refused to act on the damning memo delivered to him personally by the CBN governor. In fact, after receiving the letter, the president, presidency sources say, questioned Mr. Sanusi on why such letter should be prepared in the first place and sent to him.The journalists of Premium Times also claim that finance minister and former World Bank chief, Ngozi Okonjo-Iweala, were also aware of the CBN's information and has done nothing about it.President challenged on corruptionDetails of the president's failure to act on such a massive scale of misappropriation came amid an increasing criticism of Mr. Jonathan's response to corruption, as several senior officials of his government, accused of stealing or wasting public funds, have been spared of indictment and prosecution.One of the critics is Aminu Tambuwal, who accused Jonathan of consistently displaying a "body language" that encourages corruption. Between 2011 and 2013, the House of Representatives has investigated the NNPC multiple times, and has in many cases found officials of the corporation wanting. But no one has been sanctioned by government.In 2012, top management of the NNPC and the petroleum minister, Mrs. Madueke, who directly supervises the NNPC, were recommended for prosecution by the House in a shocking fuel subsidy probe. They accused officials have remained at their posts.The CBN's allegation is the most scathing yet for a corporation notorious for secrecy and corruption.

The diverted or stolen amount-N8 trillion between January 2012 and July 2013- is the nearly the equivalent of the total federal budgets for two years.More losses and the ECAEven so, when compared with prevailing data from different government agencies, the figure admitted by the CBN is still lesser than what Nigeria should earn from oil sales.While the bank said its computation, based on pre-shipment details, showed that Nigeria sold N10.3 trillion worth of oil in 19 months, Premium Times' analysis shows the government should rather realize N10.6 trillion in the first 10 months of 2013-Janaury to October-alone. PREMIUM TIMES's estimates is based on the government's data of daily production average of 2.11 million barrels of crude, sold at an average price of $105.84 per barrel.If multiplied and converted to naira, the government should have realized N10. 6 trillion in 10 months alone. But in that period, total oil receipts data provided by the Office of the Accountant General of the Federation, claimed between January and October, the government made N5.8 trillion.

The journalists claim to have revealed that the government has not only lied or misled Nigerians about its total receipts from oil sales, but is also deceitful about its earnings in the contentious Excess Crude Account.The ECA holds the difference between the real market price for oil and the government's projection in the national budget yearly.For 2013, the government approved rate is $79 per barrel (called benchmark for oil price), meaning any raise in price at the international marker, will go into the ECA. For most of the year, oil sold as much as $112 and $114 per barrel. At a conservative rate of $105 per barrel, the government should have realized $26 as difference per barrel for the Excess Crude Account.Calculated at 2.11 million barrels per day, that should amount to $17.3 billion (about N2.695trillion) earned as excess crude revenue from crude oil exports as of October 2013.
But the government claims it generated only N986.6 billion in the Excess Crude Account.No explanationNone of the government officials, when contacted, could explain the huge gaps for the 2013 figures. A spokesperson for the Central Bank of Nigeria, responding to Premium Times findings (not Mr. Sanusi's letter), said as the government's banker, it could not provide the requested information, as it was unlawful for a banker to divulge details about its customer to a third party.Controversy over Excess Crude AccountPremium Times own evaluation of government oil earnings, which started before the appearance of Sanusi's letter, was prompted by the lingering controversy over the ECA between the finance minister, Mrs. Okonjo-Iweala and the Rivers state governor, Chibuike Amaechi.Mr. Amaechi had accused the government of depleting the account, usually shared between the federal, states and local governments.
The governor said $5 billion had gone missing from the account under Mrs. Okonjo-Iweala's watch.Defending the administration, Mrs. Okonjo-Iweala accused the governor of "playing politics" on the matter, and said the outstanding $5 billion had been shared to states as monthly allocation and local governments, with Rivers State being one of the major beneficiaries. The frustration of CBN governorBut in his letter, Mr. Sanusi said he had long been frustrated by the NNPC's secrecy with oil sales, and that he raised concerns twice to the president as far back as 2010 about his observation that a huge chunk of sales proceeds were not remitted to government treasury.
He said the shortfall in revenue as a result of oil theft and vandalism in the Niger Delta was insignificant compared to the scale of money unaccounted for by the NNPC."Your excellency, you will recall that as far back as late 2010, I had verbally expressed deep concern about what appeared to be huge shortfalls in remittances to the federation account in spite of the strong recovery in oil prices," the CBN governor wrote, indicating the losses extending years back far surpasses the N8 trillion of between 2012 and 2013.

There is no evidence the president acted on those concerns.According to him, by 2012, the situation had gone worse that the government made more money from tax paid by oil companies than from actual sales of crude.
The CBN governor urged a thorough audit of all domiciliary accounts held by the NNPC outside of the CBN, and a probe of companies involved in oil lifting and oil swap.The Special Adviser to the President on Public Communications, Reuben Abati, was not available for comments.

From: http://news.naij.com/54041.html

Wahala dey this country o
In any other sensible nation by now the president must have been impeached. No no no
Why in Nigeria nobody sees any wrong. He is good to go in 2015.

oh!

JUO: oh!

Ah!!!!!!!!!

The reason why corrupt officers go scot free in Nigeria is that the opposition APC will usually protect them and try to blame the President and their favorite targets -Igbo ministers for any percieved shortcoming of any parastatal.

I guess the mentioned names are the aliases for Andrews Yakubu, the NNPC Group Managing Director that is culpable for diverting a whopping $50 Billion government coffers.

This is still mere speculation in the voice of GEJ.

put it simply and better,gej has stolen 8trillion naira btw serveral months

O.michael.O:
and they will never get to finish spending it

Their generation yet unborn will continue to spend this money on problems and problems. It will never be well for them.
When the whole nation is in poverty these there stupid morons are taking everyone for a ride.
Yet some people want ASSU to listen to them
Boko Harem to stop bombing and;
Militants to stop mitigating.

Jonathan is clearly stashing funds for the creation of the breakaway republic of Niger. Delta when 2015 fails ..

This heist is phenomenal.. The figures are astronomical. GEJ, Iweala, and Madueke are Exceptional!!

The alleged failure of the Nigerian National Corporation to remit $49.8bn (about N8tn) oil proceeds to the Federation Account between January 2012 and July this year is causing a stir in government circles.
An online news medium,SaharaReporters, reported on Monday that the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, had written to President Goodluck Jonathan to complain about the failure of the NNPC to remit the said amount to the Federation Account in contravention of extant laws.
He said the amount represented 76 per cent of the value of crude oil lifting during the period.
The complaints are contained in the letter to the President dated September 25, 2013.
However, the corporation refuted the claims that it diverted the said amount, adding that the allegation by the CBN governor was 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.
Some operators in the sector, who spoke on the issue in an interview with our correspondent on Tuesday, called for an in-depth probe into the scandal, stressing that the CBN had to come up with the ‘facts’ because of the frustrations it was encountering in dealing with the corporation.
Sanusi had said he was constrained to bring the huge anomaly, which he noted had lingered for years, to the notice of the President.
An oil marketer told our correspondent that some of the illegal activities being perpetuated by the NNPC would not have been successful if the corporation was not tactfully being supported by the senior government officials.
The marketer, who pleaded not to be named because of the sensitive nature of the issue, said, “It is sad to see this kind of report in the papers. The truth, however, is that there is no way the NNPC will be able to carry out this kind of fraud without the assistance of the minister of Petroleum Resources.”
However, the NNPC said in a statement on Tuesday evening that the CBN governor misunderstood how remittances on crude oil sales were being undertaken.
The General Manager, Media Relations Department, NNPC, Dr. Omar Ibrahim, said, “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 618.55 million barrels. This shows that the CBN understated the actual crude lifted by 4.13 per cent.”
He explained that the revenues from crude oil lifting were in various categories, namely equity crude; Petroleum Profit Tax, royalty, third party financing and the Nigerian Petroleum Development Company.
Ibrahim said revenues from each of the categories were statutorily being collected by different agencies of the government.
He said the corporation was collecting only one of the aforementioned categories, the equity crude.
“The Petroleum Profit Tax is collected by the Federal Inland Revenue Service; royalty goes to the Department of Petroleum Resources; third party financing goes for the research and development programme and satellite fields development, while the NPDC goes to the NPDC for upstream development,” the statement explained.
Ibrahim said while the NNPC was paying proceeds from equity crude directly to the Federation Account with the CBN, the FIRS and DPR were paying the PPT and royalty respectively into the same account.
The sum total of the proceeds makes up the alleged unremitted revenues, according to him.
He said, “The 24 per cent 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 per cent was paid to the agencies that are statutorily empowered to receive them for onward remittance into the Federation Account.”
He stressed the need for institutions of the Federal Government and top government functionaries to seek understanding of issues that were not clear to them from relevant agencies rather than go public with misleading information that was capable of creating public disaffection.

Chima_Agbalajob: The reason why corrupt officers go scot free in Nigeria is that the opposition APC will usually protect them and try to blame the President and their favorite targets -Igbo ministers for any percieved shortcoming of any parastatal.

I guess the mentioned names are the aliases for Andrews Yakubu, the NNPC Group Managing Director that is culpable for diverting a whopping $50 Billion government coffers.

why are u so wasteful even at the display of common sense? Why are u so daft than the said president? Why are u an id!ot in the first place? i understand the people of ur region lives and die with corruption, but pls, take ur foolishness to anothe forum where ur kindred will embrace it!

What concerns APC in this matter?
Are u not angry at the facts brought against ur masters? Are u not angry at all at what is going on in the country?

Are u tired of these people looting the treasury and u and ur family and children can't even have a clean water to drink?

What is ur problem with tribalism?
Why are u so stup!d that a dog is said to be smarter than u?

U are nuttin but a fool!

If only u av a brain, u shld stand up against these misdeeds and shun tribalism!

But i undstnd that in a colony where u protest to keep the corrupt, where u threaten war to keep the devil, what do i expect from u?

With N500, i knw ur mothers will go naked on the street in protest of the corrupt ones!

i weep for ur generations! U goat!

SLIDE waxie: why are u so wasteful even at the display of common sense? Why are u so daft than the said president? Why are u an id!ot in the first place? i understand the people of ur region lives and die with corruption, but pls, take ur foolishness to anothe forum where ur kindred will embrace it!

What concerns APC in this matter?
Are u not angry at the facts brought against ur masters? Are u not angry at all at what is going on in the country?

Are u tired of these people looting the treasury and u and ur family and children can't even have a clean water to drink?

What is ur problem with tribalism?
Why are u so stup!d that a dog is said to be smarter than u?

U are nuttin but a fool!

If only u av a brain, u shld stand up against these misdeeds and shun tribalism!

But i undstnd that in a colony where u protest to keep the corrupt, where u threaten war to keep the devil, what do i expect from u?

With N500, i knw ur mothers will go naked on the street in protest of the corrupt ones!

i weep for ur generations! U goat!

Hey.., slow down!!

SLIDE waxie: why are u so wasteful even at the display of common sense? Why are u so daft than the said president? Why are u an id!ot in the first place? i understand the people of ur region lives and die with corruption, but pls, take ur foolishness to anothe forum where ur kindred will embrace it!

What concerns APC in this matter?
Are u not angry at the facts brought against ur masters? Are u not angry at all at what is going on in the country?

Are u tired of these people looting the treasury and u and ur family and children can't even have a clean water to drink?

What is ur problem with tribalism?
Why are u so stup!d that a dog is said to be smarter than u?

U are nuttin but a fool!

If only u av a brain, u shld stand up against these misdeeds and shun tribalism!

But i undstnd that in a colony where u protest to keep the corrupt, where u threaten war to keep the devil, what do i expect from u?

With N500, i knw ur mothers will go naked on the street in protest of the corrupt ones!

i weep for ur generations! U goat!

He is indeed a goat. With him and his likes that are in support of corruption, Nigeria has no future and the dream of a developed, corruption free state is blink.

If any irredeemable stu.pid oloshi come here and reign insults on ASUU again,i will conjure Sango and obatala to destroy their soul.

And all ASUU is asking for is not up to this outrageous amount

The part i really hate in the national anthem is;

The labour of our heros past, shall never bla bla blaaaaa.
These people have really made a mockery of the dead heros.