Non-remittance of $49.8 bn: NNPC says Sanusi playing politics. BY CHRIS OCHAYI, ABUJA:
The allegation of non-
remittance of $49.8 billion oil
revenue made the Nigerian
National Petroleum
Corporation, NNPC, by the Governor of Central Bank of
Nigeria, CBN,Sanusi Lamido
Sanusi took a new dimension
on Friday as the Corporation
accused the CBN Governor,
Sanusi Lamido Sanusi, of turning the issue into a
political instrument. Group Managing Director, GMD,
of the NNPC, Engr. Andrew
Yakubu, described the CBN
allegation as unfounded and
baseless because the apex
bank has always been a major player in the oil and gas value
chain. Nothing that the NNPC was not
a sole player in the business of
oil and gas value chain, Engr.
Yakubu named CBN, FIRS and
DPR as members the that meet
regularly to reconcile liftings, sales and remittances of oil
proceeds, adding “We meet on
a monthly basis and all the
players are always there and
they all sign up on this”. He said “In fact our data was
compiled from signed up
documentation. I will not say
the CBN was not aware
because they are always at the
meeting and they also sign up the documentation and
reconciliation documents”. According to him, “I want to
say clearly that the allegation is
unfounded, it is baseless and it
has become a political
instrument in the current
politically charged environment. And I will
consider it as an attempt to
ridicule NNPC staff and the
management of NNPC. “We will continue to keep our
operations in high integrity
and transparency and we are
available at any point in time
to reconcile numbers as we do
in our operations.” Engr. Yakubu spoke further, “as
you are well aware, it is not in
our character to join issues or
trade blames with other
agencies of government. But
considering the high level of publicity that the recent letter
from the Governor of the
Central Bank of Nigeria, CBN, to
the President has generated,
and the erroneous impression
it has created among Nigerians. It has become
necessary to set the records
straight. “The statement credited to the
CBN Governor that NNPC has
failed to remit the sum of $
49.8bn representing 76% of
total national oil receipts is
borne out of a surprising lack of understanding of how
revenues from crude oil sales
are remitted into the
Federation Account. “I will therefore explain the
process and put the figures in
perspective in order for you to
understand and let the world
know that NNPC is not in the
business of withholding any crude oil receipts due the
Federation Account or any
other statutory remittances.” Yakubu explained further that
“”all NNPC crude oil liftings is
made up of the following;
Equity Crude, Royalty Oil,Tax
Oil,Volume for Third Party
Financing, and NPDC equity volume. “It is important to
stress that remittances of
proceeds from the above
liftings are made according to
statutory and production
arrangements. “Accordingly, proceeds from
Equity crude is paid by NNPC
into the Federation Account
which is held by the Central
Bank of Nigeria. Proceeds from
Royalty oil is paid to Department of Petroleum
Resources, DPR, whose
designated account is
managed by the same CBN. “Similarly, the proceeds from
Tax Oil or Petroleum profit Tax
lifted by NNPC is paid directly
into the Federal Inland
Revenue Service, FIRS, account
also managed by the CBN. “It should now be clear to all
that NNPC is by statutory
requirement responsible for
direct remittances of only one
stream of liftings, namely
Equity Crude.” “Analysis of the figures is as
follows; the CBN letter claims
that for the period 1st Jan 2012
to 31st July 2013, total National
crude oilliftings was 1.287
billion barrels. Our records show that the total national
crude lifting for the same
period was actually higher at
1.330 billion barrels.
Furthermore, total NNPC
liftings during the same period was again higher at 618.552
million barrels as against the
594.024 million barrels stated
by CBN. “We further wish to state that
the proceeds from the total
NNPC liftings comprising
Federation Equity, Royalty Oil,
Tax Oil, Volume for Third Party
Finance and NPDC equity amount to US$67.12bn as
against the $65.33bn that the
CBN stated. “NNPC remitted its portion
which is $18.48bn (27.5%) into
the Federation Account being
the total proceeds from Equity
Crude and gas sales of which
CBN acknowledged receipt of $ 15.528bn (24%).
At this point, we wish to
categorically state that all the
proceeds from NNPC have been
remitted as statutorily
required.
www.vanguardngr.com

Kingspin: Non-remittance of $49.8 bn: NNPC says Sanusi playing politics. BY CHRIS OCHAYI, ABUJA:
The allegation of non-
remittance of $49.8 billion oil
revenue made the Nigerian
National Petroleum
Corporation, NNPC, by the Governor of Central Bank of
Nigeria, CBN,Sanusi Lamido
Sanusi took a new dimension
on Friday as the Corporation
accused the CBN Governor,
Sanusi Lamido Sanusi, of turning the issue into a
political instrument. Group Managing Director, GMD,
of the NNPC, Engr. Andrew
Yakubu, described the CBN
allegation as unfounded and
baseless because the apex
bank has always been a major player in the oil and gas value
chain. Nothing that the NNPC was not
a sole player in the business of
oil and gas value chain, Engr.
Yakubu named CBN, FIRS and
DPR as members the that meet
regularly to reconcile liftings, sales and remittances of oil
proceeds, adding “We meet on
a monthly basis and all the
players are always there and
they all sign up on this”. He said “In fact our data was
compiled from signed up
documentation. I will not say
the CBN was not aware
because they are always at the
meeting and they also sign up the documentation and
reconciliation documents”. According to him, “I want to
say clearly that the allegation is
unfounded, it is baseless and it
has become a political
instrument in the current
politically charged environment. And I will
consider it as an attempt to
ridicule NNPC staff and the
management of NNPC. “We will continue to keep our
operations in high integrity
and transparency and we are
available at any point in time
to reconcile numbers as we do
in our operations.” Engr. Yakubu spoke further, “as
you are well aware, it is not in
our character to join issues or
trade blames with other
agencies of government. But
considering the high level of publicity that the recent letter
from the Governor of the
Central Bank of Nigeria, CBN, to
the President has generated,
and the erroneous impression
it has created among Nigerians. It has become
necessary to set the records
straight. “The statement credited to the
CBN Governor that NNPC has
failed to remit the sum of $
49.8bn representing 76% of
total national oil receipts is
borne out of a surprising lack of understanding of how
revenues from crude oil sales
are remitted into the
Federation Account. “I will therefore explain the
process and put the figures in
perspective in order for you to
understand and let the world
know that NNPC is not in the
business of withholding any crude oil receipts due the
Federation Account or any
other statutory remittances.” Yakubu explained further that
“”all NNPC crude oil liftings is
made up of the following;
Equity Crude, Royalty Oil,Tax
Oil,Volume for Third Party
Financing, and NPDC equity volume. “It is important to
stress that remittances of
proceeds from the above
liftings are made according to
statutory and production
arrangements. “Accordingly, proceeds from
Equity crude is paid by NNPC
into the Federation Account
which is held by the Central
Bank of Nigeria. Proceeds from
Royalty oil is paid to Department of Petroleum
Resources, DPR, whose
designated account is
managed by the same CBN. “Similarly, the proceeds from
Tax Oil or Petroleum profit Tax
lifted by NNPC is paid directly
into the Federal Inland
Revenue Service, FIRS, account
also managed by the CBN. “It should now be clear to all
that NNPC is by statutory
requirement responsible for
direct remittances of only one
stream of liftings, namely
Equity Crude.” “Analysis of the figures is as
follows; the CBN letter claims
that for the period 1st Jan 2012
to 31st July 2013, total National
crude oilliftings was 1.287
billion barrels. Our records show that the total national
crude lifting for the same
period was actually higher at
1.330 billion barrels.
Furthermore, total NNPC
liftings during the same period was again higher at 618.552
million barrels as against the
594.024 million barrels stated
by CBN. “We further wish to state that
the proceeds from the total
NNPC liftings comprising
Federation Equity, Royalty Oil,
Tax Oil, Volume for Third Party
Finance and NPDC equity amount to US$67.12bn as
against the $65.33bn that the
CBN stated. “NNPC remitted its portion
which is $18.48bn (27.5%) into
the Federation Account being
the total proceeds from Equity
Crude and gas sales of which
CBN acknowledged receipt of $ 15.528bn (24%).
At this point, we wish to
categorically state that all the
proceeds from NNPC have been
remitted as statutorily
required.
www.vanguardngr.com

To serve mah nation with all my strength

Another crude attempt to digress from the topic. Is the NNPC man lacking an understanding of the contents of Lamido Sanusi's letter.

The CBN asks in the letter, where is my foreign exchange?

You the NNPC has exported crude and under the export laws, the proceeds from these exports must be remitted by the NNPC, the exporter and not the FIRS or DPR.

To an extent, the CBN cares less about what has been paid into the federation account as that is an issue for the fiscal authorities. The CBN is concerned about its foreign exchange as this is at the center of its monetary policy direction.

So Mr NNPC who exported and did not remit forex to the CBN should explain what has happened. In this case, the CBN does not know the DPR and FIRS. It knows the exporter, the NNPC.

It is very clear that sanusi is extremely missinformed or just bein used by the Northern elements to cause confussion.

van-helsing2099:



To serve mah nation with all my strength

You are a f.ool

ballabriggs: Another crude attempt to digress from the topic. Is the NNPC man lacking an understanding of the contents of Lamido Sanusi's letter.

The CBN asks in the letter, where is my foreign exchange?

You the NNPC has exported crude and under the export laws, the proceeds from these exports must be remitted by the NNPC, the exporter and not the FIRS or DPR.

To an extent, the CBN cares less about what has been paid into the federation account as that is an issue for the fiscal authorities. The CBN is concerned about its foreign exchange as this is at the center of its monetary policy direction.

So Mr NNPC who exported and did not remit forex to the CBN should explain what has happened. In this case, the CBN does not know the DPR and FIRS. It knows the exporter, the NNPC.

You are talking COMPLETE NONSENSE; I bet you know dat, right?...'I want my foreign exchange'! What d fucck does that mean, DAFTY? In which currency do you think NNPC and others paid statuary monies to CBN?? IJIOT.. Just like d #500billion SURE-P and $5billion Excess Crude 'missing' funds allegations, you Clown's Pathetic, pitiable PROPAGANDA wud leave you utterly Disgraced and bereft of any little Integrity left

PLEASE, can anyone go to Thisday Newspaper and post this same NNPC Rebuttal found there here? It is even more Detailed than this Vanguard's version.. I am not able to post currently, I wud hv done it myself. Many thnks

emmydeep: It is very clear that sanusi is extremely missinformed or just bein used by the Northern elements to cause confussion.

I am inclined to agree with you. Sanusi either doesn't have full grasp of the flow (doesn't know his job) or is simply being mischievous for political gain. Either way, too bad!

This is what happen when an Islamic scholar is in charge of an apex bank.

We've gone thru this during the stella oduah's saga....it doesn't lead anywhere.
Stop distracting us....

taharqa: You are talking COMPLETE NONSENSE; I bet you know dat, right?...'I want my foreign exchange'! What d fucck does that mean, DAFTY? In which currency do you think NNPC and others paid statuary monies to CBN?? IJIOT.. Just like d #500billion SURE-P and $5billion Excess Crude 'missing' funds allegations, you Clown's Pathetic, pitiable PROPAGANDA wud leave you utterly Disgraced and bereft of any little Integrity left

You must be foaming in your mouth as your reply to my post shows you as one hell of a mental patient. Go and take your meds then you can read my post again.

Frm d public point of there's lack of teamwk,y keep quiet since 2012 wat a cordinated attack base on his contribution to smear GEJ govt.who is talking somebody dat hav been sleeping wit someone WIFE wit d pubic fund or is dat he knws dat his 2nd term is like a fart in d air

May God bless Engr Yakubu for this explanation. Some individuals are just out to tarnish the image of this government and run it down. May the good God keep, direct and help this administration to succeed. AMEN!

PointB:

I am inclined to agree with you. Sanusi either doesn't have full grasp of the flow (doesn't know his job) or is simply being mischievous for political gain. Either way, too bad!

This is what happen when an Islamic scholar is in charge of an apex bank.

Are you saying Sanusi just became CBN governor last year? He noticed a particular pattern in a period which shocked him and necessitated the letter. He has been there for long.

I'm forced to believe that Sanusi is only being politically mischievous. Since he meets meets NNPC on regular basis why not take the matter to them for amicable resolution instead of this his shameful public nakedt political dance. Being a CBN governor can never make him governor of Kano state. Let him go and ask CHUKWUMA SOLUDO.

Just passing
----oooO---
----(----)----
-----\--(--
------\_)
-----------Oooo
-----------(----)---
------------)--/----
------------(_/-
Wetin concern Boko_haram wit
ASUU....Abeg
who get pin mouth charger?

Abagworo:

Are you saying Sanusi just became CBN governor last year? He noticed a particular pattern in a period which shocked him and necessitated the letter. He has been there for long.

You see, the NNPC here is not even saying there is nothing missing. It says its statutory remittance to the federation account of about 27% of total has already been made.

What the NNPC has done is to shift the blame on some other agencies.

However, what the CBN is asking here is its foreign exchange. You exported and under the laws you should bring back foreign exchange to be held by the CBN before we talk of your statutory payments to the DPR and FIRS.

Where is this foreign exchange?

taharqa: You are talking COMPLETE NONSENSE; I bet you know dat, right?...'I want my foreign exchange'! What d fucck does that mean, DAFTY? In which currency do you think NNPC and others paid statuary monies to CBN?? IJIOT.. Just like d #500billion SURE-P and $5billion Excess Crude 'missing' funds allegations, you Clown's Pathetic, pitiable PROPAGANDA wud leave you utterly Disgraced and bereft of any little Integrity left

Abeg, am making this appeal again. It is important...

Longeria: I'm forced to believe that Sanusi is only being politically mischievous. Since he meets meets NNPC on regular basis why not take the matter to them for amicable resolution instead of this his shameful public nakedt political dance. Being a CBN governor can never make him governor of Kano state. Let him go and ask CHUKWUMA SOLUDO.

That letter was a private letter to the President that leaked. He wrote to lodge complaint to Jonathan about NNPC but it some how leaked and we all got to know about it. Some people accuse Amaechi of leaking it.

This is utter bullshit. how can a human being with brain write this after reading the analysis made by NNPC? shit!

ballabriggs: Another crude attempt to digress from the topic. Is the NNPC man lacking an understanding of the contents of Lamido Sanusi's letter.

The CBN asks in the letter, where is my foreign exchange?

You the NNPC has exported crude and under the export laws, the proceeds from these exports must be remitted by the NNPC, the exporter and not the FIRS or DPR.

To an extent, the CBN cares less about what has been paid into the federation account as that is an issue for the fiscal authorities. The CBN is concerned about its foreign exchange as this is at the center of its monetary policy direction.

So Mr NNPC who exported and did not remit forex to the CBN should explain what has happened. In this case, the CBN does not know the DPR and FIRS. It knows the exporter, the NNPC.

Sealeddeal: This is utter bullshit. how can a human being with brain write this after reading the analysis made by NNPC? shit!

Lol Is this what you lapdogs decided at your meeting? To move away from the topic and throw tantrums like rabid dogs.

loool I laugh in abagana. You will earn your wage today.

Abagworo:

Are you saying Sanusi just became CBN governor last year? He noticed a particular pattern in a period which shocked him and necessitated the letter. He has been there for long.

I am saying that he doesn't know his job. From his handling of the banking crisis, donating CBN money to state and cronies, and this among others. Sanusince does not know his job, because he is not amply qualified to hold the post.

He noticed a pattern that has been in existence since Jan 2012. Pray tell, what the f**k was he waiting for? What did he do to find out and correct whatever anomaly he noticed. Why did he have to wait for close to 2 years before voicing out. It is my opinion that he is confused, because he lacked the skill set, and knowledge to know any better. Again, this is what happen when a dedicated Islamic scholar is in charge of an apex bank.

PointB:

I am saying that he doesn't know his job. From his handling of the banking crisis, donating CBN money to state and cronies, and this among others. Sanusince does not know his job, because he is not amply qualified to hold the post.

He noticed a pattern that has been in existence since Jan 2012. Pray tell, what the f**k was he waiting for? What did he do to find out and correct whatever anomaly he noticed. Why did he have to wait for close to 2 years before voicing out. It is my opinion that he is confused, because he lacked the skill set, and knowledge to know any better. Again, this is what happen when a dedicated Islamic scholar is in charge of an apex bank.

How did he handle the banking crisis biko? Can you throw more light on this?

ballabriggs:

Lol Is this what you lapdogs decided at your meeting? To move away from the topic and throw tantrums like rabid dogs.

You still have mouth to talk after being called out over your obvious stupidity? Some people no get shame sha! This one still dey get mouth sef. Monkey wey want be master

ballabriggs:

You see, the NNPC here is not even saying there is nothing missing. It says its statutory remittance to the federation account of about 27% of total has already been made.

What the NNPC has done is to shift the blame on some other agencies.

However, what the CBN is asking here is its foreign exchange. You exported and under the laws you should bring back foreign exchange to be held by the CBN before we talk of your statutory payments to the DPR and FIRS.

Where is this foreign exchange?

Bwahahahaha.... Grand OLODO!! So let us get it straight here: NNPC shld pay d entire money gotten from d Crude liftings to a CBN Account as 'foreign exchange' 1st (even though they are not statutuary allowed to). Then d CBN wud then pay d monies back to NNPC. Then d NNPC wud pay d 76% share to FIRS and DPR, who wud then pay the share BACK to d CBN in naira (non 'foreign exchange'?), right?? Shebi, am correct. Hehehehehehe ... Your DAFTNESS guy is Legendary!! I must hail you........ By d way, d NNPC made it clear that d entire $67 had been remitted to d CBN by d various collecting agencies cos d CBN itself is amongst d Agencies that meet and sign-off all d figures monthly even b4 Crude is lifted. The GMD NNPC also wondered hw any person wud bliv that $50bn was 'missing' in a country like Nigeria without d Economy been brought to its knees when that amount wud even affect d Economy of d USA (all these additional Info is in the Thisday's Article I hv talked about). I mean we all know that NNPC is/has always been a beacon for corruption, and one wud not doubt much if sm illegal dealings are tied to d way Oil is transacted in this country (one of d reasons some of us are still ASTONISHED at why d PIB hasn't been passed by d NA ova a year after they received, and d deadening SILENCE of d Noisy, Hypocritic 'anti-corruption' battle criers) BUT to say $50bn is just missing in 1.5yrs is an unacceptable Insult to our individual and collective Intelligence

wesley80: You still have mouth to talk after being called out over your obvious stupidity? Some people no get shame sha! This one still dey get mouth sef. Monkey wey want be master

Loool another lapdog on the loose. Who cares what your filthy brain thinks.

Abagworo:


That letter was a private letter to the President that leaked. He wrote to lodge complaint to Jonathan about NNPC but it some how leaked and we all got to know about it. Some people accuse Amaechi of leaking it.

This is part of a co-ordinated political attack. How can different secret letters (WITH SAME AIM) from Obasanjo and Sanusi got leaked to Amaechi. REASON WELL FOR ONES.

[s]

taharqa: Bwahahahaha.... Grand OLODO!! So let us get it straight here: NNPC shld pay d entire money gotten from d Crude liftings to a CBN Account as 'foreign exchange' 1st (even though they are not statutuary allowed to). Then d CBN wud then pay d monies back to NNPC. Then d NNPC wud pay d 76% share to FIRS and DPR, who wud then pay the share BACK to d CBN in naira (non 'foreign exchange'?), right?? Shebi, am correct. Hehehehehehe... Your DAFTNESS guy is Legendary!! I must hail you........ By d way, d NNPC made it clear that d entire $67 had been remitted to d CBN by d various collecting agencies cos d CBN itself is amongst d Agencies that meet and sign-off all d figures monthly even b4 Crude is lifted. The GMD NNPC also wondered hw any person wud bliv that $50bn was 'missing' in a country like Nigeria without d Economy been brought to its knees when that amount wud even affect d Economy of d USA (all these additional Info is in the Thisday's Article I hv talked about). I mean we all know that NNPC is/has always been a beacon for corruption, and one wud not doubt much if sm illegal dealings are tied to d way Oil is transacted in this country (one of d reasons some of us are still ASTONISHED at why d PIB hasn't been passed by d NA ova a year after they received, and d deadening SILENCE of d Noisy, Hypocritic 'anti-corruption' battle criers) BUT to say $50bn is just missing in 1.5yrs is an unacceptable Insult to our individual and collective Intelligence

[/s]

Rubbish where did the NNPC admit all revenue have been remitted? Can you point to where it was explicitly stated or is that another news from a mental patient like you.

Na waoh, do they teach exchange controls at yaba psychiatric hospital? How come your rabid brain seems to know more than the CBN on export laws and foreign exchange remittances.

ballabriggs:

How did he handle the banking crisis biko? Can you throw more light on this?

He created a bigger crisis by his lack of tact in dealing with the challenges he met. A clear off-shoot of his deficiency in knowledge needed to manage sensitive sector he found himself in. A better manager would have achieved similar even better result without overheating the sector and creating massive lack of confidence. Clearly Sanusi has not learnt anything from his past mistakes. Thiat is why we are here looking for what is not lost because Sanusi does understand the sensitivity of his job.

PointB:

He created a bigger crisis by his lack of tact in dealing with the challenges he met. A clear off-shoot of his deficiency in knowledge needed to manage sensitive sector he found himself in. A better manager would have achieved similar even better result without overheating the sector and creating massive lack of confidence. Clearly Sanusi has not learnt anything from his past mistakes. Thiat is why we are here looking for what is not lost because Sanusi does understand the sensitivity of his job.

Lol created bigger crisis or stabilised banks that where about to go down. Did he create the number of high risk loans in the system?

When you say a better manager would have managed the banking crisis more effectively, you must give policy and strategy examples to support your assertions. You are more intelligent than the mental patient Talaka and so I expect more from you.

NNPC in collaboration with the Presidency, Ministry of Petroleum and Finance diverted the proceed of the nation's revenue to other accounts against the law, some people are here insulting Sanusi for daring to ask question.

How pathetic. Very corrupt of you guys. It is now 8trillion Naira and counting. #KingOfThieves

NNPC always have been and always will be a Thievery Corporation until we do the right things. The truth remains that NNPC accounts are shrouded in secrecy, its operations not transparent and stinks of corruption.

This is the same man who stole over 100 million naira through deceptive donations. How many boko haram victims benefited that.