jide53:




The Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, on Wednesday disclosed that the Nigerian National Petroleum Corporation has started refunding the $1.48bn unremitted fund into the Federation Account as recommended by an audit firm, PriceWaterHouse Coopers.

She however did not disclose how much has for far been refunded by the corporation.

She also denied reports that she was seeking the assistance of some highly-placed persons in order to escape prosecution for alleged corruption from the incoming administration of the President-elect, Muhammadu Buhari.

Alison-Madueke spoke with State House correspondents at the end of the weekly meeting of Federal Executive Council at the Presidential Villa, Abuja.

It will be recalled the Federation Account Allocation Committee had on Monday night constituted a committee to find out the reasons for the delay in the refund of the sum.

PriceWaterHouse Coopers had in the report of its forensic audit report of the corporation recommended that the NNPC should refund the amount to the Federation Account.

Alison-Madueke however explained that the unremitted fund was owed by the NPDC for a block that had been assigned from the NNPC to the NPDC.

She said, “The PriceWaterHouse Coopers forensic audit that was done few weeks ago in his recommendation mentioned that $1.48bn was owed by the NPDC for a block that had hitherto been assigned from the NNPC to the NPDC which is its subsidiary.

“They felt that the right process would be that the NPDC will refund that money to the Federation Account. The NPDC has apparently started those refunds and it is also in discussion with the NNPC and the DPR on same. So the refund has actually began.”

While saying that the payment was being done under her directive, she insisted that the sum was not missing but transferred by the NNPC to the NPDC.

The minister also denied media reports that she was reaching out to some prominent Nigerians, including a former military Head of State, Gen. Abdusalami Abubakar (retd.), to seek soft landing from the incoming government.

She said she had in the course of her job as minister met with elder statesmen across the country and wondered why her meeting with Abubakar would be singled out.

The minister said she could not be seeking for a soft landing because she was not aware that she had committed any crime.

She said, “I have not sought such assistance because I am not aware that I have been indicted of any crime that I will need a soft landing.

“Over the last four years, I have many times been unfortunately accused and libelled in so many malicious and vindictive ways.

“I have explained these things and pushed back robustly on these accusations and I have even gone to court on many of them. Yet, they keep being regurgitated.”



http://www.punchng.com/news/nnpc-has-started-refunding-unremitted-1-48bn-alison-madueke/

afoo02:
Thank God Buhari won the election, this money for not return if na oga Jona won ooooo

gen2briz:



You really summarize the tori wella..

The fear of Buhari and jail the the beginning of well behavior.

Igwe9:
This is the type of headline that attracts curse to it's author, why would you summarise the post to make it appear as if there was a collaboration between the minister and the NNPC to divert the fund? Post the full version.

The heart of men they say are desperately wicked!

Pangea:
Jonathan!
See your life!
Stealing is not corruption?
Your goons are already cooperating even before Buhari's swearing in!

onfu1968:
A female staff of popular eatery, Sweet Sensation, Oluremi Olayinka was on Wednesday convicted and sentenced to 266 years imprisonment by Justice A.A Akinyemi of Ogun State High Court, Abeokuta, for stealing N8million belonging to her employer.

The offence is contrary to sections 390(6)(7)(cool, 467 and 468 respectively of the Criminal Code Law Cap 29, Laws of Ogun State.

The court found the convict guilty on all the 34-count charges. She was sentenced to seven years on each of 30 counts and 14 years on the remaining four charges. The sentences are to run concurrently.

Additionally, Justice Akinyemi ordered her to return the money she stole in restitution to her victim.

Ms. Olayinka was arraigned before Justice Akinyemi on May 13, 2014 following a petition, alleging that she stole the sum of N8,000,000 (Eight Million Naira), which she received on behalf of her employer.

When the convict was confronted with the allegation, she admitted the crime only for her to dramatically pleaded not guilty upon arraignment.

In the course of trial, the Economic and Financial Crimes Commission presented four witnesses and tendered 16 exhibits to prove its case against the convict.


Sorry, can some one help me with this simple Arithmetics?

If N8,000,000.00=266Years, How many Years will it be for $1.48 Billion? Given that $1=N206.

Kindly help, iam on hot seat. Thank you.

BashMe1:
Shey Woman yii Gbadun sha, Wah About D alleged missing 20billion Dollars?

Deziani abi Kiloruko e se je naa, gv ursef brain o. we no be mugu

bayulll01:


According to dr fayemi there are lots of money the NNPC has not remitted into the federation accounts,he said such money are either stolen,mismanaged or not accounted for,he says there is a comprehensive report the gej administrations refuse to make available to the media concerning pwc reports,he said this report will be make available to the populace after the transition..fayemi

Expect more stories that touch the hearth after may 29,can't wait

walemoney007:
The wind of changes is really blowin alison madueke,by d tym baba takes ova on may 29,d wind of change will blow her into kirikiri.

LordCenturion:
See thief, opolo eyes, the money is $20b, either u return it or not, u will rot in jail, u stewpid arm robber

unclejb2:
If Buhari wants to probe NNPC, he must start from 1999.

After May 29....... #Buharibringoutyourgirls

willycrown:


"You can never be wrong betting on the stupidity of Nigerians"

I was very angry when I first heard this but of late, I have come to agree that it is the truth.

It is my personal opinion that the biggest problem facing Nigeria is the fact that we have totally become a country of non thinking morons. And the integrity vacuous politicians and media are using this to feed us hogwash.

I mean, the PwC audit showed that of the $49billion (or $12b, or $10b, or $20b) alleged by Sanusi to have been missing, nothing was actuaully missing. It is pertinent to note again that the $1.48bn was not part of the alleged unremitted revenues from crude oil sales

In the course of carrying out comprehensive audit, PwC recommended that NNPC remit $1.48b. This amount was the balance of the book value of the divested assets that were transferred to NNPC upstream subsidiary, NPDC.

So, the money was never stolen nor embezzled by any individual. Rather, it has been in the book of NPDC all along. This invariably means the money has been in the balance sheet of Nigeria since NPDC belongs to Nigeria.

Any body with an IQ of even 70 will know that it is not possible that $20b will be taken from the federal covers. For crying out loud, the total revenue of the federal government of Nigeria was less than $20 billion last year!

Lastly, the bitter truth Nigerians need to realize is that, our dear country, Nigeria is an EXTREMELY poor country.

Ultrame:
Refund from where exactly? her personal account? under her bed? inside her wardrobe? This lady is gradually coming to terms with what is coming. Better fire!