As President Muhammadu Buhari hosts the head of the
leading global corruption watchdog Clare Short this week,
top on the agenda will be a probe of how Nigeria allegedly
remitted only $100m for the sale of oil blocks on which the
country was paid $1.85bn, credible sources have revealed.
Clare Short, who is the Chair of the Extractive Industries
Transparency Initiative (EITI) arrived in the country on
Monday on a three-day working visit. She is expected to
hold talks with President Buhari on the implementation of
the independent reports of the Nigeria Extractive Industries
Transparency Initiative (NEITI). The Meeting which is also
expected to provide the International Chair the platform to
brief the President on the importance of integrating the EITI
principles in his economic policy agenda as obtainable in
resource rich countries of the developed world, is also seen
as a global endorsement of President Buhari’s commitment
to good governance, transparency and accountability.
Buhari had listed the implementation of the findings and
recommendations of NEITI Audit Reports as a priority within
his administration’s 100 days in office. The executive
secretary of NEITI, Zainab Ahmed, had said last week that
over $7.5bn between 1999-2011 still needed to be recovered
from oil and gas companies in Nigeria. “ The amount
represents clear cases of underpayments, under-
assessments of taxes, royalties, rents... which have not
been adequately addressed in the past,” she said. NEITI has
suggested selling the state oil company’s stakes in
producing joint ventures to fix its budget woes, a call
echoed by many in the new administration, as well as
scrapping the expensive and graft-riddled fuel subsidy. The
government relies on oil sales for the bulk of its revenues
but there has been little oversight of how these are handled.
Central bank governor Lamido Sanusi was sacked by
Goodluck Jonathan after he said that up to $20bn in oil
revenues between 2012 and 2013 had not been remitted to
the government by the state oil company - NNPC.
Buhari said he would re-examine this allegation. Ahmed also
said NEITI audits showed that some $11.6bn of dividends
between 1999 and 2012 from the government’s
INVESTMENT in the Nigerian Liquefied Natural Gas (NLNG)
company were not remitted by the state oil company.
“ NNPC was unable to provide any evidence that the funds
were remitted to the federation as required by law, ” she
said. NNPC said the issue of reconciling accounts had been
raised at a previous Inter-Ministerial Task Team and would
be discussed this week. The team was designed to
implement NEITI’s findings. NEITI has also said the sale of
eight oilfields to NNPC’s upstream arm in 2010-2011 under
Jonathan should be reviewed, as they were sold at $1.85
billion of which only $100 million was remitted to the
federation account in February 2014. Before his sack by
Jonathan, Sanusi also criticized some of these deals for
being awarded non-competitively to companies that
supplied no services.
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Very simple He shld withdraw dem certificates Dat shld not cause any problem

OREMUSSANCTUS:
Very simple
He shld withdraw dem certificates
Dat shld not cause any problem

how simple? who will pay dem back . Imagine you paid for goods and accountant dint give the company , wetin concern you so far you have paid.

When Baba start acting rather than talking, u would see and hear too many revelations. then, we'd see the level corruption attained before this govt came in.

Your source is suspect.

OREMUSSANCTUS:
Very simple
He shld withdraw dem certificates
Dat shld not cause any problem

The clueless(GEJ) Govt must also refund the difference

Oga jona must pay for all the wrong thing, he did during his time in office.

Hehehehehe

NO BE SMALL TIN..

I smell set up!

front page plss

ZKOSOSO:
I smell set up!

Why will anybody want to set him up....it is an allegation, so it is left for gej to proof otherwise

Over to Gejist

[size=18pt]Bloody liar


If you want to cancel oil wells licenced to Southsouth oil companies and reallocate it to Aisha then do so and stop spewing this blatant lie[/size]

Which dunce put this on print?
Has the Jonathan led administration award out any oil blocs?
I smell Liar Mohammed's hands in this tall tale!