There are strong indications that the Economic
and Financial Crimes Commission has begun a fresh
discreet investigation into the activities of the
Nigerian National Petroleum Corporation.
Saturday PUNCH’s investigations revealed that
preliminary findings of the investigation would
lead to the invitation of former group managing
directors of the corporation next month.
It was gathered on Friday that the commission was
probing the former group managing directors over
alleged loss of government revenues during their
tenures.
It was learnt that all the ex-heads of the NNPC
between 2009 and 2015 might be summoned to
make some clarifications pertaining to their
tenure in the corporation.
The group managing directors during the period
are Dr. Mohammed Barkindo (2009-2010); Alhaji
Shehu Ladan (April – May 2010); Mr. Austen
Oniwon (2010-2012); Andrew Yakubu (2012-2014)
and Mr. Joseph Dawha (August 2014 –2015).
An operative of the commission, who confided in
Saturday PUNCH, said that as of now, none of the
former group managing directors had been
indicted, but their explanations would be needed
on some transactions by the corporation during
their tenure.
He also said that as part of the investigations,
the EFCC had raided the residence of a former
head of one of the NNPC’s subsidiaries.
According to the source, the commission recovered
an undisclosed sum of money from the man.
Investigations revealed that the man’s house was
raided by the EFCC’s operatives with intelligence
from the Department of State Security.
The source said that the Presidency ordered the
raid as part of the efforts to recover funds
believed to have been diverted.
The source did not disclose the total amount of
money involved in the raid.
The source stated, “You know that there is
collaboration between the agencies in the ongoing
efforts to recover some of these funds from
these people.
“It was the DSS that got the intelligence report
that some amount of money was being kept in the
residence of a former head of an NNPC
subsidiary.
“And the operation was partly successful because
they recovered some funds from the residence of
the man. I don’t have the information of how
much was recovered from the man.
“All the former group managing directors of the
NNPC will be invited by the EFCC next month.
They need to make some clarifications on their
tenure. It is their explanations that will
determine, if they will be detained or not.”
It was further gathered that several top
executives of the NNPC, who served under the
previous administration, had been penciled down
for probe.
Efforts to get the Head of Media and Publicity of
the EFCC, Mr. Wilson Uwujaren, were not
successful as calls to his mobile telephone did not
connect.
It will be recalled that the EFCC and the DSS had
last year begun investigations into how the
Federal Government was allegedly short-changed
by the NNPC in swapping crude for refined
products.
The Federal Government was said to be losing
money through opaque contracts in which crude oil
worth billions of dollars was given to traders in
exchange for refined imports.
The Nigerian Extractive Industries Transparency
Initiative was reported to have said there was a
revenue loss of at least $600m due to a
discrepancy between the value of the crude and
the products delivered. The figure was taken from
its 2009-2011 and 2012 audits of the oil and gas
industry.

New c’ttee may revisit Ribadu’s panel report

Also there are indications that the Federal
Government may make use of some aspects of the
report of Nuhu Ribadu-led Petroleum Revenue
Special Task Force set up by the former President
Goodluck Jonathan administration.
A source in the Ministry of Petroleum Resources,
who confided in Saturday PUNCH on Friday, said
that President Muhammadu Buhari would set up a
committee to look at the report of the Ribadu
committee, which was set up in 2012.
The source stated that the present administration
would not adopt the whole report, but only use the
useful aspects of the report.
“Although the administration that set up the task
force was not serious with its report, the present
government will look at it. I must add that many
more evils have occurred since the task force
submitted its report in November 2012,” he said.
The committee, which submitted its report on
November, 2012, had detailed how the Nigerian
government and the NNPC treated huge oil
revenues accruing to the federation as a reserve
of money that could be used for illicit purposes
devoid of accountability.
According to the report, the NNPC spent funds on
extra-budgetary purposes such as the acquisition
of a N2.23bn chopper for the President and
sponsorship of the World Cup.
The committee had also discovered that in a
brazen misuse of public funds, the NNPC gave out
N700.5m in loan to Sao Tome & Principe based on
instruction from the Presidency.
The NNPC was reported to have underwritten a
N521m expenses incurred by the Federal Ministry
of Petroleum Resources and spent N250m on court
cases involving the ministry.

C’ttee’ll get its terms of reference – Presidency

Commenting on the Ribadu report, the Special
Adviser to the President on Media and Publicity,
Mr. Femi Adesina, said, “When a committee is set
up to carry out a probe, it will be given terms of
reference.”
Adesina was asked if the President would make
use of the Ribadu panel report when he set up a
committee to probe the oil sector.

Nothing wrong with NNPC probe—Afenifere

Meanwhile, the spokesman for the Yoruba socio-
political group, Afenifere, Mr. Yinka Odumakin,
has said the government should concentrate on
governance.
He said, “There is nothing wrong with probing any
agency of government. It is part of the
accountability process. The agencies responsible
for such probes should do their work while the
presidency concentrates on governance.”


http://www.punchng.com/fresh-nnpc-probe-efcc-set-to-summon-four-ex-gmds/

Just bring sanity to the system, dasol

What baffles me most these thieves are EDUCATED what is the purpose of attending top notch schools only for you to end up stealing what is wrong with we Nigerians.......and some peeps who have never been credited a million naira ever in their life out of this same money will come here and spew rubbish...I will not pray for this country and I'm tired of seeing all these headlines of stealing everywhere no sane person should continually see this on a daily basis and expect the best out of my colleagues in the office who might also be future thieves

Dear Buhari Ride on we the "Good people of Southeast" are solidly behind you in this fight against corruption.

When the political elites want to embezzle our funds they come together irrespective of their various tribes and religion to embezzle our common wealth..

Last night in a high profile club here in Abj I saw an EX ministers son popping over 8bottles of "Ace of spade" as if he's just opening some bottles of water. That's far more than several hardworking Nigerians annual pay..

Long live Imo State.
Long Live Nigeria..

LordMecuzy:
Dear Buhari Ride on we the "Good people of Southeast" are solidly behind you in this fight against corruption.

When the political elites want to embezzle our funds they come together irrespective of their various tribes and religion to embezzle our common wealth..

Last night in a high profile club here in Abj I saw a ministers son popping over 8bottles of "Ace of spade" as if he's just opening some bottles of water. That's far more than several hardworking Nigerians annual pay..

Long live Imo State.
Long Live Nigeria..

How many hardworking Nigerians can afford 8 bottles of 'Eva' in 8 hours?

LordMecuzy:

Long live Imo State.
Long Live Nigeria..

Nwannem.

What baffles me most is that some poor buffoons who never benefited any kobo from these thieves will come online to deride the present administration trying to recover the loot and trying more to cover the thieves.

Madame Diezani! Hope say u don dey warm up? Ask Metuh, dokpesi as hin be.. ur yansh go hurt