The Nigerian National Petroleum Corporation (NNPC) has maintained that its withdrawal of $1.05 billion from the NLNG Dividend Account was legal.The Senate is currently probing the action, which it claimed was done to support fuel consumption.

Though analysts have said the withdrawal to augment, what they alleged obscure subsidy regime, remained a critical challenge to the nation’s economy, NNPC’s Chief Financial Officer (CFO), Isiaka Abdulrazaq, however told reporters that extant laws were resorted to before the consummation of the deal.

According to him, the 2018 Appropriation Act defined revenue from NNPC as net of cost, indicating that the oil agency could defray the cost of its operations from earnings.He also cited the NLNG Act, which explicitly provides that the corporation could defray its cost from the dividends, as one of the legal grounds relied upon for the expenditure without recourse to appropriation by the National Assembly.

Abdulrazaq recalled the case instituted by some state governments in 1999 seeking the interpretation of revenue on account of their contention that all accruals from oil and gas operations amount to revenue and should be swept into the Federation Account.

The ruling by the Supreme Court in 2002, according to him, was in tandem with NNPC’s position that revenue is accruals of net of cost.His words: “We have provided the legal authority on which we rely to use funds from the NLNG Dividend Account to the Senate. We believe they will reason with us. But if need be, we will seek legal opinion.

“NNPC is very open and transparent. We publish our Monthly Financial and Operations reports in the media. No one does monthly reporting, not even the international oil companies or the publicly quoted companies. The best they do is quarterly reports.

“But we do monthly reports of revenue (profit and loss for the entire corporation, including the subsidiaries). We do operations report on how much oil and gas that were produced and sold.”The NNPC official noted that the money in question was channeled to three strategic infrastructure namely the Manbilla Hydro Power, second Niger Bridge and the Lagos-Ibadan Expressway projects.

https://www.akelicious.net/2018/12/1-billion-withdrawal-from-nlng-dividend.html

Who are we to doubt the fish that claims the crocodile has only one eye?

[img]https://i./3NpLR.gif[/img]

We are fighting corruption

Too bad

BruncleZuma:


Who are we to doubt the fish that claims the crocodile has only one eye?

[img]https://i./3NpLR.gif[/img]

lmao

NNPC is very open and transparent. We publish our NNPC Monthly Financial and Operations reports in the media. No one does monthly reporting, not even the international oil companies or the publicly quoted companies. The best they do is quarterly reports. But we do monthly reports of revenue (profit and loss for the entire corporation, including the subsidiaries). We do operations report on how much oil and gas was produced, sold and the monetary value; how much products the refineries processed and how much was imported and sold by PPMC. We do all these to defuse the perception of opacity. Yet some people still say we are opaque, and I think that is not fair”, he argued.....quoted.

Na Gandollar talk say, e dey okay.

How much was channelled for each of the aforementioned projects? (With emphasis on Lagos-Ibadan Express Road)

When precisely did they channel the money? (That we can ask questions on why the delay in the completion of the Lagos - Ibada Express Road project)

Is it different from the normal "Federal Executive Council have approved" we hear of every Wednesday after weekly FEC meetings i.e is it NNPC that DIRECTLY funds such projects?

CHILDREN OF HATE GO BEGIN TYPE RUBBISH.

Corruption Fighting Back

D way dis monies are being withdrawn is making it seem like dey jus went to an atm and withdrew it.. By d tym dis ppl are thru with us ehn...

Nbote:
D way dis monies are being withdrawn is making it seem like dey jus went to an atm and withdrew it.. By d tym dis ppl are thru with us ehn...

This is why Buhari wanted to be Minister of Petroleum.

TheGreenLand:
NNPC is very open and transparent. We publish our NNPC Monthly Financial and Operations reports in the media. No one does monthly reporting, not even the international oil companies or the publicly quoted companies. The best they do is quarterly reports. But we do monthly reports of revenue (profit and loss for the entire corporation, including the subsidiaries). We do operations report on how much oil and gas was produced, sold and the monetary value; how much products the refineries processed and how much was imported and sold by PPMC. We do all these to defuse the perception of opacity. Yet some people still say we are opaque, and I think that is not fair”, he argued.....quoted.

we do we do
is it from ur suya stand or on top of ur shoe shiner business that we are doing

Fire this NNPC boss

He is too much of a Buhari /Kyari boy

No single independence

This is just the Genesis, by the time Buhari/Jubril gets to Exodus, our eyes will open and it will be late. Corruption fighter in deed.

Would he say it was illegal before? The only thing left for this administration is to legalise corruption.Later now they will be shouting yahoo boys not knowing that they are just laying the path those guys tread on....smh

#MyOpinion
#AtikuObi2019
#Back2Daura

Our money o

That is why they claimed that nnpc is not a public company so they can turn it into their personal atms withdrawing money willy nilly.
No wonder Buhari is always interested in anything oil and gas. From petroleum minister to ptf and now again to petroleum minister/president. God will judge you all.

Transparency indeed. Mr integrity continues