The Senate Committee on Gas Resources and the Nigeria National Petroleum Corporation (NNPC) on Thursday says no 1.05 billion dollars is missing from the Nigerian Liquefied Natural Gas (NLNG) dividend account. Chairman of the committee, Sen. Bassey Akpan, and the Chief Financial Officer (CFO) of NNPC, Mr Isiaka Abdulrazaq, stated this at a meeting between members of the committee and NNPC officials in Abuja.

Akpan and Abdulrazaq noted that contrary to media reports, the issue at stake is on the legality of the utilisation of the 1.05 billion dollars by the NNPC for importation of fuel, and not on whether or not the money is missing. The meeting was in continuation of investigation by the committee into the utilisation of the 1.05 billion dollars by the NNPC from the NLNG dividend fund to “augment under-recoveries” in fuel importation.

The Group Managing Director of the NNPC, Mr Maikanti Baru, confirmed the spending at a Senate hearing recently. Baru had said the NNPC took the action following the removal of fuel subsidy in 2016, and the resultant withdrawal of independent oil companies from importation of the product. He had said the withdrawal was in line with the NNPC Act which empowers the company to fund its operations from its revenue. But the lawmakers believe the NLNG dividend fund is revenue meant for the three tiers of government and thus the NNPC lacks powers to unilaterally draw from it. At Thursday’s meeting, Akpan said documents made available to the committee by the NNPC showed that another 1.05 billion dollars was transferred from the NLNG account. He asked why the NNPC vide a letter dated Nov. 30, 2016, authorised the CBN to transfer the money and for what purpose.

Responding, Abdulrazaq said the transaction was an internal entry of the CBN regarding the movement of the fund from one NLNG dividend account to another, and not payment to a third party. Throwing more light on the transaction, the Group Managing Director, Treasury, of the corporation, Mr Dapo Segun, said there are two NLNG dividend accounts. Segun identified the accounts as the NLNG Bank of International Settlement (BIS) Account and the NLNG Standard Chartered Bank Account. He said that following the adoption of the Treasury Single Account policy of the Federation Government, deposit money banks holding the NLNG dividend funds were directed to transfer them to the CBN. The CBN, according to him, told the NNPC that it had deposited the funds in the NLNG BIS Account, which he said was not operational.

Segun said the Nov. 30, 2016 memo cited by the Akpan simply asked the CBN to transfer the money from the BIS Account to the NLNG Standard Chartered Bank that was operational. “So, CBN did move the money pursuant to our instruction, and then subsequently, CBN reversed that transaction which was still between NLNG accounts. “So, the money never left the NLNG dividend account; it moved from one NLNG dividend account to another NLNG dividend account,” he said. After Segun’s clarification, Abdulrazaq told the senators that the CBN was in the right position to explain why it reversed the transfer from NLNG Standard Chartered Account to the BIS Account. He noted that the issues being discussed at the hearing bordered on the legality of the utilisation of the 1.05 billion dollars on fuel importation, and not on whether or not the money was missing. The NNPC CFO said the clarification became necessary following misleading reports in the media that the money was missing. Abdulrazaq said the reports were sending wrong signals about the government to its foreign partners and potential investors. At this point, the committee chairman pleaded with newsmen around to refrain from misrepresentation of facts and report the proceeding verbatim. Akpan said, “Please pressmen, nobody is saying that money is missing, I plead with you to report the outcome of this meeting verbatim. “We are only engaging the NNPC to understand the rudiments and dynamics of the NLNG dividend account,” he said.(NAN)

Read more at: https://www.vanguardngr.com/2018/12/no-1-05bn-nlng-fund-missing-senate-committee/

another one ok.

PDP is not satisfied with this news. It. Must be missing so that they can add it to the 12 trillion they said is missing

rottennaija:
PDP is not satisfied with this news. It. Must be missing so that they can add it to the 12 trillion they said is missing

That's their plan. They will never want a clarification to be made.

Mynd44, Lalasticlala let's get Nigerians to know the truth about this matter pls.

Buhari is not fighting corruption. He is only fighting opposition. They only PAMED the money for election purpose.

Just look at how this thread is deserted. Had it been otherwise, all the miscreants will be here to scream blue murder.

God bless Nigeria!

Again? NNPC was explaining two days ago on why it illegal deduction from the NLNG account to fund a subsidy the government have vehemently denied never existed out of hatred for the former regime tell a lot of how nauseating the double standard & hypocrisy any thing APC can be in their delusion of reality.

One day it's missing, the next day it isn't. The Nigerian way.
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ok

chinjo:
Buhari is not fighting corruption. He is only fighting opposition.

There is nothing wrong in fighting corrupt opposition members. It is a significant part of the larger fight against corruption. What is wrong, however, is supporting corrupt opposition members who looted your destiny. It makes no sense. Support the fight against corruption and stop ridiculing the governments effort to recover funds looted from our common patrimony.

Racoon:
Again?

Sad news to you abi?!
You prefer it missing, isn't it?!
Lover of bad news!

netpro:


It is amazing. If Buhari had made that comment, multiple threads and protest would have rent the airwave.

We now live in the era of Hypocrisy. All they lambasted Buhari for, is now cool in Atiku - from being 70+ to being a Fulani, northerner, Muslim, etc.

After Buhari's election, they will return to no referendum, no election.

Correct man, you've said it all bro.

The same impunity we were all dragging with PDP. Buhari will soon auction Nigeria on eBay. Wole Soyinka was right, budget allocation every year but little or no projects. I was amazed seeing Buhari laughing out loudly with Babachair Lawal yesterday and I was like Buhari is truly fighting corruption. FIRs boasted yesterday of generating over 5 trillions for the federal government not to talk of customs, NNPC and others but everyday story is borrowing. I wonder the kind of pipe draining our money. Apc has finished Nigeria.

ipob miscreants cannot read and understand this simple message. They
Should await futher instructions from onemandecay.

rottennaija:
PDP is not satisfied with this news. It. Must be missing so that they can add it to the 12 trillion they said is missing

Lol , you caught them by the balls!

Ok

Another one swept under d carpet.

[s]

seunmsg:

There is nothing wrong in fighting corrupt opposition members. It is part and percel of the larger fight against corruption. What is wrong, however, is supporting corrupt opposition members who looted your destiny. It makes no sense.

[/s]

[s]

post=73827610:

Sad news to you abi?!You prefer it missing isn't it?!
Lover of bad news!

[/s]

Another lie from the children of hate anger and propaganda busted.

These guys have become a scourge to the country's socioeconomic progress as they've sworn to do anything to cripple this government and usher back in those goats Jonathan once said plundered our yam barn in his famous (infamous?) Goat and Yam speech.

As they've sworn to keep lying without let (like our good friend FarahAideed) so shall event continue to unravel to burst their devilish lies.

Buhari will be reelected in 2019 and Osinbajo will take over afterwards. Y'all shall continue to wail to eternity hopefully as an end isn't anywhere in sight to your misplaced anger and bitterness.

Why is this thread so dry?

[s]

Racoon:
Again? NNPC was explaining two days ago on why it illegal deduction from the NLNG account to fund a subsidy the government have vehemently denied never existed out of hatred for the former regime tell a lot of how nauseating the double standard & hypocrisy any thing APC can be in their delusion of reality.

[/s]
Grandma just dey look you laugh

Money no lost them shout again... inquiry com close o...e don finish, e don finish, e don finish!

Fela...talk every

Racoon:
Again? NNPC was explaining two days ago on why it illegal deduction from the NLNG account to fund a subsidy the government have vehemently denied never existed out of hatred for the former regime tell a lot of how nauseating the double standard & hypocrisy any thing APC can be in their delusion of reality.

Just listen to ur self bro... You make sense?

May your life be as Buhari has made Nigeria if you support Buhari 2019

chinjo:
Buhari is not fighting corruption. He is only fighting opposition. They only PAMED the money for election purpose.

When PDP comes on board too, they should fight corrupt APC. Stop supporting those rogues they don't know you.

Its missing because the approval to withdraw didnt pass through the senate hence no kick back for them

Buhari why

PDP lies are being exposed

netpro:
Just look at how this thread is deserted. Had it been otherwise, all the miscreants will be here to scream blue murder.

God bless Nigeria!

The same way they deserted the thread where Secondus said IT IS A BIG FAT LIE MILLIONS OF IGBOS DIED IN THE BIAFRA WAR!!

Had such a statement come from simewone else, imagine what would have been happening in the politics section generally right now.

Not even a single thread did they create to rebuke Secondus.

camobri:
May your life be as Buhari has made Nigeria if you support Buhari 2019

Amen. And may your life be the way atiku handled privatisation when he was the VP.

Say amen.