The National Extractive Industries Transparency Initiative (NEITI) has revealed the plan to recover the sum of N1.3 trillion from the Nigerian National Petroleum Corporation (NNPC) and other multi-national companies.


The Federal Government’s bid to recover its debt owed by the NNPC was contained in a statement issued at the end of the NEITI retreat in Abuja.

The statement quoted the President as pledging that an inter-ministerial task team would be charged with the responsibility of ensuring the full implementation of NEITI audit report findings.

President Jonathan stated that the task team would comprise high-ranking government officials as well as government agencies that are saddled with either the responsibility of collecting or managing Nigeria’s oil and gas revenue.

Jonathan described NEITI as an important anti-corruption agency in the oil and gas sector whose report, findings and recommendations should be implemented to set the tone for the oil and gas sector.

The President again re-assured the nation that his administration has no intention to “cover up any ascertained misdeeds revealed by various fact-finding panels and probes in the extractive industry.”

President Jonathan also disclosed that he had given necessary directives to all Ministries, Agencies and Departments of government and all companies covered by NEITI activities that NEITI should be given “open and unrestricted support” to carry out its statutory functions in view of the strategic importance of the role of NEITI to the transformation agenda.”

Also speaking at the workshop, the Executive Secretary of NEITI, Mrs. Zainab Ahmed disclosed that NEITI’s latest industry audit reports in the oil and gas sector that covered the period 2009 to 2011 and the first NEITI audit report in the solid minerals, which covered 2007 to 2010 would be released to the public simultaneously before the end of the year.

Chairman of NEITI Board, Ledum Mitee, said NEITI would henceforth fully exercise its power under Section 3(f) of the NEITI Act that requires it to monitor and ensure that all payments due to the Federal Government from all extractive industry companies, including taxes, royalties, dividends, bonuses, penalties, levies and such like, are duly made.

He added: “For example, previous NEITI audit reports have identified potential revenue loss due to under-assessments/underpayments by covered entities amounting to over $9.8 billion or N1.3 trillion by the existing exchange rate.

“NEITI can no longer sit down and watch and allow these recoverable funds in the hands of the companies at a time the Federal Government is searching for funds to finance the deficits in the annual budgets.”

He read the riot act to defaulters, saying no entity would be spared the full weight of the law in case of defaults.

He said that the body would “invoke relevant sanctions under Section 16 of the NEITI against any company found to have rendered false information or failed to provide statements of accounts as at and when due to NEITI Industry Auditors especially in the reported cases where this resulted in under-payments and under-assessments and huge revenue loss to the Federation Account.”

Mitee stated that the relevant statutory sanctions should be invoked against relevant government agencies identified to have willingly frustrated the implementation of remedial issues in NEITI audit reports over the years.

Mitee sought the collaboration of anti-corruption agencies in the renewed bid at ensuring complying with the provisions of the law and enthronement of accountability and transparency in the nation’s oil and gas sector.

To think that d NNPC has bn ripping d FG off, and they re clueless to recoup d money is mind-boggling! I no get time to begin consider d multinationals; na dem na dem!

Both are FG agency with the right of refusal not to pay.

Yea right! As if they are not the ones themselves. Trying to portray a saint here. Toothless dog loves to bark loud.

Until then, we dey wait.

Na today, Gej and his talking, after every every they will just die the case.

When will all the sh1t stop from our leaders, you haven't recovered/persecuted all the subsidy scammers na this one u want recover, Farouk is still attending meetings, walking freely and others involved.

The mouth must talk to decieve our people.

We need action and not talking as usual.

Birds of the same
feather.

All dis bilions of dollars bein mentioned everyday yet we still live in abject poverty is somtin that i cannot comprehent.

This is called... Na we, we,arrangement.

. One day the bush meat go catch the hunter!

yeah yeah we know, we have heard GEJ,







Its no more committees it is now task teams
retardeen is too harsh, clueless is the best description for him

The next thing is for NNPC to demand from the FG to pay N1.13trillion owed in fuel import subsidies. Its their usual way of playing ping pong with accusations and counter accusations. Nothing will come out of this cos the accuser is also the beneficiary!

*Reads story. Yawns. Goes back to bed*

Mumu de fool mumu, did neiti or what did dey call demsef just wake up? na normal story nothing will come out of it.

Movie Title: Mission Impossible (chronicles of NNPC)

Okay. Kingwax passed through here. Thank you

Jona just need to restructure the law and make it stronger since he is afraid of bringing to book those that goes contrary to the law. He should create job opportunity not task force.

I really don't care how much is to be retrieved or will be retrieved...
I care more about what will happen to the money after retrieval...and the truth is I(we) wouldn't know!
...so i really don't care!!

To all the arm chair critics on NL I dare you to do something about it.

now what?
as if the money if collected, will be used to better d lot of d masses.
what happened to the Abacha loot?
the wad of dollars james ibori was attempting to bribe Nuhu Ribadu with?..
abegi.

Na today!

Even if Fg retrieve the huge amount of money, nothing concrete would happen next. The money will be distributed among their cronies.