taharqa: lol... So NNPC 'diverting' $49.5billion of its Crude Oil sales from d Federation Account, koo? I thought I even saw $49million initiali. So how much does Nigeria make in Sales of Crude Oil in a year or two, esp since they 'remitted' $15billion to d Federation Account according to this account?? And there was still money to run budgets- FG, States and LGAs??.... Abeg, make people learn how to talk lie well

Mumu here is your answer.

“Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors shows that between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57,” the letter said. “Out of this amount, NNPC repatriated only $15,528,410,098.77 representing 24% of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804 billion of the value of oil lifted in the same period.”

It is the reason why he emphasises "how bad the situation is".

It is the same reason why Ngozi cannot give any cogent response to Amaechi's questions but would rather throw up lame figures on how much of Rivers statutory payment has been paid. It is the same reason why we cannot hold our reserves in a period of rising oil prices.

Oil prices are going up. Why is Nigeria drawing from savings? Why is the FG to unable to implement its budgets satisfactorOly? Why are the states complaining of being shortchanged?

President Jonafraud cannot answer these questions. It is one week, one theft.

"The destiny of Jonathan is to bankrupt Nigeria" - Tunde Bakare, 2012.

Though the information is still sketchy and no proper analysis can be made without asking some serious questions.

However, NASS is in total ruin. No oversight function, no demand for accountability, no pressure on the institutions of the government to assume neutral status and report abnormalities as soon as detected.

Let's hope a proper explanation will be provided as I'm yet to understand how FG was able to fund the budget with 52% of $15 billion.

Wsdm: And all these, the national assembly is looking the other way? Surely, David Mark and Tambuwal have to go!

It is unfortunate nothing will come out of this; not because there are no Nigerians that will fight it to a logical conclusion but because of some fools that will be on the side of the government claiming the President is being rubbished by the the Yoruba media.

God, Please let this report be false, Pleaseeeeeeeeeeeeeee God!


If this report turns out to be true and We Nigerians allow it to go unchallenged, then we have finally lost it.

"Your Excellency, you may recall that as far back as 2010, I had verbally expressed deep concern about what appeared to be huge shortfalls in remittances to the Federation Account in spite of the strong recovery in oil price" - Sanusi

Source

The figure might look exaggerated but it requires explanation from the NNPC.

If Sir jonah can't deal wit d rot in dis house of mess, hw can he 'transform' in his words 9geria. Y wud ASUU end strike wen dis corruption madness & wastages goes on. I op we wil shine our eye & vote wisely, it's high time we vote out rubbish b4 dis country 'dies'. 1day corruption wil kill dis country if we dnt sack dis govt, it has started killing dis country by giving birth 2 boko haram. It's only an insane person dat wil b stealing moni u kant finish in ur life time. Sad dat we dnt av a gud alternative 2dis daft & lame govt.

Sanusi by this single act has won my respect. He could have kept quiet and 'made' as much for himself as possible while Nigeria bleeds. But he chose to go along with his conscience.

I have always like most southern Nigerians vilified Northerners as the cause of Nigeria's problems. We call them uneducated, greedy and lazy. But it would seem the only few redeeming lights in this failed Nigerian project are up north. Be it Ribadu, Abubakar Umar or Sanusi. To this list I would have added Buhari if he wasnt blinded by religion.

Now, what is Jonathan and Iweala going to do about this revelation? Sweep it under the carpet of cause and wait for the next scandal.

4 Play: The figure might look exaggerated but it requires explanation from the NNPC.

It is better to be quiet if you have nothing to say. Why would the CBN governor falsify figures in a confidential memo to a president? You were not meant to have access to this document!

Ordinarily, a thread like this should be on the front page. Is NL admin hoping it will go quietly away because it is too hot?

Who is incharge of NNPC?


A new Group Managing Director has been appointed for the Nigerian National Petroleum Corporation, NNPC. He is Alhaji Shehu Ladan.

Shehu Ladan takes over from Dr Mohammed Sanusi
Barkindo who was in the saddle as GMD for a year and three months having been appointed on 12th January, 2009.

Pennywise: Sanusi by this single act has won my respect. He could have kept quiet and 'made' as much for himself as possible while Nigeria bleeds. But he chose to go along with his conscience.

I have always like most southern Nigerians vilified Northerners as the cause of Nigeria's problems. We call them uneducated, greedy and lazy. But it would seem the only few redeeming lights in this failed Nigerian project are up north. Be it Ribadu, Abubakar Umar or Sanusi. To this list I would have added Buhari if he wasnt blinded by religion.

Now, what is Jonathan and Iweala going to do about this revelation? Sweep it under the carpet of cause and wait for the next scandal.

bloggernaija: OMG
49 billion dollars?
Seriously
The assembly needs to get rid of this man.

very true! Assuming in the time of OBJ, $49B was nt missing, which shows D möney was there, what Did OBJ do with D money? If it was nt also given to Obj, is that nt D same trend now, then how many of u bigots called 4 Obj's removal? In Yar Adua's time, if such or like that amount was remitted to him, were are D achievement of such money. Abi such money is too small to do things visble in D south to north?

ballabriggs:

Mumu here is your answer.

“Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors shows that between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57,” the letter said. “Out of this amount, NNPC repatriated only $15,528,410,098.77 representing 24% of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804 billion of the value of oil lifted in the same period.”

It is the reason why he emphasises "how bad the situation is".

It is the same reason why Ngozi cannot give any cogent response to Amaechi's questions but would rather throw up lame figures on how much of Rivers statutory payment has been paid. It is the same reason why we cannot hold our reserves in a period of rising oil prices.

Oil prices are going up. Why is Nigeria drawing from savings? Why is the FG to unable to implement its budgets satisfactorOly? Why are the states complaining of being shortchanged?

President Jonafraud cannot answer these questions. It is one week, one theft.

OLODO. So NNPC lifted Crude worth $65billion (which is even probably d SELLING PRICE), remitted only $15bn and 'diverted' $50bn, yet d Federal, States and LGAs have been funding their budgets -with their their SALIVAR, shey?? Like I said una no sabi lie at all.

By d way, at an Average of 2million bpd and at a cost of an Average of $105, Nigerian Oil wud SELL for about $77billion a year. This is d Selling Price. If d Cost of producing and shipping d Oil by d Oil companies is subtracted, d resulting Difference is d SHAREABLE PROFIT. This Profit is then shared bw d Govt and d Oil Companies at an Average ratio of 60:40, and d Govt's share goes to d Federation Account to be shared bw d Tiers of Govt. The Amount of money due to d Federation Account every year from Crude Oil Sales wud be bw $30-$40bn (or less) every year. You mean d NNPC 'diverted' (whateva that means) $50bn of this money in 1.5yrs and Nigeria is still existing and budgets of All d 812 Govts in Nigeria(where Oil money constitute bw 60-70% of d budgetary Revenue) are still be ran??

I mean, I wud reali love for you to make all of these sensible, for if na small...

I know NLers who might think they've seen it all are simply too befuddled and numb to know how to react to this revelation. Given the gravity of what is at stake, this is understandable.

EXCLUSIVE: Jonathan, Alison-Madueke, Okonjo-Iweala culpable in diversion of N8 trillion oil funds

....

Mr. Sanusi said he was “constrained” to hint the president after observing the huge shortfalls for years. He accused the NNPC of breaching two key federal laws, and urged the president to act expeditiously by ordering sweeping investigation and prosecution of those found culpable.

Two months on, the president has refused to act on the damning memo delivered to him personally by the CBN governor. In fact, after receiving the letter, the president, presidency sources say, questioned Mr. Sanusi on why such letter should be prepared in the first place and sent to him.

PREMIUM TIMES can also confirm that finance minister and former World Bank chief, Ngozi Okonjo-Iweala, is also aware of the CBN’s information and has done nothing about it; while petroleum minister, Alison Diezani-Madueke, implicated in several corruption probes in the past, is said to be fully in the know about the massive plunder of crude oil money by the NNPC.

....

Premium Times

taharqa: OLODO. So NNPC lifted Crude worth $65billion (which is even probably d SELLING PRICE), remitted only $15bn and 'diverted' $50bn, yet d Federal, States and LGAs have been funding their budgets -with their their SALIVAR, shey?? Like I said una no sabi lie at all..... By d way, at an Average of 2million bpd and at a cost of an _Average of $105, Nigerian Oil wud SELL for about $77billion a year. This is d Selling Price. If d Cost of producing and shipping d Oil by d Oil companies is subtracted, d resulting Difference is d SHAREABLE PROFIT. This Project is then shared bw d Govt and d Oil Companies at an Average ratio of 60:40, and d Govt's share goes to d Federation Account to be shared bw d Tiers of Govt. The Amount of money due to d Federation Account every year from Crude Oil Sales wud be bw $30-$40bn (or less) every year. You mean d NNPC 'diverted' (whateva that means) $50bn of this money in 1.5yrs and Nigeria is still existing and budgets of All d 812 Govts in Nigeria(where Oil money constitute bw 60-70% of d budgetary Revenue) are still be ran?? I mean, I wud reali love for you to make all of these sensible, for if na small...

To stay relevant on this thread, you will need to prove to us that this doc did not emanate from Sanusi otherwise you are just an average liar.

Ngwakwe: Who is incharge of NNPC?


A new Group Managing Director has been appointed for the Nigerian National Petroleum Corporation, NNPC. He is Alhaji Shehu Ladan.

Shehu Ladan takes over from Dr Mohammed Sanusi
Barkindo who was in the saddle as GMD for a year and three months having been appointed on 12th January, 2009.

Great job. Having said that you may now proceed to give three matching names from the south with similar public perception of honor and probity.

The person truly in charge of NNPC is Jonathan. That letter must have been a very difficult one for Sanusi. It is like incriminating your boss. But he did it any how and Jonathan did as expected: try to hide it from the public domain and do nothing.

Pennywise:
To stay relevant on this thread, you will need to prove to us that this doc did not emanate from Sanusi otherwise you are just an average liar.

You are funny. I should 'prove' what? Do I look like d Accuser to you??

Just read d Premium Times Article, and d Editors shld be thoroughly Ashamed of themselves. I mean if you want to lie, don't do d Elementary mistake na??... Do they know d Difference bw Selling Price, Cost Price, Profit, and d % Shared from d Profit. Do they think Oil magicali produce and sell itself?? *smdh* Look hw they calculated d supposed Amount Nigeria 'earned' from Oil as well as Excess Crude Fund in d period Jan-Oct, 2013. Kai! PROPAGANDA can be such an azzz...

taharqa: Just read d Premium Times Article, and d Editors shld be thoroughly Ashamed of themselves. I mean if you want to lie, don't do d Elementary mistake na??... Do they know d Difference bw Selling Price, Cost Price, Profit, and d % Shared from d Profit. Do they think Oil magicali produce and sell itself?? *smdh* Look hw they calculated d supposed Amount Nigeria 'earned' from Oil as well as Excess Crude Fund in d period Jan-Oct, 2013. Kai! PROPAGANDA can be such an azzz...

SIGN FOR YOUR SHIFT HERE.

I may be on your side for sure but still need more information as the scandal unfolds.

It shameful to swallow ones words after an informed comment due to half truth or ambiguity in reports hence I encourage us to hold forth until the picture becomes clearer to what happened to the unremitted money and where it is presently kept or if the money has grown wings.

Pennywise:

Great job. Having said that you may now proceed to give three matching names from the south with similar public perception of honor and probity.

The person truly in charge of NNPC is Jonathan. That letter must have been a very difficult one for Sanusi. It is like incriminating your boss. But he did it any how and Jonathan did as expected: try to hide it from the public domain and do nothing.

www.freedomafric.com

taharqa: OLODO. So NNPC lifted Crude worth $65billion (which is even probably d SELLING PRICE), remitted only $15bn and 'diverted' $50bn, yet d Federal, States and LGAs have been funding their budgets -with their their SALIVAR, shey?? Like I said una no sabi lie at all..... By d way, at an Average of 2million bpd and at a cost of an Average of $105, Nigerian Oil wud SELL for about $77billion a year. This is d Selling Price. If d Cost of producing and shipping d Oil by d Oil companies is subtracted, d resulting Difference is d SHAREABLE PROFIT. This Project is then shared bw d Govt and d Oil Companies at an Average ratio of 60:40, and d Govt's share goes to d Federation Account to be shared bw d Tiers of Govt. The Amount of money due to d Federation Account every year from Crude Oil Sales wud be bw $30-$40bn (or less) every year. You mean d NNPC 'diverted' (whateva that means) $50bn of this money in 1.5yrs and Nigeria is still existing and budgets of All d 812 Govts in Nigeria(where Oil money constitute bw 60-70% of d budgetary Revenue) are still be ran?? I mean, I wud reali love for you to make all of these sensible, for if na small...

Facts and figures, common sence, logic...
These are words alien to the people you are arguing with..
another f00lish post says $8tn ($50bn) oil funds have been stollen..when the FG total sales from oil is about $70nb
and they expect to be taken seriously...1diots

@Takaka or what is he called. Didn't u read the letter? Didn't u observe the period involved. Didn't u see the quantity lifted and the corresponding amount paid with the balance? Why can't u people tell the truth for once. Its amazing how this "local man" of a president surrounds himself with your likes. I have always said that three women who run (ruin) this govt. They are Dieziani NNPC, Stella BMW, Okonjo Wahalla and PEGrammar.

means: @Takaka or what is he called. Didn't u read the letter? Didn't u observe the period involved. Didn't u see the quantity lifted and the corresponding amount paid with the balance? Why can't u people tell the truth for once. Its amazing how this "local man" of a president surrounds himself with your likes. I have always said that three women who run (ruin) this govt. They are Dieziani NNPC, Stella BMW, Okonjo Wahalla and PEGrammar.

So they pocketed about 70% to the countrys revenue?
Must you take every rubish talk seriously?

What kind of President will look the other way when trillions are been stolen right under his nose and keep silent when his attention is called to what he should have sensed ordinarilly. Can this nation really survive this excessively massive looting the scale of which has never been seen before? Yet there are people dying to defend this man!

In summary, NNPC=PDP=GEJ=FRAUD

I wonder how Madam Ngozi will be comfortable with this sort of arrangement, this is not the first time NNPC's muddy accounting will be questioned

Ngwakwe: Who is incharge of NNPC?


A new Group Managing Director has been appointed for the Nigerian National Petroleum Corporation, NNPC. He is Alhaji Shehu Ladan.

Shehu Ladan takes over from Dr Mohammed Sanusi
Barkindo who was in the saddle as GMD for a year and three months having been appointed on 12th January, 2009.

GEJ cannot do anything to Shehu Laden except he is calling for war. What happened to Stella. He will set up another investigative committee that will last 2years because the money we are talking about here swallows Stella's money 10ce.

That is what you get when you turn your eyes away from corruption. The precedence has been set and it can only continue. GEJ has created an atmosphere for free for all looting. He will continue to be embarrassed by all these putrid stories.

Dis Guy: I wonder how Madam Ngozi will be comfortable with this sort of arrangement, this is not the first time NNPC's muddy accounting will be questioned

Ngozi is the one cooking the books and getting TI to look the other way while Nigeria gets fvcked. That is what she is being paid for. She tells the world Nigeria is having 70% growth when in actual fact the economy is in the pit. Incompetence multiplied by greed and dubiety is the summary of Jonathan's govt.

taharqa: Just read d Premium Times Article, and d Editors shld be thoroughly Ashamed of themselves. I mean if you want to lie, don't do d Elementary mistake na??... Do they know d Difference bw Selling Price, Cost Price, Profit, and d % Shared from d Profit. Do they think Oil magicali produce and sell itself?? *smdh* Look hw they calculated d supposed Amount Nigeria 'earned' from Oil as well as Excess Crude Fund in d period Jan-Oct, 2013. Kai! PROPAGANDA can be such an azzz...

Out of desperation to tell cheap lies for political gains, they forget that such lies should atleast pass 2 important tests- intelligent and believable.

Thank you for breaking down the figures as usual.

We'll wait and see if Sanusi will confirm such letter emanated from him and the official response of NNPC and ministry of finance.

Meanwhile, the alleged missing funds, when converted to naira, amounted to about N7 trillion,ie over N2 trillion MORE than the NATIONAL budget and just N3 trillion less than the annual budget of the ENTIRE federation (federal, states and local govt combined). I mean, this lie is so cheap and ridiculous.

As expected Tinubu and Buhari rats have swallowed everything hook, line and sinker. No surprises.

Please ask Pastor Chris Okotie where these people will go after death since Pastor Chris Okotie is now god's spokes man (I mean god of thunder and god of iron)

Ask these looters for the where about of Sanni Abacha, Maryam Babangida, Augustus Aikhiomu, Shehu Musa Yar'Adua, Segun Agagu, Mike Akhigbe, Stella Obasanjo, Wada Nas, Patrick Azazi Owoye, Patrick Yakowa, Jona's brother, Dame Sheppopo's foster mother, Isa Yuguda's sister, Fashola's father. Money either looted or clean cannot buy God nor death. Please help me tell these looters that the monthly holy ghost congress in going on (the G.O. loves looters but hates looting), they can go there and pray for forgiveness. Then, they can go and loot more and come next month to the same congress and ask for another forgiveness.

God is watching on a 5D television.

Demdem: In as much as Sanusi hasnt denied this letter, am quite sure he knows what he is saying.
He is not as dumb as many peeps here.

Sanusi is basically dishing out to the public Jonathan's dirty laundry. This is huge and more about GEJ himself than the Oil minister...