"Dear Mr. President, The NNPC Has Stolen $50 Billion Of Crude Oil Earnings"- Traanscript Of The Letter From The CBN Gov To President Jonathan

The Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi (CON), Governor, Central Bank Of Nigeria, alarmed at the unbridled theft of crude oil earnings by the Nigerian National Petroleum Corporation (NNPC) and cronies of President Goodluck Jonathan wrote and hand delivered the letter  reproduced below to the president  on September, 25  2013.

 

H.E. Dr. Goodluck Ebele Jonathan

President and Commander-in-Chief

Federal Republic of Nigeria

State House

Abuja

 

Your Excellency,

 

Subjects:

Non-Repatriation to the Federation Account by Nigerian National Petroleum Corporation (NNPC) of $49.8 Billion representing 76% of the value of crude oil liftings in 2012 and 2013
Failure of NNPC to pay N22billion Nigerian Export Supervision Scheme (NESS) Levy
Other Related matters
 

I am constrained to formally write your Excellency, documenting serious concerns of the Central Bank of Nigeria (CBN) on the continued failure of the Nigerian National Petroleum Corporation (NNPC) to repatriate significant proportions of the proceeds of crude oil shipments it made in gross violation of the law. Sources of Federation Account Revenues include proceeds from Export of Nigeria’s crude oil by the NNPC, Petroleum Profits Taxes, and Penalties for gas flaring, oil exploration licenses and concession block allocations, etc.

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 2014 NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57. 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 or 76% of the value of oil lifted in the same period.

Your Excellency, I have attached as an appendix, a table giving the analysis of the crude oil lifting and repatriations as prepared by staff of Trade & Exchange and Banking & Payments System Departments of the CBN based on the firm documentation in their possession. The failure of NNPC to repatriate these amounts constitutes not only a violation of constitutional provisions but also of both the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act No. 17 of 1995 and the Pre-Shipment Inspection of Exports Act No. 10 of 1996 which stipulates that “An exporter of goods, including petroleum products, shall open, maintain and operate a foreign currency domiciliary account in Nigeria into which shall be paid all exports proceeds corresponding to the entire proceeds of the exports concerned”.

Your Excellency, you will recall that as far back as late 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. At a recent NEMT meeting in the Presidency, I also expressed a strong view that while Government needs to continue its effort to combat oil thieves, vandals and illegal refineries in the Niger-Delta, the major problem is transactions taking place under legal cover with huge revenue leakages embedded therein.

Your Excellency, it is my respectful view that a place to begin is to insist on NNPC to account fully for all proceeds that were diverted away from its accounts with the CBN and the Federation Account. There are also other lines of inquiry which your Excellency may wish to authorize and pursue. These include;

A thorough audit of activity on any domiciliary accounts held by NNPC outside of the CBN. This is because the CBN has no record of either the dollar proceeds of these diverted sales or the naira equivalent being transferred to the Federation Account.
An examination of banking records of companies involved in Oil lifting and swap deals, including audit trails of regular payments to third-parties;
An independent review of the terms and condition of Oil lifting and swap contracts for fairness and equity and transparency;
Investigation and prosecution of Bureau de change (BDC) that have purchased hundreds of millions of dollars from the inter-bank market and are unable to account for these monies. We have compiled a list of these companies with recommendations for prosecution under Anti-money Laundering Laws;
Investigation of obvious avenues for money laundering, such as companies that sell private jets to Nigerians.
The Central Bank stands ready to render full assistance and provide as much data as possible to assist these inquiries.

Your Excellency, as an indicator of how bad this situation has become, please note that in 2012 alone, the Federation Account received $28.51billion in Petroleum Profits and related taxes but only $10.13billion from crude oil proceeds. In the period January-July 2013 the corresponding figures are $16.65 billion and $5.39 billion, respectively. This means, Your Excellency, that in the first seven months of the year, taxes accounted for 76% of the total inflow from this sector, while NNPC crude oil proceeds, accounted for only 24%.

You will also note, Your Excellency, that NNPC liftings amounted to 64% of total oil liftings from Nigeria during the reference period, and yet its remittance represented only one-third of the taxes paid by the oil companies that exported the balance of 54%.

Finally, your Excellency, we would like to report that NNPC has failed to keep up with payments of its levies under Nigerian Export Supervision Scheme (NESS) in line with this law, and currently owes the Federal Government N22 billion.

As banker to the Federal Government and Economic adviser to the President, I am obliged to draw the President’s attention to these serious issues of which you have most probably never been aware in this detail.

To sumamarise, my recommendations are to respectfully advise the President to:

Require NNPC to provide evidence for disposal of all proceeds of crude sales diverted from the CBN and the Federation Account;
Investigate crude oil lifting and swap contracts, as well as the financial transactions of counter-parties for equity, fairness and transparency; and
Authorise prosecution of suspects in money-laundering transactions, including but not limited to BDCs who are unable to account for hundreds of millions of dollars.
I trust your Excellency will find the content of this letter useful and hereby reaffirm the support of Central Bank of Nigeria for your Government’s transformation agenda and effort to serve the Nigerian people.

While thanking you for your consideration, please accept, Mr. President, the renewed assurances of my highest regards.

Yours Sincerely,

 Mallam Sanusi Lamido Sanusi (CON)
Governor, Central Bank Of Nigeria

http://mobile.saharareporters.com/report/dear-mr-president-nnpc-has-stolen-50-billion-crude-oil-earnings-transcript-letter-cbn-gov-pre

Lamido Sanusi knows what he's doing. He is letting Jonathan know that he is aware of his corruption going on between him (Jonathan) and others involved in this scam. Sanusi is not a man that bluffs around without the facts. Sanusi is trying to put Jonathan in a corner and expose him to the public for who he is actually his (corrupt man).

Sanusi has indicted Jonathan in this scam. There is no way Jonathan will not end up in prison if he loses 2015 election. There is monumental fraud going on because Jonathan, Allison Maduekwe and some people believe it is their oil money and there is no way you steal what belongs to you.

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

See imprisonment is Jonathan loose.

GEJ is really trying, i hope dat d matter will b duly investigated and the culprits sentenced accordingly.

speechless

It is certain that GEJ will end up behind bars

The Hausa fulanis are at it again with the support of their Yoruba collaborators. They are trying to pull Jona down because he is from the south south and is attempting to transform Nigeria into dubai.

Even if he stole $50 billion, is it not south south oil money? What of Obasanja that stole $16 billion power project money or IBB that stole $12 billion gulf windfall? Where was sanusi then.
Whether sanusi and his yoruba betrayers like it or not, its Jonathan till 2019, and even beyond.

I expect Sanusi to open more cans of worms, immediately his tenure comes to an end. Jonathan is going to jail...no Jupiter would save him

Goodluck Jonathan's destiny is to bankrupt Nigeria.

That black fugly m'oron must go to jail after 2015.

Sanusi writes a letter to the president and it lands in the pages of Sahara Reporters. Hehehehehe.

APC in collaboration with the Extremist North will never seize to amaze.

My concern is the new found partnership between Western muslims and the northern extremists.

Tambuwal spoke shii, APC commended him. Sanusi's letter to the president (that's if this is not fabricated by APC) and it lands on Sahara Reporters.

I can't wait for January, 14. Let's redefine our terms of co-existence afterwards.

wirinet: The Hausa fulanis are at it again with the support of their Yoruba collaborators. They are trying to pull Jona down because he is from the south south and is attempting to transform Nigeria into dubai.

Even if he stole $50 billion, is it not south south oil money? What of Obasanja that stole $16 billion power project money or IBB that stole $12 billion gulf windfall? Where was sanusi then.
Whether sanusi and his yoruba betrayers like it or not, its Jonathan till 2019, and even beyond.

wirinet: The Hausa fulanis are at it again with the support of their Yoruba collaborators. They are trying to pull Jona down because he is from the south south and is attempting to transform Nigeria into dubai.

Even if he stole $50 billion, is it not south south oil money? What of Obasanja that stole $16 billion power project money or IBB that stole $12 billion gulf windfall? Where was sanusi then.
Whether sanusi and his yoruba betrayers like it or not, its Jonathan till 2019, and even beyond.

What a shame! It is the same thing you said about Alams till you heard the figures involved.

In the name of all that is decent, why can't we face facts? We must condemn what is wrong.

To be honest, the level of corruption and slow reaction from the government is the cause of the impatience we are seeing here.

Keeping anyone office, despite virtual inaction on these matters will be in our best interest. I see this letter from Sanusi, if it as a call to action.

In any case, are the contents true or not? If they are allegations, call the police, not form committees of jaded / settled and compromised former civil servants who have been part of the problem who have assumed the role of senior citizens because they were not caught eith their hands on our purse.

.

they shall come against thee in many ways, but they shall fall for thy sake. Even this shall pass

Payless, cleverly and egift, no offence but please how old are you guys. To think that a Nigerian president will go to jail after his tenure is some how fullish. In a country where a corrupt minister is not even prosecuted, where a son of a governor is above the the law. If I may ask you who will put him in jail?

wirinet: The Hausa fulanis are at it again with the support of their Yoruba collaborators. They are trying to pull Jona down because he is from the south south and is attempting to transform Nigeria into dubai.

Even if he stole $50 billion, is it not south south oil money? What of Obasanja that stole $16 billion power project money or IBB that stole $12 billion gulf windfall? Where was sanusi then.
Whether sanusi and his yoruba betrayers like it or not, its Jonathan till 2019, and even beyond.

Is this one of the leaders of tomorrow? Nigeria's future is bleak with youths like this. I never knew that illiterates and nonentities too use computers, I think I will get a computer for my dog too.

olabukola: Payless, cleverly and egift, no offence but please how old are you guys. To think that a Nigerian president will go to jail after his tenure is some how fullish. In a country where a corrupt minister is not even prosecuted, where a son of a governor is above the the law. If I may ask you who will put him in jail?

People have gone to jail for much less. How many more Trillions do you think he need to steal before qualifying for prison?

He have options though; he could turn himself in, end up in jail after his tenure or we give him the Ibori treatment (a country where he stash his loots can jail him - and nothing will happen - ask James Ibori).

Is this the guy thry accuse of ignorance and lack of understanding in NNPC processes? He seem to have more knowledge than Madueke as far what is going on in oil ministry.

wirinet: The Hausa fulanis are at it again with the support of their Yoruba collaborators. They are trying to pull Jona down because he is from the south south and is attempting to transform Nigeria into dubai.

Even if he stole $50 billion, is it not south south oil money? What of Obasanja that stole $16 billion power project money or IBB that stole $12 billion gulf windfall? Where was sanusi then.
Whether sanusi and his yoruba betrayers like it or not, its Jonathan till 2019, and even beyond.

why? listen to yourself, you are just so pathetic.

Since the coming on board of this Monkey called GEJ this country has witnessed world record level of corruption even to the amazement of previous thieves like Babangida and Obasanjo, they too cant believe it.

What really goes on under this sham of a transformation agenda is massive looting as we all can see.

Please those of us who really love our country, lets do all we can to vote out this self acclaimed demons in 2015

d body language encourage corruption

This letter can't be treated in isolation. The CBN Governor is duty-bound to make this kind of disclosure. I am just worried that there is no evidence that the president sought an independent report to verify the allegations and the NNPC didn't reply until this letter went viral. I am glad that at least, somebody is "asking the right questions".

I recommend everybody read the full text of sanusi's letter before they comment. Because i am sure even NNPC did not read it before rushing out a defense.
Sanusi was talking about remittances for oil sales, while nnpc is happing on various taxes. Sanusi had no issues with the taxes either to DPR or any other agency, what he is asking is where are the proceeds from the oil sales?

pdp is corrupt and no matter who is ruling from the party, corruption will be the case. the only way forward is deleting pdp.

Demdem: Am confident that Jonathan will end up in kirikiri after 2015 elections.

No way, we cannot use tax-payers' money or our oyel money to feed him while in Kirikiri. We will just give him the Samuel Doe / Saddam Hussein treatment.

wirinet: The Hausa fulanis are at it again with the support of their Yoruba collaborators. They are trying to pull Jona down because he is from the south south and is attempting to transform Nigeria into dubai.

Even if he stole $50 billion, is it not south south oil money? What of Obasanja that stole $16 billion power project money or IBB that stole $12 billion gulf windfall? Where was sanusi then.
Whether sanusi and his yoruba betrayers like it or not, its Jonathan till 2019, and even beyond.

Why is there no unlike button?