re@lchange:
sanusi is flying a kite
only he knows the real motive behind his letter
because he can't convince us that he just woke up to see this
where was he all these four years?
his term ends next year

Yes his tenure might be ending next year but how come the report falls within the range of the end to fuel subsidy scam in which NNPC was involved. I guess its another means of the subsidy scam. There's no how tax will surpass main income. Nigeria does not operate 200% tax. All Nigerians must rise up to this challenge. Probably the reason the country has been like this all this while.

He learned well from OBJ!!!
Now we know what the NORTH is crying for power!
Mu che che che che che

Kanwulia: He learned well from OBJ!!!
Now we know what the NORTH is crying for power!
Mu che che che che che

Awa money eeeeeeeey!
Chei!!!!!! AWA MONEY!!!!! AFRICAN MONEY EEEEEEEEEEEEEY, OGA DEY CHOP AM YANFU-YANFU!!!!!

So wetin concern Amaechi for this whole wahala ?

WHO LEAK, OR WROTE IS NOT IMPORTANT, WHAT IS IMPORTANT IS WHERE IS THE MONEY. MEANT FOR NIGERIANS. U DON T WANT TO HEAR AFTER SOME YEARS HOW BILLION AS GONE MISSING. ACCOUNTABILITY, IS IMPORTANT FOR A SUCESSFULL GOVERNMENT.

Since NNPC have explained they remitted $49m into the federation account through DPR and FIRS.We will now wait to here from DPR and FIRS to explain to us if truly they actually got the said amount from NNPC or lower than $49m.

$50billion in one year not even possible. Even in 5 years

In a real sense I still don't understand Sanusi sometime please what is Sanusi stand for in this country?? As CBN Gov. why Sanusi always be in the middle of one thing or the other I'm not surprise anyway when a country elected a CBN Gov with Master in Islamic studies what else do I expect? Yes 50 billion was not properly remitted but as CBN Gov did he first contact the relevant authority to do the proper remittance and they failed to comply

Sanusi you are the CBN Gov. please act in that capacity with better wisdom not like garage boys does things please. I wont complain as per the money unless NNPC fail to prove otherwise because as experience accounting personnel you don't just jump to conclusion like that till you find out otherwise then investigation will begin for criminal possibilities.

Bu for Amaechi its a pity indeed when a charcoal is trying to call pot black so pitiful.

[quote author=all4naija]Are you serious?! We are talking about billions of dollars here not few millions.[/quote
That was a typography error pls,I meant $49b instead of $49m posted

klax: In a real sense I still don't understand Sanusi sometime please what is Sanusi stand for in this country?? As CBN Gov. why Sanusi always be in the middle of one thing or the other I'm not surprise anyway when a country elected a CBN Gov with Master in Islamic studies what else do I expect? Yes 50 billion was not properly remitted but as CBN Gov did he first contact the relevant authority to do the proper remittance and they failed to comply

Sanusi you are the CBN Gov. please act in that capacity with better wisdom not like garage boys does things please. I wont complain as per the money unless NNPC fail to prove otherwise because as experience accounting personnel you don't just jump to conclusion like that till you find out otherwise then investigation will begin for criminal possibilities.

Bu for Amaechi its a pity indeed when a charcoal is trying to call pot black so pitiful.

Oga Accountant

Jesus christ!!! i wont eat today,this is terribly sad,this money is enough to build 50.000Mgwtt of electricity

DerideGull:


Did Sanusi lamido Sanusi had all the facts before writing such letter to President? Why did he not copy the minister of finance? Did Sanusi Lamido Sanusi fellow the proper protocol in such as action? Now that NNPC has painstakingly and categorically refuted the erroneous claims in the letter written by Sanusi Lamido Sanusi, I guess it would be proper to call for Sanusi Lamido Sanusi's resignation. Nigeria does not need a goofy character as the governor of CBN.

Your old age comes with senility.

We aint broke yet. I swear, this country to get money.

talktimi: So wetin concern Amaechi for this whole wahala ?

So the corruption of "our son" should go unchecked? Be sensible.

ThundrCork:

Oga Accountant

Please get me right I'm not saying I am an Accountant bros I was referring to Sanusi. And should their be any error in my post please never mind but just get the message ok. Thanks

This so called paid Laptop guys disputing SLS assertions are hardheartedly WICKED. I wish your eyes can be opened to see the destruction your support for corruption is causing the country for a few Naira notes. You people are viruses to the society. you all need to change. STOP SELLING YOUR CONSCIENCE!

Let them start the naked dance in the public square. Nigerians need to be told the truth

Residents of Abuja protested the other day about the high rate of unemployment in the city. Mini buses were banned and the SURE-P buses are disappearing gradually from Abuja roads.
Lagos alone generates 43% of IGR among the 36 States and FCT. This Govt is failing and the President needs to get his acts together. The level of brazen looting in govt is becoming alarming and fearsome for the ordinary citizens.
Militants are building Universities overseas while Nigerian students are sitting at home due to the lingering ASUU and ASUP strikes. Which way Nigeria.

For those who havent seen the letter in question........ see below


*************************************************************


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 2013 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






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

hardywaltz:
Exposing corruption of this magnitude does not require any protocol.
If this were in saner climes the country citizens will all be on the street demanding the resignation and prosecution of GEJ and all his fellow clueless thieves in partner.

In sane countries, they will investigate and confirm if NNPC was meant to remmit all the money or just a percentage as pointed out by NNPC. It is a servant mentality to simply believe the negative without verifications.
GEJ has made it clear for over a year that oil theft is on the rise and there has been massive investments to give capacity to the Navy and JTF among others.
The opposition will go to any lenght to discredit this govt and no matter the gang up, it ll not hold.

Orlando Owoh:
Your old age comes with senility.

There is no doubt you seem to think the symptoms of your old age are equally applicable to other humans. I had a very good life so far, the one you can only see in your miserable dreams.

PEREP:

In sane countries, they will investigate and confirm if NNPC was meant to remmit all the money or just a percentage as pointed out by NNPC. It is a servant mentality to simply believe the negative without verifications.
GEJ has made it clear for over a year that oil theft is on the rise and there has been massive investments to give capacity to the Navy and JTF among others.
The opposition will go to any lenght to discredit this govt and no matter the gang up, it ll not hold.

I guess the reason for such out-of-protocol behavior from Sanusi Lamido Sanusi is that he had expected long overdue promotion from the President. In fact, Nigeria should be disintegrated so that Nigerians can go their different ways. There is no doubt that most responders to this thread have not spent a day in the operations of upper echelon of a corporate body.

The idiotic letter was not a top secret object and if Sanusi Lamido Sanusi was not up to something would have copied the minister of finance. The dumbass punk looked idiotic as a cheap whistle blower.

it ok

danox: Even though previous governments did not sincerely fight against corruption,they at least roared a little bit to infuse some fear into the thieves and looters of our financial resources.This government however seems to be applauding those involved in pillaging and plundering our treasuries,For this and so many other corrupt practices being perpetrated under the watch of our President,posterity will judge Jonathan badly.

you are so on point. This administration is free for all looting.

DerideGull:


Did Sanusi lamido Sanusi had all the facts before writing such letter to President? Why did he not copy the minister of finance? Did Sanusi Lamido Sanusi fellow the proper protocol in such as action? Now that NNPC has painstakingly and categorically refuted the erroneous claims in the letter written by Sanusi Lamido Sanusi, I guess it would be proper to call for Sanusi Lamido Sanusi's resignation. Nigeria does not need a goofy character as the governor of CBN.

Really!? Is this all you could manage to pull together......you must be a lower animal.

Nairalanders, these NNPC people think Nigerians are just as stu.pid as them. Their story does not add up at all. How can 76% of oil proceeds of a country end up distributed across various other departments without accountability? Where does DPR keep its funds? Is it not CBN? So how come CBN has no knowledge of the funds so much so that the CBN governor has to write to the president?

It can be assumed that in the past, funds up to a certain amount have been going into the federation account in prior years otherwise the CBN governor will not hand-deliver this type of letter to the President of the country! So how come that this year, funds suddenly dropped to trigger this kind of letter to the president. Remember the CBN Governor has held this post for about 4 years now so there's history and trend regarding how much goes to the federation account yearly.

Can someone please explain how you could own a commodity, sell it and distribute 76% of the revenue to some other government entities and say that's it? Something doesn't sit straight on the table here!