HE Nigeria National Petroleum Corporation (NNPC), the official regulator of Nigeria’s oil sector, failed to pay N2 trillion revenue from domestic crude oil sales to the Federation Account between January and December 2013, investigations by Daily Trust on Sunday have revealed.

The details to this effect were contained in a report the corporation submitted to the Federation Account Allocation Committee (FAAC) meeting in January 2014. The report titled ‘Computation of Revenue from Domestic Crude Oil Receipts from January 2013 to date,’ a copy of which Daily Trust on Sunday exclusively obtained, was prepared by Nura Umar, checked by Gabriel A. Odogwu and approved by Mrs E. N. Eni-Kalu on behalf of the NNPC.
According to the report, out of a total N2.6tn crude oil proceeds for the period, NNPC only paid N1.5tn to the Federation Account. In addition to a previous unremitted balance of N930bn, being balance brought forward in 2012, the Corporation, according to the report, had an outstanding N2,035,301,740,687.94 it was yet to remit to the Federation Account as at December 2013.
Although receipts from crude oil sales and proceeds from sales of other petroleum products are subject of constant reconciliation among parties such as the CBN, NNPC, Ministry of Finance and Ministry of Petroleum Resources, it is clear that the figure contained in the report is at variance with those contained in subsequent forensic audits on the unremitted oil funds.
There have been series of audits on NNPC remittances since former CBN governor Sanusi Lamido Sanusi raised alarm over unremitted $20bn oil money.
In a memo to former President Goodluck Jonathan, Malam Sanusi had said the firm cornered $49.8 billion- about N8 trillion- which is the equivalent of Nigeria’s entire budget in two years.
At a meeting with the Senate Finance committee, former Finance minister, Ngozi Okonjo-Iweala, said a government inter-agency committee, which included the NNPC and the CBN, realized that “only” $10.8 billion was yet to be accounted for.
A  Senate Committee on Finance, led  by Senator Ahmed Makarfi, which probed the alleged missing oil money, submitted to the Senate its report on May 2014 recommending that the NNPC remit the balance of US$218,069,354.32 to the Federation Account Gross lifting under the Third Party Financing.
The Committee’s report, which covered between January 2012 - July 2013, asked NNPC to refund and remit to the Federation Account the sum of US$262 million being expenses it could not satisfactorily defend in Holding Strategic Stock Reserve; Pipeline Maintenance and Management Cost; and Capital Expenditure.
NPDC, the committee said, should remit to the Federation Account the sum of U$$447,817,884 being balance of Royalty and Petroleum Profit Tax (PPT). A similar forensic audit conducted by PriceWaterHouseCoopers, on behalf of the Federal Government on the operations of the NNPC had only found $1.48 billion (about N247 billion) was missing and recommended that the Nigerian Petroleum Development Company, NPDC, the upstream subsidiary of the NNPC, should refund the $1.48 billion to the Federation Account.
Daily Trust on Sunday gathered that the sum of N190 million was released by the federal government through the office of the Auditor General of the Federation for the forensic audit of the NNPC accounts conducted by Price Water House Coopers.
While presenting highlights of the investigative forensic audit done by the PWC at a press conference earlier this year, the Auditor-General for the Federation, Samuel Ukura, stated that the NNPC and NPDC were expected to refund to the Federation Account a minimum of $1.48billion (about N244.2bn) as against the sum of N1,716,491,983109.80 thereby leaving a difference of N1,472,291,983,109.80 unaccounted for between January 2012 to July 2013 as revealed in the NNPC report as well as the Annual Report of the Auditor General for 2013.
However, PricewaterhouseCoopers had maintained that it could not vouch for the integrity of its findings pointing out that the findings in its 199-page report were limited to available information and did not constitute a review in accordance with generally accepted standards.

NNPC’s record shows it failed to remit N2trn crude oil revenues in 2013 - Investigation
http://dailytrust.com.ng/sunday/index.php/news/21288-nnpc-s-record-shows-it-failed-to-remit-n2trn-crude-oil-revenues-in-2013-investigation

M

Chop and clean mouth na hm dem de do for that NNPC...


EFCC abeg touch light that place make fowl yansh open abeg

Okay


Lalasticlala

Lets see what rebuttal will be offered to defend this.

[url=lalasticlala]This is FP material[/url]

And so all these would have been swept under the carpet if orubebe had not been jegad that day. When it's all said and done, and the dust haze settles, Nigerians would realize that the Last administration was the most corrupt administration in the history of Nigeria.

If Madueke is not jailed for all the atrocities she allow to grow in NNPC, then I will agree I lost my vote

taniods will soon start begging Buhari to leave Jonathan alone. Madueke should be hauled back to the country for immediate needful action.

ddippset:
And so all these would have been swept under the carpet if orubebe had not been jegad that day. When it's all said and done, and the dust haze settles, Nigerians would realize that the Last administration was the most corrupt administration in the history of Nigeria.

Na wah ooo, swept off just like that

nduchucks:
Lets see what rebuttal will be offered to defend this.

Hehehe trust the Nairaland resident protection seeker to come up with a foolish rebuttal...