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Nairaland Forum / Nairaland / General / Politics / N5.04trillion Revenue Traced To Oil Baron- Vanguard (880 Views)
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N5.04trillion Revenue Traced To Oil Baron- Vanguard by Nobody: 11:49am On Mar 13, 2016 |
Apparently believing that he had heard and seen the worst of how corrupt practices have brought Nigeria to her knees, President Muhammadu Buhari, last week, almost lost his cool when it was brought to his attention that a whopping $16 billion - at the official exchange rate of N196, this comes to N3.136 trillion; while, with the parallel market rate of N315, it comes to a whopping N5.04trillion) of the nation’s crude oil revenue loss could be traced to some sharp practices by some individuals in Nigeria’s oil and gas sector. The quantum of funds in question are revenue that ought to have accrued to the Federal Government of Nigeria through oil-lifting deals which are now subject of intensive investigations. Specifically, one of the arrow heads of the crude oil lifting scam, who has been invited and interrogated by the Economic and Financial Crimes Commission, EFCC, at least twice before, has been granted administrative bail, and “who is alleged to be warehousing a sizable chunk of the money, drew the ire of Mr. President”, an Aso Rock Presidential Villa source disclosed. Sunday Vanguard learnt that even visiting South African President, Jacob Zuma, was caught in the cross winds of Buhari’s reinvigorated mode of anti-corruption, as he ordered that every kobo of the stolen funds must be recovered. Similarly, information suggests that the government of the United States of America is helping in the provision of intelligence on how to trace some of the stolen funds from Nigeria. Benin Republic and South Africa have both become safe havens for Nigeria’s stolen funds investigations have revealed. $16BILLION Sunday Vanguard learnt that once the revelations were made to Buhari, he ordered that EFCC must ensure that the looted funds are recovered. According to Aso Rock insiders, the funds were “supposed to be proceeds from some of the crude oil sold on behalf of the Federal Government of Nigeria by these people and for which they were said not to have made the necessary returns to the coffers of the country”. Continuing, one of the sources said: “You needed to have been there. You needed to have seen Mr. President. He was almost moved to tears at the colossal fraud that had taken place in the country. “He became dejected because at a time when the nation’s resources had gone down badly, at a time when the foreign reserves are also not as much as would be befitting of a nation with vast potentials, such a huge amount of money can be traced to the illegal activities of some people. “But Mr. President has ordered that every kobo must be recovered. Whatever it takes, he has made it clear that those funds must be recovered.” Records of the oil-lifting schedules, timelines of transactions as well as proceeds that were meant to have accrued to government, the source said, “showed that some people just constituted themselves into a parallel government and were just making away with the nation’s resources.” TRACING STOLEN FUNDS Sunday Vanguard learnt that, as part of its bilateral agreement on intelligence sharing and anti-money laundering surveillance, the government of the United States is collaborating with the Buhari administration on how to trace some of the stolen funds domiciled in other countries - Benin Republic and South Africa have been identified as safe havens. Part of the visit of South African President Jacob Zuma was said to be on the apparent reluctance “of the South African government to repatriate some funds stashed in the country.” It was discovered that whereas the Federal Government has relaxed its forex policy, there has been a heavy movement of cash (in dollars) from Benin Republic back into the system in Nigeria. The simmering diplomatic row between Nigeria and South Africa, sources disclosed, has more to do with the seeming unwillingness of the South African government to repatriate alleged stolen funds that have been traced to that country. “This was part of what President Zuma came to resolve with Nigeria during his visit last week,” Sunday Vanguard said. www.vanguardngr.com/2016/03/fgs-n3-1-trillion-revenue-loss-traced-to-an-individual/ Lala oh lalaaa Come and join me and shout Jesus. Cheeiii. Lalasticlala. |
Re: N5.04trillion Revenue Traced To Oil Baron- Vanguard by IdomaLikita: 11:54am On Mar 13, 2016 |
Ok |
Re: N5.04trillion Revenue Traced To Oil Baron- Vanguard by anwe: 11:56am On Mar 13, 2016 |
We are tire of this steal that or that stole this. Enough of propaganda, bring the money, mention name if any and stop this hype 3 Likes |
Re: N5.04trillion Revenue Traced To Oil Baron- Vanguard by mars123(m): 11:58am On Mar 13, 2016 |
choi. see money. |
Re: N5.04trillion Revenue Traced To Oil Baron- Vanguard by Nobody: 11:58am On Mar 13, 2016 |
Years ago China introduced death sentence for corruption and drug crimes and so people began to behave. Revenue stopped flying and gangster stuffs evaded. Everybody sat down to start manufacturing something. Today they are second biggest economy and boast of $13.2 trillion GDP. They have become too big to act kung-fu. Somebody needs to imitate their revolutionary law. :xD 6 Likes 3 Shares |
Re: N5.04trillion Revenue Traced To Oil Baron- Vanguard by mightyhaze: 12:04pm On Mar 13, 2016 |
16billion usd? Wen no reach money wenobj take scam us for electricity? Na 2day? Anyways my hope is dat evrybody that stole Nigeria dry must be brought to book,weda they are now in apc or still in pdp or anyother party 3 Likes |
Re: N5.04trillion Revenue Traced To Oil Baron- Vanguard by mynd1(f): 12:25pm On Mar 13, 2016 |
Hunh? |
Re: N5.04trillion Revenue Traced To Oil Baron- Vanguard by Mynd44: 12:28pm On Mar 13, 2016 |
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