The Nigeria National Petroleum Corporation (NNPC) is keeping over N50 billion outside the Treasury Single Account (TSA), a parliamentary panel said yesterday.

The amount is stuck in different commercial bank accounts by the corporation, the panel constituted by the House of Representatives to probe the status of TSA said.

Chaired by Abubakar Nuhu Danburam (APC, Kano), the panel said the over N50bn is part of proceeds from joint venture contracts (JVC).

At a session yesterday in Abuja, the panel said NNPC claimed the amount was exempted from being transferred to the TSA, following an approval by President Muhammadu Buhari.

The Central Bank of Nigeria (CBN), has confirmed NNPC’s claim, saying a letter issued by the Chief of Staff (CoS) to the president, Abba Kyari conveyed the directive.

Mr Dipo Fatokun, who represented CBN governor, Godwin Emefiele, told the lawmakers that the TSA has yet to achieve 100 per cent compliance, saying part of the N50bn may have been withheld by some banks due to the outcome of litigation involving the NNPC.

But the lawmakers doubted the claims, saying there must be a separate approval given by the president since the purported letter from the CoS was not categorical.

The Group Managing Director (GMD) of NNPC, Maikanti Baru, was not present to respond to issues raised by members of the panel. Consequently, the lawmakers summoned him to appear “unfailingly” on Wednesday, next week. He is to appear alongside some banks chief executive officers.

Danburam and his colleagues also resolved that NNPC must produce evidence of presidential approval for the exemption of the accounts within 48 hours.

https://www.dailytrust.com.ng/nnpc-keeps-n50bn-away-from-tsa-reps-panel.html

Off course, the NNPC tops the list of the country's sleaz money funnel.

I would have thought PMB , being the Minister of Petroleum , will plug such huge hole that keeps suckling the country's revenue.

That money is specially reserved.
It is to be used in buying voters at the polling booths in 2019.

Bloody thieves....
Click like if u think BUHARI and APC are thieves
Click share if you think they are not.

Amazing discovery...

This amount maybe for subsidy...

Maybe for slush ...

Maybe for emergency expenses

jeffizy:
Off course, the NNPC tops the list of the country's sleaz money funnel.
I would have thought PMB , being the Minister of Petroleum , will plug such huge hole that keeps suckling the country's revenue.

Plug ke, when he is not an electrician?
The barawo is a proper leak himself with Baru NNPC, stealing $26 billion.

urboy1:
Kachikwu dey write sha.. but even within the ministry, 97% 5% is showing itself.. this is appaling


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K

[quote author=anonimi post=63234512]

Plug ke, when he is not an electrician?
The barawo is a proper leak himself with Baru NNPC, stealing $26 billion.


So $26 billion is missing Abeg wen we make dat kind money cos d last time i checked d price of oil was below $28 for roughly 6months. Stop lying man and it is dat same mouth u will use to pray to God, na wa for u oo.
As for d matter at hand Kudos to National Assembly for d discovery, all monies must be kept in TSA, more investigation shud be carried out.

And boom another scandal again when Nigeria is yet to get clear explanation on the suspicious $26B contracts signed illegally by Buhari while on hospital bed in London.Government of one day one scandal.

agbangam:
So $26 billion is missing Abeg wen we make dat kind money cos d last time i checked d price of oil was below $28 for roughly 6months. Stop lying man and it is dat same mouth u will use to pray to God, na wa for u oo.

Do I resemble Kachilwu or Baru or even sef Sanusi

Since I was born, I have never witness the kind of hypocrisy, double standard and demonisation that is currently perpetrated by Muhammadu Buhari, the APC, Alhaji Sanusi, Osinbajo and their "good governance crusaders" against the person of President Goodluck Jonathan, Allison Madekwe, and other government officials.

Alhajis Buhari and Sanusi and APC have been going about using every platform to talk about a "missing $20b", cheered by their hypocritical followers that pride themselves as good governance crusaders. They have deliberately gone blind over the fraud of CBN under Sanusi as outlined by the Financial Reporting Council of Nigeria report in February 2014.

Sanusi Indicted And Removed For Fraud
According to the report (see below) Sanusi was indicted for Gross Misconduct that bothers on fraud and financial recklessness among other offence. The FRCN subsequently advised Mr President to remove Lamido Sanusi from office for further investigation and probe after the explanation of Sanusi appeared more like a tale and outrightly illogical according to FRCN. The council indicates that the explanation provided by Sanusi is “a clear display of incompetence, nonchalance, fraud, wastefulness, and abuse of due process and deliberate efforts to misrepresent facts on the part of the leadership of the CBN.”

The council advised the President to exercise the powers conferred on him by Section 11(2)(f) of the CBN Act 2007 or invoke Section 11(2)(c) of the said Act “and cause the governor and the deputy governors to cease from holding office in the CBN.”


April 2014: VP-elect Yemi Osibanjo Filed Case To Stop Sanusi Probe
Rather than Sanusi to prove his innocence in court, he filed a case in Federal High Court, Lagos to STOP FRCN and Other Security Agencies from investigating and prosecuting him through three Senior Advocates of Nigeria, Prof. Yemi Osibanjo, Dr. Kanyinsola Ajayi and Kola Awodien.
http://www.theguardianmobile.com/readNewsItem1.php?nid=24587

13 May 2014: Lagos Judge Tshoho Grants Sanusi Prayers
High Court Judge John Tshoho rather than uphold the constitutional powers of FRCN to investigate probe Sanusi, he granted the prayers of Lamido Sanusi and BARRED FRCN from further investigation or probing Sanusi Lamido Sanusi. In his own words...
“Prejudice is very pronounced in the language of that document. The language of the briefing note (transmitted by the FRCN to the presidency) conveys a sense of the defendant desperately goading the presidency to deal with the plaintiff,”
“The plaintiff submitting himself for investigation (by FRCN) is like the cockroach finding itself in the midst of fowls. Such a cockroach cannot be innocent,”.
http://www.tv360nigeria.com/?p=11923

Despite the fact the President Jonathan commissioned PWC to audit NNPC books to ascertain the veracity or otherwise of Sanusi's claim, Buhari, APC, Sanusi and their online agents that parade themselves as good governance and anticorruption apostles have been crying blue murder but refused to comment on the FRCN report nor the APC's VP elect role in shielding Sanusi for probe.

April 26, 2015: Buhari's Display of Hypocrisy
In his usual hypocrisy, General Buahri vowed to re-visit the $20b allegation but said NOTHING about the FRCN report. In his own word... “Imagine a situation where the former CBN governor who by God ‘s grace would later become the  Emir of Kano raised an  issue of missing billions of money, not in Naira but in Dollars, $20 billion.
“What happened, instead of investigating to know whether it was true that the money was missing or not, they simply found a reason to remove him. So these are the issues we are talking about…"
Contrary to the lies of Alhaji Buhari, Sanusi wasn't removed because he raised alarm, he was removed because he was indicted by FRCN. Jonathan also never kept mute, he commissioned PWC to audit the books. Buhari was also blind to talk about prosecuting Sanusi for the CBN fraud. Perhaps the Emir is as "incorruptible" as him(Buhari)

The FRCN’s report on Sanusi







The decision to suspend the Central Bank of Nigeria Governor, Sanusi Lamido was based on a report of the Financial Reporting Council of Nigeria dated June 7, 2013.

The report was made after a review of Sanusi’s response to the query issued to him by the President over the apex bank’s financial statement of 2012. His response was dated May 20, 2013.

According to a copy of the report obtained by our correspondent on Thursday, the council indicates that the explanation provided by the suspended CBN governor is “a clear display of incompetence, nonchalance, fraud, wastefulness, and abuse of due process and deliberate efforts to misrepresent facts on the part of the leadership of the CBN.”

The council advised the President to exercise the powers conferred on him by Section 11(2)(f) of the CBN Act 2007 or invoke Section 11(2)(c) of the said Act “and cause the governor and the deputy governors to cease from holding office in the CBN.”

The report read: The particulars of the infractions against Sanusi are:

Persistent refusal and/or negligence to comply with the Public Procurement Act in the procurement practices of the Central Bank of Nigeria.

(A) By virtue of Section 15 (1)(a) of the Public Procurement Act, the provisions of the Act are expected to comply to ‘all procurement of goods, works and services carried out by the Federal Government of Nigeria and all procurement entities.’ This definition clearly includes the Central Bank of Nigeria.

(B) It is however regrettable that the Central Bank of Nigeria, under his leadership, has refused and/or neglected to comply with the provisions of the Public Procurement Act (PPA). You will recall that one of the primary reasons for the enactment of the PPA was the need to promote transparency, competitiveness, cost of effectiveness and professionalism in the public sector procurement system.

More from: http://www.punchng.com/news/the-frcns-report-on-sanusi/

That my friend is how ROGUES work...

How do you create a policy and then circumvent the policy..

They want to pin in on banks.. meanwhile the arrested and sanctioned banks that were holding govt funds

Consistency inconsistency government. Let the denials begin and watch out for topics like THE PRESIDENT IS NOT AWARE OF THE EXECUTIVE MEMO..., we would all shout and rant and we then forget about the matter and move on then the Nigeria cycle continues.

While they are at it they should compel this deceptive govt to account for all the 5 naira stamp duties they have collected form banking transactions so far, how much has been collected so far and what is it being used for because it is not captured in our budgetary projections

Buhari is just a thief....

#CleansweepBuhari

lekwanu mu oh

Its still them them oo and breeze just dey open fowl nyash.

There is no limit to abuse of power and due process in this administration.

But what pains me more is that some insane YOUTHS whose futures are being marred will start defending this by quoting GEJ Era.. ooh the pain that we enjoy slavery in as much as its not same master... we simply change masters n compare..

This government is getting almost everything wrong.


TSA is for others.. not for the cabals

Minister of petroleum... They want to keep some funds aside so they will have enough fund for campaign and loot others.