*No trace of remittances for November, December 2017

* Gas Monetised, Excess Crude suspicious fleecing sub-head

Posers have continued to arise on the whereabouts of the sum of $350 million which the Nigerian National Petroleum Corporation (NNPC)provided for or instructed to be transferred to the Joint Venture Cash Call account domiciled in the Central Bank of Nigeria (CBN) in April, May, November and December 2017.

Although this amount was reflected in the Summary of Receipts and Transfers to the Federation Account (FAAC of Jan 2013 – FAAC Month of December, 2017), financial statement prepared by the NNPC which the apex bank claimed it remitted within the period, there are obvious discrepancies in a corresponding statement by the apex bank within the same period.

CBN’s International Funds Office, Banking and Payments Systems Department’s Summary of Oil and Gas, PPT, Royalty, Taxes and other Receipts statement of account for the period, did not reflect same amount of money as indicated in the NNPC’s financial statement, The AUTHORITY learnt.

Our findings showed that whereas NNPC declared that it transferred $267,114,121.56 in April, 2017, what was reflected on the CBN statement within the same period was only $112,149,637.51, leaving a balance of $154,964,484.05, an amount yet to be explained by officials of the two organisations.

Similarly, the NNPC claimed in the FAAC document that it handed over the sum of $142,120,935.54 to the CBN, but the CBN International Funds Office in its statement, credited only $66,666,666.67, with $75,454,268.87 unaccounted for.
In fact, what The AUTHORITY unearthed as to what transpired in the months of November and December 2017 was more worrisome, with several unanswered questions.

It was discovered that in November 2017, the NNPC claimed it remitted the sum of $155,758,204.87 to FAAC account, but not even a dime was reflected in the CBN statement, creating the impression that the entire money was either diverted or stolen by unknown persons.

The same scenario played out in December 2017 when the NNPC in its statement said it remitted or authorised to be transferred the sum of $144,549,375.64 to the FAAC account, only for the whole amount of money to disappear into thin air as it was not reflected in the CBN statement.
With total NNPC remittance record of $709,542,637.61 for the four month period, only $178,816,304.18 was reflected by the CBN, with $530,726,333.43 unaccounted for.

The AUTHORITY found other narration in the CBN statement such as Gas Monetised and Excess Crude which never had any amount on the credit side in the CBN statement of account, but some amounts of money were recorded as payments in United States dollar under the same heading.

From our scrutiny of the statements, NNPC claimed it transferred $2,433,772,137.04 to the CBN for the credit of JVCC Account number 01270145650, whereas the CBN credited only $1,903,045,803.61 while the balance disappeared without any explanations.

It was however intriguing that even with the noticeable discrepancies on its mandates, the NNPC never complained, triggering conspiracy theory.
The AUTHORITY was unable to figure out the status of NNPC Joint VCCP Naira Cash Call Account Number 0230157141134, because despite NNPC/NAPIMS collecting over $275 million yearly between February 2016 and May 2016, the CBN continued to pay for their expenses and that of some International Oil Companies (IOCs) through the Cash Call Account above.

For the second week running, The AUTHORITY has made startling revelations on the huge fraud believed to be carried out since 2013 by yet-to-be-identified staff members of the CBN, the NNPC and some local and foreign oil companies.
The medium’s instincts on the presumed fraud were triggered after a painstaking analysis of copies of the statements of account of the CBN between 2013 and 2017 which showed evident existence of mind-boggling financial sleaze involving payments into bank accounts that are patently fraudulent or do not exist at all.

It was further discovered that some of the bank accounts into which the fraudulent monies were paid into were either eight, nine, 11 or 13 digit bank account numbers, contrary to the 10 digit bank account numbers legislated by the CBN before the introduction of Bank Verification Numbers (BVN) for all account holders in the country, including private and corporate accounts.

For example, on 23rd September, 2015, CBN paid N6,858,148,250, classified as “JVC Cash Call payment to NNPC/SPDC/EPNL/NAOC Joint Venture for September 2015, into account number 00102463574, purportedly domiciled at the First Bank of Nigeria Plc.”

The above stated account number is curious being 11 digit account number. It is most likely to be illegal at the time of the transaction, because CBN 10 digit account numbers had effectively taken root.
A series of suspicious payments were made to a company called OGIDIGBEN, with account number 16868437.

This eight digit account number received six payments of N31,293,855 on each occasion on March 13, 2015, totalling N187,763,130.
There was no evidence of bank name in respect to the above-mentioned payments in the CBN Statement of Account under reference.

It was also discovered that this same amount of N187,763,130 was withdrawn from the CBN Dollar Cash Call Account domiciled in the JP Morgan Bank on 7th March, 2015 in dollars and indicated as $957,975.15 and credited to the Naira Cash Call Account on 18th March, 2015 as equivalent of N187,763,130.
Another suspicious bank account operated by either the CBN, NNPC or other public agencies have responded to The AUTHORITY’s enquiries on this issue.

http://authorityngr.com/2018/10/23/how-350m-disappeared-from-nnpc-remittances-to-cbn-in-4-months/

Kai

More strange activities at the NNPC.

Time to privatize that behemoth, and also time to deregulation.

Baba .Daura ABI what that ur home town is 100% sure for u

Fraudulent criminal called Mohomodu Buhary.

“Under this anti-corruption president, $43 million discovered in an apartment at Osborne Towers, Ikoyi, Lagos has been buried. Nothing more has been heard about the award of $25 billion worth of contracts without due process by Dr. Maikanti Baru, the GMD of the NNPC, as alleged by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. The president has kept mum over the DSS indictment of the acting chairman of the EFCC, Ibrahim Magu, and the report of the investigative panel on him set up by the Attorney General.

Nothing more has been heard from the probe panel on the N500 million bribe allegedly paid by MTN to Abba Kyari, the chief of staff to the president, designed to influence the government to discontinue its heavy stance on the $5 billion fine imposed on the company. Then there is the Abdulrashid Maina scandal, whereby a man who turned fugitive when alleged to have misappropriated N2 billion of the pension fund and was on the EFCC wanted list, found his way back into the country and into the federal civil service with promotion.

We are still waiting to be told the owner of the Legico Shopping Plaza in Lagos where the EFCC claimed it found N448 million in cash. Under this administration, the corruption scandals are unrelenting. How can Buhari expect Nigerians to believe he is sincere in fighting corruption under these hypocritical circumstances?”

Yorubas won't shout "kworuption now"
You've seen how they deserted this honourable thread..
But thunder will roast anyone supporting this monster called LIFELESS....

Dictator, and chief operating terrorist.

Money don't disappear
It's either it's stolen or embezzled
Who is our petroleum mnister?

Racoon:
Yet the president cum minister of petroleum is still fighting corruption? Mikanti Baru is still sitting with Buhari's daughter on the NNPC board

Please Just watch what the Minister of petroleum Has to say about fighting corruption in the Oil industry and tell me how that can be hope


https://www.youtube.com/watch?v=n1Y18fwd7Tw&feature=youtu.be

it disappeared through pen

Bubu the chop n clean Mouth Master....!

I rather transact with a known and trusted criminal than this self acclaimed Mr integrity who presides over corruption

Buhari is corrupt