The Minister of Petroleum Resources, Mrs.
Diezani Alison-Madueke, on Wednesday
disclosed that the Nigerian National
Petroleum Corporation has started refunding
$1.48bn into the Federation Account as
recommended by an audit firm,
PriceWaterHouse Coopers.

She however did not disclose how much has
so far been refunded by the corporation.
She also denied reports that she was seeking
the assistance of some highly-placed persons
in other to get soft landing from the
incoming administration of Gen.
Muhammadu Buhari (retd.).

Alison-Madueke spoke with State House
correspondents at the end of the weekly
meeting of the Federal Executive Council at
the Presidential Villa, Abuja.

It will be recalled that the Federation
Account Allocation Committee on Monday
night constituted a committee to find out the
reasons for the delay in the refund of the
sum.

PriceWaterHouse Coopers had in its forensic
audit report of the corporation recommended
that the NNPC should refund the amount to
the Federation Account.

The firm was last year hired to carry out the
audit following an allegation by the former
Governor of the Central Bank of Nigeria,
Lamido Sanusi, that $20bn was not remitted
to the Federation Account by the NNPC.

PWC had stated in the report that while the
total gross revenue generated from crude oil
lifting was $69.34bn between January 2012
and July 2013 and not $67bn as earlier stated
by the Senate Reconciliation Committee, what
was remitted to the Federation Account was
$50.81bn and not $47bn.

The audit report revealed that $28.22bn was
the value of domestic crude oil allocated to
the NNPC, adding that total amount spent on
subsidy for Premium Motor Spirit was
$5.32bn.

Alison-Madueke however explained that the
unremitted fund was owed by NPDC for a
block that had been assigned from NNPC to
NPDC.

She said, “The PriceWaterHouse Coopers
forensic audit that was done a few weeks
ago, in its recommendation mentioned that
$1.48bn was owed by NPDC for a block that
had hitherto been assigned from the NNPC to
NPDC which is its subsidiary.

“They felt that the right process would be
that NPDC will refund that money to the
Federation Account. NPDC has apparently
started those refunds and it is also in
discussion with NNPC and DPR on same. So
the refund has actually begun.”

While saying that the payment was being
done under her directives, she insisted that
the sum was not missing but transferred by
the NNPC to NPDC which is a subsidiary.

http://www.punchng.com/news/nnpc-starts-refunding-1-48bn-to-federation-account-diezani/

Nonsense...u must enter prison na $20 billion b our moni not dat rubbish u guys are returning

Hehehe!!! See the fear of GMB.

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GMB my heroe.....Ameachi my role model. It high time all these looters should return our looting treasures or face the rot of gmb.......Kirikiri is answer.

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cc lalasticlacla

this deserves front page

The $20bn nko?

From all this report,I have concluded that it was as how sanusi said it,its actually $20b,not the $1.48b been said by the cooper's company.so they are telling us if cooper said $20b they will refund it.naija I hail.

ezex:
From all this report,I have concluded that it was as how sanusi said it,its actually $20b,not the $1.48b been said by the cooper's company.so they are telling us if cooper said $20b they will refund it.naija I hail.

that's a point, but for her to say she ain't scared speaks volumes

Jetjacky:
that's a point, but for her to say she ain't scared speaks volumes

time will definitely tell,we are watching closely.

lalasticlala

Typing....

Never imagined dividend of Change could arrive so quickly even before Buhari gets the key to Aso Rock. This sort of speedy action by Diezani is what happens when you have purposeful leadership at the top. Mere threat of imprisonment works.


It is also shameful that, rather than talk of pushing back, Mrs. Madueke should be telling Nigerians why the money did not make it into the Federation account in the first place.

1. Why did it take forensic accountants to find the money,.
2. How many more forensic accounting needs to be conducted to see where Nigeria's money has is?
3. How long has the NNPC been sitting on that pile of cash,.
4. Who controlled the account the money was sitting in.
5. How much interest has accrued?.
6. Where is it the interest payments?
7. Did the outgoing President know about NNPC sitting on the money, who else knew what was going on?
8. Is this part of the money that was alleged by now Emir Sanusi II that was stolen or unaccounted for?

Reporters should ask these officials tough questions and not just report what they say. No one is answering any question on this billion dollar questions.


Lastly The time has come that, President Buhari needs to seriously look into gradually phasing out the importation of petroleum products. We simply have no business importing them. We have a vast network of NNPC pipelines and depots that have been deliberately ruined by the powers that be. The refineries should be made to function for once. We waste a lot of scarce foreign currencies importing needelessly.

The best way to shore up the value of the naira is by looking inwards and increasing wealth generation within the country. Not by having "containers on the high sea." and killing the local industry.

Ymodulus:
lalasticlala

Typing....

Never imagined dividend of Change could arrive so quickly even before Buhari gets the key to Aso Rock. This sort of speedy action by Diezani is what happens when you have purposeful leadership at the top. Mere threat of imprisonment works.


It is also shameful that, rather than talk of pushing back, Mrs. Madueke should be telling Nigerians why the money did not make it into the Federation account in the first place.

1. Why did it take forensic accountants to find the money,.
2. How many more forensic accounting needs to be conducted to see where Nigeria's money has is?
3. How long has the NNPC been sitting on that pile of cash,.
4. Who controlled the account the money was sitting in.
5. How much interest has accrued?.
6. Where is it the interest payments?
7. Did the outgoing President know about NNPC sitting on the money, who else knew what was going on?
8. Is this part of the money that was alleged by now Emir Sanusi II that was stolen or unaccounted for?

Reporters should ask these officials tough questions and not just report what they say. No one is answering any question on this billion dollar questions.


Lastly The time has come that, President Buhari needs to seriously look into gradually phasing out the importation of petroleum products. We simply have no business importing them. We have a vast network of NNPC pipelines and depots that have been deliberately ruined by the powers that be. The refineries should be made to function for once. We waste a lot of scarce foreign currencies importing needelessly.

The best way to shore up the value of the naira is by looking inwards and increasing wealth generation within the country. Not by having "containers on the high sea." and killing the local industry.

Couldn't have said it any better. The mere threat of imprisonment works when people realize that they may have to pay for their crimes.