₦airaland Forum

at the end of the day this wont gt jailed



sad story

Heeeeee!!!!!! This people had rendered this county useless and hopeless. Something needs to be done quickly or Nigeria is heading to oblivion.

deebsman1:
This 1 10m dollars, Patience $15m, many many like that and people like 2face keep blaming pmb,is pmb d root cause of the problem in the first place? In Nigeria, we will leave real problem and b fighting nonessential part of the reason we are here. Only the money this 2 crooks stole is in excess of 25 billion in naira almost like a budget of a state for 4 months.

Yes he is, very poor economy policies. When they where embezzling in last administration, the policies where still ok, all these theft then didn't run down the economy then. This administration are also embezzling and still making poor policies.

now we know how oil revenue is remitted.

Bimpe29:
My dearest Emir Sanusi and those of us who have not been gullible, are really vindicated. GEJ and his allies actually did more harm to Nigeria.

Proper Illiterate are you.

What a pathetic thief!

Before Buhari's loyalists wet their pants, can someone explain why 250 million is for gate man house? They are all the same abeg.

.

Poor thinking and illogical reasoning

AgamaHub:
Yes he is, very poor economy policies. When they where embezzling in last administration, the policies where still ok, all these theft then didn't run down the economy then. This administration are also embezzling and still making poor policies.

Sacluxpaint:
Before Buhari's loyalists wet their pants, can someone explain why 250 million is for gate man house? They are all the same abeg.

The plans, designs and contracts for this VP residence were awarded during Jonathan's tenure. Osibanjo has even been quoted as saying he doesn't need the house! Buy since substantial work has already been done, abandoning it will be more wasteful than completing it. Jonathan and that crooked Bala Mohammed were the ones that awarded the N250 million gate contract.

sanusi is one of the faithful nigerian i have ever known, i think he should be consulted on how nigeria will go forward, he would have become our president.

When the going was good, tuface turned a blind eye,he with the likes of Joseph yobo enjoyed the loot. Today he drags innocent people to protest thinking all their loot should have been recovered in two years of buharis administration.

darocha1:
This flashback isn't necessary

Because somehow he worked with GEJ and Dazini abi

deebsman1:
Poor thinking and illogical reasoning

I see, when people have decided to be dumb, and continue to lie to themselves about the past administration and present, comparing both. Only thing I see in both is inability to fight corruption and yet better policies that didn't make us want to protest and the latter still corrupt, although fighting those who are corrupt and aren't in thier boat, and poorest of economy policies ever in the history of Nigeria. I'm no PDP or APC, so I never supported any. Until we as Nigerians start to elect our president based on the individual and not his party, we would start to progress. All these parties are in for their selfish end.

malware:
This is a flashback of statement issued by the embattled former GMD NNPC, Andrew Yakubu who stated that the then CBN Givernor, Sanusi Lamido Sanusi who accused the oil corporation of not remitting huge proceeds from oil sale, lacks proper understanding of how those proceeds are remitted to the Federation Account.

The news read as follows:

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu Friday faulted the claim by the CBN Governor, Mr. Lamido Sanusi that the NNPC has failed to remit the sum of $49.8b from the sale of crude oil saying his claim is borne out of lack of understanding of how revenue from crude oil sale are remitted into the federation account.

The GMD in a press conference addressed at the Protea Hotel Asokoro Abuja, insisted that the NNPC is not in the business of withholding proceeds of crude oil sales due to the federation account or any other statutory remittances

The full text of the press conference below:

As you are well aware, it is not in our character to join issues or trade blames with other agencies of government. But considering the high level of publicity that the recent letter from the Governor of the Central Bank of Nigeria (CBN) to the President has generated, and the erroneous impression it has created among Nigerians. It has become necessary to set the records straight.

The statement credited to the CBN Governor that NNPC has failed to remit the sum of $49.8bn representing 76% of total national oil receipts is borne out of lack of understanding of how revenues from crude oil sales are remitted into the Federation Account. I will therefore explain the process and put the figures in perspective in order for you to understand and let the world know that NNPC is not in the business of withholding any crude oil receipts due the Federation Account or any other statutory remittances.

All NNPC crude oil liftings is made up of the following:

1. Equity Crude
2. Royalty Oil
3. Tax Oil
4. Volume for Third Party Financing, and
5. NPDC equity volume.

It is important to stress that remittances of proceeds from the above liftings are made according to statutory and production arrangements. Accordingly, proceeds from Equity crude is paid by NNPC into the Federation Account which is held by the Central Bank of Nigeria.

Proceeds from Royalty oil is paid to Department of Petroleum Resources, DPR, whose designated account is managed by the same CBN.

Similarly, the proceeds from Tax Oil or Petroleum Profit Tax lifted by NNPC is paid directly into the Federal Inland Revenue Service, (FIRS) account also managed by the CBN.

In the same vein, Third Party Finance and Trial Marketing volume are paid into designated Escrow accounts, while NPDC equity proceeds are remitted to NPDC account.

Ladies and Gentlemen, it should now be clear to all that NNPC is by statutory requirement is responsible for direct remittances of only one stream of liftings, namely Equity Crude.
Analysis of the figures is as follows;

The CBN letter claims that for the period 1st Jan 2012 to 31st July 2013, total National crude oil liftings was 1.287 billion barrels. Our records show that the total national crude lifting for the same period was actually higher at 1.330 billion barrels. Furthermore, total NNPC liftings during the same period was again higher at 618.552 million barrels as against the 594.024 million barrels stated by CBN.

We further wish to state that the proceeds from the total NNPC liftings comprising Federation Equity, Royalty Oil , Tax Oil, Volume for Third Party Finance, NPDC equity and volume for Trial Marketing Period amount to US$67.12bn as against the $65.33bn that the CBN stated. At this point, we wish to categorically state that all the proceeds amounting to $67.12bn have been remitted as statutorily required.

NNPC remitted its portion which is $18.48bn into the Federation Account being the total proceeds from Equity Crude and gas sales. This represents 27.5% of total proceeds of $67.12bn as against the 24% declared by CBN.

On the issue of US$49.8 billion or 76% of total national liftings and the alleged unremitted funds, we would like to clarify that this represents the proceeds from Royalty and Petroleum Profit Tax liftings. These, as I stated earlier, are remitted to the Department of of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS) which are statutorily empowered to collect and remit same into the Federation Account.

For the benefits of those who may not be aware of the workings of the industry, it is imperative to state that the CBN, NNPC, FIRS and DPR meet regularly to reconcile liftings, sales and remittance of proceeds. Therefore, the data presented are jointly reconciled by CBN, NNPC, FIRS, and DPR.

The CBN further alleged that NNPC owes the Federal Government another N22bn in unpaid levies to the National Export Supervisory Scheme (NESS). It must also be noted that the levies under the NESS are paid to third party inspectors based on services rendered to the Federal Government. Payment to the NESS is update as per value of work done.

The current position is that NNPC has paid a total of $114.78 million from inception of NESS in 2009 up to October 2013 as against the total budget of $117.08 million for the same period. These payments have been reconciled with the CBN, who are again the custodians of the NESS account that is operated on a draw-down basis by the CBN.

Ladies and gentlemen, it is NNPC’s position always that in carrying out our statutory duties we will continue to maintain the highest level of transparency and accountability. Please be assured that NNPC remains available at all times to provide clarifications on these issues or any other matter relating to our responsibility to the Federation and the Nigerian people.

Thank you.

http://thewillnigeria.com/news/sanusi-lacks-understanding-of-how-revenues-from-crude-oil-are-remited-to-federation-account-says-nnpc-gmd/

the thieving population following good luck then said sanusi was lying

efilefun:
Sometimes i just laugh at kids who know absolutely nothing about politics in Nigeria calling Buhari names, forgetting he is trying to revive a nation which was close to total shutdown after the massive carefree looting that took place under GEJ. When the dude said he made more billionaires he wasnt kidding, he literally threw the country's vault opened for anybody to pack as much as they like. I think its high time we follow the romanians and hold down the senate to make sure no corrupt official gets bail and anything less than 50years sentence or better still live execution

A million likes for this. We re just reaping wat GEJ sowed. Sanusi, Ngozi n others saw it coming.

AgamaHub:
Yes he is, very poor economy policies. When they where embezzling in last administration, the policies where still ok, all these theft then didn't run down the economy then. .

Au contraire, they did run down the economy, Buharis statist policies notwithstanding.

Goodluck who was borrowing to pay salaries with oil at £80. What will he do with oil at £30-£50?

Nigeria's problem is that we want to forget the past too easily. This lack of accountancy incentivizes corruption and mismanagement.

Let's wait to see after this administration what everyone has stashed away. We are already hearing of what they are stealing since stealing is corruption and yet they are being cleared and the efcc is looking the other way.Sanusi himself he no chop? All this didn't start today nor in IBB's time but just keeps continuing because of a failed judicial, and police system. Prime Minister of Israel was questioned on corruption charges but in Nigeria it's only Fayose that is in power that will be harassed by the financial crimes body because he speaks against the government. Who is fooling who

AgamaHub:
Proper Illiterate are you.

I don't join issues with a confused mind like yours. Must you bring your stupidity here, when you know it will receive a big blow?

Shame on you, as old as you are, you don't know what Illiteracy is.

An illiterate can not do what I just did that attracted your stupidity to be displayed once more.

Consult a dictionary and make sure you park well.

Your subsequent stupidity will not be acknowledged.

I agreed with u this

AgamaHub:
I see, when people have decided to be dumb, and continue to lie to themselves about the past administration and present, comparing both. Only thing I see in both is inability to fight corruption and yet better policies that didn't make us want to protest and the latter still corrupt, although fighting those who are corrupt and aren't in thier boat, and poorest of economy policies ever in the history of Nigeria. I'm no PDP or APC, so I never supported any. Until we as Nigerians start to elect our president based on the individual and not his party, we would start to progress. All these parties are in for their selfish end.

duni04:
The plans, designs and contracts for this VP residence were awarded during Jonathan's tenure. Osibanjo has even been quoted as saying he doesn't need the house! Buy since substantial work has already been done, abandoning it will be more wasteful than completing it. Jonathan and that crooked Bala Mohammed were the ones that awarded the N250 million gate contract.

What are you saying? This is 2017 budget we r talking about, gej and co left 21 months ago. OK, what of the computer software for 1.3 billion? Pls leave Jonathan out of this. The same corruption is still happening.

God punish gej for bringing this on us. Thunder fire am.

DonCortino:
Do you know Gej sacked this man and ur party apshit kicked against it? Do u?

And what was done to the man after GEJ sacked him with EFCC, ICPC, DSS, NA, etc within his disposal?

He was just sitting down on the throne of Presidency watching like a toothless Bingo while the looting continues.

Sanusi raised this point of unremmitted funds: was it not your likes that keep shouting propaganda up and down? Worst still, Sanusi, the whistle blower was sacked by GEJ who was fighting corruption with Technology without Senate's approval just because of revealing this point to masses.

Now that the truth has come out for all to see.

kwaruption every were chai chai issorite

Omonigeriarere:
And what was done to the man after GEJ sacked him with EFCC, ICPC, DSS, NA, etc within his disposal?

He was just sitting down on the throne of Presidency watching like a toothless Bingo while the looting continues.

Sanusi raised this point of unremmitted funds: was it not your likes that keep shouting propaganda up and down? Worst still, Sanusi, the whistle blower was sacked by GEJ who was fighting corruption with Technology without Senate's approval just because of revealing this point to masses.

Now that the truth has come out for all to see.

Apart from dasuki, what have buhari done to all those convicted of corruption?
What has happend to lawal babachair? What about d efcc boss with glaring proof of fraud senate rejected him yet ur god resent his name. Buratai nko?

Abeg swerve!

Ibime:
Au contraire, they did run down the economy, Buharis statist policies notwithstanding.

Goodluck who was borrowing to pay salaries with oil at £80. What will he do with oil at £30-£50?

Nigeria's problem is that we want to forget the past too easily. This lack of accountancy incentivizes corruption and mismanagement.

Ibime you should know better. If an economy goes into recession in 2016, it is daft to say that the reason for the 2016 recession is theft that "stopped" in May 2015. Why didn't the end or reduction of corruption from May 2015 act as a stimulus to the economy post-May 2015?

You should be looking at the policy regime that has caused a 75% drop in foreign investment over 2 years for answers.

Death sentence to all confirmed looters.

Charlie boy and the likes.

Protest should be on stuffs like this!