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

excelgrace:


Mmm crashed because people crashed it.these site don't pay people. It is a peer to peer system,where members pays or donate to each others,mmm was greatly affected by negative propaganda in the media just as you are protulating above.stop spreading panic news about donation hub around for goodness sake. Please if you are not interested in a platform let the platform be,after all it is not your money. Mmm shake in December 2016, but get help didn't shake.why? Answer is the media.please stop spreading panic news it does nobody any good.ask from people that lost out in mmm.

Don't say you were not warned

chinjo:


So how much do u think is the morally acceptable fee to be charged by a high ranking SAN like Mike Ozekhome? How much did u think Buhari paid all the SANs that defended him for not providing his certificate?

Tell us, corrupt suppoter

chinjo:

Have u also asked how much Rotimi Oyedepo collects from Efcc as his legal fee? FG just want to intimidate Mike Ozekhome to back out of the case since he refused to work for them and he keeps embarrassing the. EFCC and their lawyer in court.

Why don't you probe this first before that of Rotimi that is not in public domain

petrov10:
Useless efcc

Ole, thief barawo to all supporters of yam eaters

Legalaffairs:
He should be served with the same plates he washed for another. ASAP. He so much reasoned well here. Let the nation assembly head this call for his sake now.

unfortunately, his advice was not taken, so you can't apply same rule here

Lighthouseman:
This boko is a scam. Are we using tax payers money to army our army or boko haram? Most of the arms ends in the hands of boko haram at the end of the day.

it is a scam yet our arms end up in their hands? say something you know about

Nnamdd1:
How did the dollar manage to stay at N170 for 4 straight years under massive looting under former President Goodluck Jonathan? And how is it now at N500 - N510 under massive savings under President Muhammadu Buhari?

http://www.naijahelm.com/2017/02/how-did-dollar-manage-to-stay-at-n170-for-4-years-under-jonathan.html

which naira was stable at 170 under Gej? it is either the supporters are too young to know or prefer to be deceived. I was working in a company that depended on importations for its raw materials

trilobite:

I don't understand you. The price of a commodity is low and your suggestion is to produce more of said commodity? What are you saying?
The Saudis who produce more than us are also complaining.
Nigeria is blessed with abundant resources. I am not talking of agriculture alone.
Let me give you an instance: there is a village in the north east with abundant uranium, this mineral has contaminated their farm produce and is killing them. Imagine: people dieing from money.

Any responsible government will look at exloitaion of such minerals instead of foolishly focusing on oil.

Our challenge with crude oil is that we don't refine. If we can refine all our consumption within, it will not adversely affect us. Besides, the problem of niger delta militant necessitate looking for oil elsewhere. Our advice is for the government to develop all sectors, oil, mining, agriculture, industry etc

RZArecta:
We agree sir but BUHARI SHOULD PLEASE SHOW US HIS WAEC CERTIFICATE

Can you pls show us yours?

trilobite:


What is this one saying?
Low oil prices is what has caused this current recession, it makes no sense whatsoever to spend hundreds of millions of dollars on exploration .

An exploration that has been funded by obj, good luck yielded nothing. Now he is expecting a miracle. If only you know how much people are making on this stupid venture you'll rethink your support.

Since there is low oil prices, why can't you stop using petrol, stop producing. Despite low price, read what Saudi, Iran and other oil producing nations produce per day. All you need to do is construct more refineries produce more and let the price crash further as long as you don't import finished products, it won't affect you.
Let oil be in large quantity, develop all other sectors and that is all what diversification is about. Nigeria discovered oil and neglected agriculture like your recommendation and this is where such policy led us

AlNur:
You just ended up saying trash. How is searching for oil in the north translate to diversification?

Professor don't teach us nonsense. Does diversification mean don't search for oil in the north? Ok, I will help you, kindly visit your dictionary, type it online instead of typing what you don't know and don't be ashamed to type your findings here

Paperwhite:
This is Bubu's definition of "diversification". Senile dull man.

Your problem is that you don't know the meaning of diversification. It does not mean neglecting a sector but developing other sectors so that they can grow. Moving from mono cultural economy to poly cultural economy

2kaybiel:


does asking your parents to reduce your pocket money has anything to do with you not collecting it at all when actually you have a means to survive aside your pocket money given to you by your parents?
what I'm saying here is that, many of our politicians are rich before assuming their respective offices, if they are indeed to serve they can do likewise Donald Trump promised to do.
is reduction of his salary by 50% means he actually did what promised to do?

Did he promise to forgo his salary? Not all politician can survive without salary and pention except those who embezzle and still continue after leaving office. Trump has only promised, he was a biz man before while your president was a solder collecting pension.
Ok, tell your parent to stop pocket money because I know you, you are rich and donate it to orphanage home

alen4smith:
i am only being sarcastic.have you forgotten the famous " America will know" quote by our former president?

Sorry but really I did not insult you now. Let us fold our arms and be looking . Thanks !!!!!!!!

alen4smith:
remember That "America will know if such an amount is missing" that is the more reason he is still in doubt.

Tell me how america will know how such amount given to Fayose by Obanikoro from Lagos to ekiti happened or the one stolen from my institution where I work or the one stolen in Abuja.

Has american known all the one stolen withing america? Even Goodluck was surprised in some cases hearing that such amount were misappropriated under him.

I ask, who deny receiving money from the office! Metuh,abati etc

There are facts in this piece . One more thing, Obasanjo still appear more beautiful than Trump

2kaybiel:
I wonder if any of Nigerian leaders can actually do this.

But the current president has cut his salary by 50%. It is nothing different from you telling your parents to reduce your pocket money by 50% and donate it

All other former head of state kept quiet on issue of corruption in court cases but Jonathan knowingfully what he did in office went ahead to say he did not believe they could steal such amount. What a foolish statement! If he did not believe, it is logical he goes to court to clarify and besides, was it Buhari/Apc that invited him to testify?
This tribe thrive in corrupt practices

midol:
We yoruba muslims are not happy about this. trump must love buhari and hate IPOB. Insha Allah! Mohammed seriki!

Something must be wrong with you. Which one is we yoruba muslim?

chemicalDisease:
Still waiting for our dullard president to send his.

Fear still the hold him?

You sound foolish always

GenbIoodykiller:
Buhari is a pedophile terrorist monkey see as he surround himself with those innocent girls

Oshiomole is a scallywag
apc is a useless worthless party
Nonsense!!!

I know you have problem but my only concern is to pray for you

DeanAmbrose23:
Why is this writer playing ludo with words? He should go ahead and tell the herdsman in chief that he is a burukutu sipping gworo chewing kwashiokored tyrant who should be confined to the other room.

I had thought by now, you would have learnt important lesson but see your life outside

AceRoyal:
"Corrupt Judges"?
The media has already condemned these judges as corrupt without a fair trial or adequate evidence.
I'm not holding brief for these judges,neither am I in support of corruption but when will all these media trial,persecution and propaganda end?
It's seems all these media jamboree is geared towards tarnishing the names of the judges involved.
Yes,corrupt persons must face the laws and penalties but until proven guilty beyond any reasonable doubt,they remain guilt free.

P.S- I will only respond to reasonable quotes.if u are a tribal bigot or u attack my person because of my opinion,I will not dignify u with a response.#PatrioticNigerian

Agreed, can you let us have peace with this unnecessary defence

cowardSeun:
If not for the intervention of the Aba shoe makers, the bush-burning genocidal soldiers will be fighting bokoharam barefooted in sambisa forest.

Senseless comment

I am of the opinion that comments on nairaland should be moderated strictly because all these senseless comments will not portray the website a serious one in the international rating.

I do read comments from other nations, their reasoning is not as shallow as we read here

PiccoloBrunelli:
Good. Can we now divide in peace?

No, let us enjoy it together

Collenshy2020:
no government is perfect, the hatred for jonathan won't do you guys any good, what effort do you guys made to curb such happenings,bad belle everywhere, abegi !

Are the points mentioned correct

SamuelAnyawu:
Blame Game Continues
Confused Party

Confused Buhari
Confused Rochas

I Stand With Senator Samuel Anyanwu for Governor Imo State 2019


We All Miss GEJ
Caring and Humble President.

Stop this yeye anyanwu of a thing pls

Tolexander:
So what is the big deal?

Netherland Prime Minister has ridden a bike to work several times, dem no shout for him country.
Ordinary minister dey drive himself within few perimeters to office, he con be talk of the town.

Things wey suppose surprise us, e no go surprise us, na nonsense wey go dey carry for head like punk.

Nobody shouted but you alarmed it.

sternlley:
Please, does anyone have a nokia charger here??

Everybody has gone past that foolish age of borrow me nokia charger when sensitive matters are being discussed.

Read 20 comments and rate yourself

AntiIPOOP:


http://dailypost.ng/2016/10/30/biafra-will-never-member-islamic-body-will-accept-shiite-ipob/?utm_source=dlvr.it_dp1&utm_medium=facebook

lalasticlala

How many citizens of biafra wrote this one you posted here?