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Nigeria: House of Representatives investigates non-remittance of $13.9 billion by NNPC

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Article
1 February 2015

Nigeria: Auditor-General releases PWC forensic audit report on allegations of unremitted revenue by NNPC

Author: Pricewaterhousecoopers

'Auditor General for the Federation Report on the investigative forensic audit into the allegations of unremitted funds into the federation accounts by the NNPC', 1 Feb 2015:…The Office of the Auditor-General for the Federation (AuGF) engaged PricewaterhouseCoopers…(PwC) to investigate…crude oil revenues generated by the Nigerian National Petroleum Corporation (“NNPC”) that was withheld or unremitted…between 1 January 2012 and 31 July 2013… This…follows…(concerns raised in) September 2013 by the former Governor of the Central Bank of Nigeria (“CBN”), HRH Sanusi Lamido Sanusi…that…NNPC had lifted $65bn worth of crude on behalf of the FGN but remitted only $15.2bn into the Federation Accounts, with $49.8bn…outstanding… [O]ur conclusions are…that the Corporation operates an unsustainable model…[as it] is unable to sustain monthly remittances…and also meet its operational costs…from the proceeds of domestic crude oil revenues, and…had to incur third party liabilities to bridge the funding gap…We therefore recommend that the NNPC model of operation must be urgently reviewed and restructured...[and] that NNPC be required to disclose the consolidated position of the Group and its subsidiaries, and expected remittances to the Federation accounts be determined from the available consolidated net revenues...[Refers to Agip, Atlantic Energy, Chevron, Duke Oil, Esso, Fujairah Refinery, General Marine and Oil Services, JP Morgan, Konsult Control Services, Lloyd's List, Marine Technical Services International, Mobil, National Petroleum Investment Management Services, Nexen, Nigerian National Petroleum Development Corporation, Nigerian Petroleum Development Corporation, Oando, Pricewaterhousecoopers, Product and Pipeline Marketing Company,Reuters, Sada Idris and Company, SGS Inspection Agency, Shell, Total]

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Article
13 February 2014

$20bn oil revenue: NNPC denies Sanusi's claims [Nigeria]

Author: Chika Izuora, Leadership (Nigeria)

The Nigerian National Petroleum Corporation (NNPC) has denied allegations by the governor of the Central Bank of Nigeria (CBN), Lamido Sanusi Lamido, over alleged missing $20 billion unaccounted for by the corporation...[G]roup managing director of... NNPC, Mr Andrew Yakubu, said that Sanusi misrepresented facts... “... it would appear that Sanusi ran into the same difficulty encountered by NNPC in interpreting the controversial presidential directive when he suppressed facts in his submission before your distinguished committee...”

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Article
12 February 2014

Nigerian bank governor alleges oil subsidy racket

Author: William Wallis, Financial Times

Nigeria’s central bank governor has exposed a multibillion-dollar subsidy racket inside the state-owned oil company...Lamido Sanusi...[has] provide[d]...data, expert and legal opinion, and...contracts...to support his allegations in a memo to a senate committee on finance investigating the matter...The memo points to more than $1bn a month from crude oil sales allegedly owed to the state...that the Nigerian National Petroleum Corporation has failed to remit...Andrew Yakubu...NNPC’s group managing director...accuses him of failing to understand “the technicalities of the oil industry”... Mr Sanusi points to possible losses of $20bn...between January 2012 and July 2013...[also refers to Atlantic Energy, Seven Energy]

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Article
11 February 2014

Civil society statement on Senate Committee probe on non-remittance of oil revenue [Nigeria]

Author: Say no campaign - Nigeria

The SAY NO CAMPAIGN–NIGERIA...and its collaborating civil society partners have followed with keen interest the ongoing probe of non-remittance of oil revenue to the Federation Account by the...the Nigerian National Petroleum Corporation (NNPC)...Considering the enormity of the...quantum of revenue involved and its implications for transparent and accountable use of the country’s resources, The Say No Campaign–Nigeria...[is] deeply concerned about the uncertainties...created and the seemingly failure of any of the institutions...to responsibly address the concerns raised. It is to this extent that we are strongly supportive of all the mechanisms and processes that can be employed to ensure that the truth regarding these remittances is brought to fore...[We] wish to extend this conversation...by placing demand on President Goodluck Jonathan to act in a manner that demonstrates genuine anger for the open stealing of oil and gas money in Nigeria...

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Article
10 February 2014

$20bn not missing, NNPC, NPDC insist [Nigeria]

Author: Michael Eboh & Chris Ochayi

Nigerian National Petroleum Corporation, NNPC,...[has] denied claims that it failed to remit $20 billion crude oil revenue to the Federation Account...Nigerian Petroleum Development Corporation, NPDC, a subsidiary of the NNPC, disclosed that the allegation...is false...Mr. Iyowuna Briggs, Managing Director, NPDC,... maintained that the...majority of the funds that should have accrued to the federal government...was paid to its technical partners who provided the financing for its operations...Dr. Abiye Membere, Group Executive Director, Exploration and Production, NNPC, said...NNPC works with the Petroleum...Regulatory Agency...and other...government...[agencies] which scrutinize “all our documents.”

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Article
22 November 2013

NNPC: Reps probe alleged non-remittance of $13.9bn [Nigeria]

Author: Emman Ovuakporie & Levinus Nwabughiogu, Vanguard (Nigeria)

The House of Representatives...[has] set up an ad hoc committee to investigate the non-remittance of $13.9 billion into the Federation Account by the Nigeria National Petroleum Corporation, NNPC...The ad hoc committee has...been mandated to investigate the volume and value of crude oil sales and remittances into the Federation Account...by NNPC...This followed recent revelations that NNPC has remitted only $7 billion out of $20.9 billion of crude oil sales this year...[Member of the House, Haruna Manu] said there have been lingering issues of accountability and arbitrary management of oil revenue by NNPC...

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