ALLEGED MISSING $20BN OIL REVENUE: OUR TRUE STORY – NNPC

Timelines of a Saga
September 25, 2013
CBN Governor writes to Mr. President alleging that “between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude oil valued at $65,332,350,514.57. Out of this amount NNPC repatriated only $15,528,410,098.77 representing 24% of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.8 billion or 76% of the value of oil lifted in the same period.”
September 26, 2013:
Presidency receives CBN Governor’s letter.September 27, 2013:
President minutes letter to Hon Minister of Petroleum Resources to explain the allegations against NNPC.
September 30, 2013:
HMPR forwards letter to GMD NNPC asking for explanations:
October 2, 2013
GMD NNPC offers explanations to the HMPR.

GOVT MAY SPLIT NNPC AHEAD OF PIB’S PASSAGE

AHEAD of the passage of the Petroleum Industry Bill (PIB) by the National Assembly to guide operations in the nation’s oil sector, the Nigerian National Petroleum Corporation (NNPC) has begun an initiative to reposition itself to be competitive in line with global trends.
The main thrust of the plan is to unbundle the corporation into profitable business units with value addition through new products’ creation to compete favourably with other national oil companies (NOCs ) on the one hand and international oil companies ( IOCs) doing business in the country on the other hand.
The development is coming on the heels of the recent appointment of Hajia Aisha Mata Abdurahaman as the first female Group Executive Director (GED) of the NNPC’s Business Development Directorate by the Minister of Petroleum Resources, Mrs. Diezani Alison- Madueke with the mandate to prepare the corporation for optimisation, value addition and competitiveness.

WE DIDN’T CHARTER PRIVATE JET FOR DIEZANI -NNPC

The Nigerian National Petroleum Corporation on Monday denied it chartered any jet for the exclusive use of the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.
The corporation however stated that it was empowered by law to own or charter aircraft for its use.
In a statement signed by the acting Group General Manager, Group Public Affairs Division, NNPC, Dr. Omar Ibrahim, the corporation stated that it had not chartered any aircraft for the exclusive use of the minister or any particular official of the NNPC.
A motion endorsed by the House of Representatives last Thursday indicated that Alison-Madueke allegedly spent N10bn to run a private jet for her personal trips within Nigeria and abroad.
But the NNPC noted that contrary to the information, the minister had not chartered any aircraft for her personal use or the use of her family.

NNPC MOVES TO END FUEL SCARCITY

…blames marketers, fi lling stations for hoarding
*** There’re enough petrol to go round’
The Nigerian National Petroleum Corporation, NNPC, said yesterday that fresh measures are being put in place to halt what it described as artificially induced fuel scarcity in some parts of the country particularly, in Lagos and its environs.
Acting Group General Manager, Group Public Affairs Division of the Corporation, Dr. Omar Farouk Ibrahim, in a statement in Abuja justified the accusation that some marketers are hoarding the product, following measures put in place Abuja, which have ensured availability of fuel at filling stations.
According to him, NNPC in conjunction with the Department of Petroleum Resources, DPR, and the Petroleum Products Pricing Regulatory Agency, PPPRA, will commence detailed monitoring of fuel stations in Lagos and its environs as well as any other state to checkmate the incidence of hoarding and panic buying.
“We tried it in Abuja and its environs and today the effective monitoring has decimated the hitherto long fuel queues. We are extending the extensive joint monitoring to Lagos,” Dr. Ibrahim said.

NNPC SAYS IT SPENT ALLEGED MISSING $10.8BN

AMIDST the controversy over the exit date of the Central Bank Governor, Sanusi Lamido Sanusi, the Nigerian National Petroleum Corporation (NNPC) has disclosed that the alleged missing $10.8 billion was actually money it had spent, declaring that it has authority to incur the expenditure.
Addressing a press conference on Friday in Abuja, Mr Bernard Otti, the Group Executive Director, Finance and Accounts of the corporation, expressed surprise that despite clarification, misconception still trailed the reconciliation of accounts with the Central Bank of Nigeria.
While regretting that a section of the media had continued to distort facts of the case, Otti insisted that “the $10.8 billion, which is currently the subject of ongoing inter-agency reconciliation exercise, is not missing but is expenditure incurred as part of statutory responsibilities which the NNPC as the national oil company executes on behalf of the Federal Government.”

NO $10BN IS MISSING - NNPC

The Nigerian National Petroleum Corporation (NNPC) has once again denied fresh reports that ten billion dollars is missing from the treasury following reconciliation of accounts with the Central Bank of Nigeria.It described such reports as false and unfounded.
In a statement issued in Abuja on Sunday, the corporation submitted that after the reconciliation of accounts, neither the Finance Minister, Dr Ngozi Okonjo-Iweala nor the governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, said ten billion dollars was missing, clarifying that the announcement was that reconciliation is ongoing on the outstanding ten billion dollars.

NNPC ATTACKS SANUSI OVER ALLEGED MISSING $49.8BN

The spat over an alleged missing oil revenue worsened on Friday as the Nigeria National Petroleum Corporation (NNPC) accused the governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, of playing politics with oil revenue, emphasising that no $49.8 billion is missing.
The corporation has also clarified that the shortfall admitted at the Federation Account Allocation Committee meeting referred to monthly crude returns rather than the issue of missing money the CBN alleged.
Addressing a world press conference in Abuja, the NNPC Group Managing Director, Andrew Yakubu, said Sanusi was playing politics over oil revenue accounts which the CBN on a monthly basis reconciled alongside other agencies like revenue service and petroleum resources department.
Expressing surprise at the refusal of the CBN governor to retract the allegation, Yakubu said “if not for politics, there is no reason for the allegation on a matter in which CBN and other agencies sit monthly and on which the bank has never raised any objections.”
Yakubu posited that the process for revenue remittance was clear and that the NNPC was not in the business of withholding any crude oil receipts due the Federation Account or any other statutory remittances.

NNPC SOLD $20.9BN CRUDE, REMITTED ONLY $7BN – REPS

The House of Representatives on Thursday ordered another round of investigation into crude oil sales and remittances by the Nigerian National Petroleum Corporation.
The focus of the fresh investigation is on the “volume and value of crude oil sales and remittances” by the corporation from January 2013 to date.
The investigation, which will last four weeks, is to be conducted by an ad-hoc committee of the House.
The resolution of the House followed a motion moved by Mr. Haruna Manu, who raised the alarm that about $13.9bn crude oil revenue could not be accounted for by the NNPC.
Manu, who quoted from statistics allegedly generated by the NNPC, told the House that the value for crude oil sales from January to August stood at $20.9bn.
He, however, said only $7bn was remitted to the Federation Account by the corporation.
Manu added that “this shows that $13.9bn is not accounted for and it raises questions about how it was spent.”

OIL, GAS REVENUE EARNINGS: NNPC UNDERPAID FG BY N320BN - REPS

THE House of Representatives, on Sunday, disclosed that the Nigeria National Petroleum Corporation (NNPC) shortpaid the Federal Government to the tune of N320.654 billion in its dealings on oil and gas revenues, paying N1.516 trillion to the Federation Account instead of N1.837 trillion.
The chairman, House Committee on Finance, Honourable Abdulmumin Jibrin, who revealed this on Sunday in a statement tagged: “Petroleum Minister/NNPC: A shady regime of oil and gas management,” said the NNPC must come clean on its operations and remittances to the Federation Account.
Honourable Jibrin, who faulted release of figures of crude oil sales allegedly totalling $20.9 billion for the first seven months of 2013 by the NNPC, said the corporation was only “pushing out sham details as regards operations in the oil and gas sector, andhad become worse under Diezani Alison-Madueke, current Minister of Petroleum Resources.”

GUNMEN KILL NNPC GMD’S YOUNGER BROTHER

Suspected gunmen yesterday in Kaduna robbed and killed the younger brother of the Group Managing Director (GMD) of  the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu, about 120 kilometres outside Kaduna town.

The victim, as Mr. Yohanna Yakubu, was killed in a forest situated around Idon in Kachia local government area while travelling to his village, Ungwan Wakili, in Zangon Kataf local government area, to attend a burial ceremony.

He was also a senior staff of the NNPC of  more than 20 years before his death.

Kaduna state Police Command has confirmed the incident through its spokesman, DSP Aminu Lawan, who told Blueprint last night that the police had launched a manhunt for the killers.

BANK SUES ALISON-MADUEKE, NNPC, OTHERS FOR N1.7 BILLION

A BUSINESS dispute between Zenith Bank Plc and Nigdel United Oil Company Limited over a N1.7 billion loan facility the bank granted the oil firm to acquire an oil bloc in 2006 has taken a legal dimension.

The bank has dragged the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and three others before a Federal High Court in Lagos claiming ownership of the oil bloc. 

Zenith Bank, in the case before Justice Okechuckwu Okeke, is praying the court for a perpetual injunction restraining the minister, her agents, servants, privies, or whosoever is acting on her behalf from recognising Nigdel oil, owned by popular businessman and Delta State politician, Prince Joseph Panawou, as the rightful owner of the OPL 233 oil bloc since same was paid for by the bank on behalf of the oil company which it has allegedly refused to pay back.

NNPC HELICOPTER IN NEAR MISHAP

An HS 125-400 helicopter belonging to the Nigerian National Petroleum Corporation (NNPC), yesterday overshot the runway at Osubi Airstrip, Delta state.

Spokesman of the Accident Investigation Bureau (AIB), Mr. Tunji Oketunbi, who confirmed the incident, told Blueprint in Lagos that the helicopter, marked 5N-NOC, was operated by Aero on behalf of NNPC.

“AIB investigators have been deployed to the site for investigation,” he said.

NARROW ESCAPE FOR NNPC OFFICIALS AS AIRCRAFT OVERSHOOTS RUNWAY IN WARRI

It was a narrow escape, Wednesday, for some top officials of the Nigerian National Petroleum Corporation (NNPC) as they cheated death by the whiskers when the corporation's aircraft in which they were traveling overshot the runway and crash landed at the Osubi Airstrip in Warri, Delta State.
 
Though there was no fatality in the accident which occurred at about mid-day, it however sent jitters down the spines of people especially as it came barely a year after some NNPC officials were killed in a plane crash in Lagos.