Skip to main content

corruption in the nation’s oil sector.

Governor of Central Bank, Mallam Sanusi Lamido Sanusi has revealed the corruption in the nation's oil sector, especially the non-remmittance of about $50b oil income to the national account by the NNPC.

The $50 billion was accumulated between 2012 and 2013.

Sahara Reporters reports that the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi in a letter dated 25 September complained to President Goodluck Jonathan about the continuing refusal of the Nigerian National Petroleum Corporation (NNPC) to honour its legal obligations, including failure to remit $49.8 billion to the Federation Account between 2012 and 2013. That amount represents 76% of the value of crude oil liftings during the period.

In a similar vein, Governor of Rivers State, Rotimi Amaechi recently asked the federal government to tell Nigerians how $5 billion got missing from the Excess Crude Account, an allegation denied by the Finance Minister, Ngozi Okonjo-Iweala, who said there was no such money missing from the Excess Crude Account.

"Our analysis of the value of crude oil export proceeds based on the documentation received from pre-shipment inspectors shows that between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of crude valued at $65,332,350,514.57," the letter said. "Out of this amount, NNPC repatriated only $15,528,410,098.77 representing 24 per cent of the value. This means the NNPC is yet to account for, and repatriate to the Federation Account, an amount in excess of $49.804 billion of the value of oil lifted in the same period," governors under the platform of the All Progressives Congress also noted.

Drawing attention to an attached table of analysis of the crude oil liftings and repatriations as prepared by the CBN, Governor Sanusi noted that the failure of the NNPC to repatriate the amounts constitutes not only a violation of constitutional provisions but also of both Nigeria's foreign exchange and pre-shipment inspection of exports laws.

Also drawing attention to previous occasion in which he had expressed concern about what appeared to be shortfalls in remittances to the Federation Account in spite of the strong recovery in the price of oil, Mr. Sanusi said that a point of departure ought to be to insist that the NNPC account fully for all proceeds that were diverted from its accounts with the CBN and the Federation Account.

"As an indicator of how bad this situation has become, please note that in 2012 alone, the Federation Account received $28.51 billion in Petroleum Profits and related taxes but only $10.13 from crude oil proceeds," Sanusi informed Mr. Jonathan.

"In the period January-July 2013, the corresponding figures are $16.65 billion and $5.39 billion, respectively. This means, Your Excellency, that in the first seven months of the year, taxes accounted for 76% of the total inflow from this sector, while NNPC crude oil proceeds accounted for only 24%."

According to SaharaReporters, Mr. Sanusi specifically recommended to the President to:

- Require NNPC to provide evidence for disposal of all proceeds of crude sales diverted from the CBN and Federation Account;

- Investigate crude oil lifting and swap contracts, as well as the financial transactions of counter-parties for equity, fairness and transparency; and

- Authorise prosecution of suspects in money-laundering transactions, including but not limited to BDCs who are unable to account for hundreds of millions of dollars.

Comments

Popular posts from this blog

Windows 10 now on 600 million machines.

Microsoft CEO Satya Nadella told shareholders that Windows 10 has now passed 600 million monthly active users, picking up 100 million since May of this year. This number counts all Windows 10 devices used over a 28-day period. While most of these will be PCs, there are other things in the mix there: a few million Xbox Ones, a few million Windows 10 Mobile phones, and special hardware like the HoloLens and Surface Hub. The exact mix between these categories isn't known, because Microsoft doesn't say. The company's original ambition (and sales pitch to developers) was to have one billion systems running Windows 10 within about three years of the operating system's launch. In July last year, the company acknowledged that it won't hit that target—the original plan called for  50 million or more phone sales a year , which the retreat from the phone market has made impossible. But at the current rate it should still be on track for somewhere in excess of 700 million use...

WZoneLite – A Pretty Cool WooCommerce Amazon Affiliate Plugin .

Everyone wants to make a million dollars by being a blogger. The promise of riches and internet fame is a big draw to doing it for a lot of people, and I’m sorry to say that the reality of being a blogger (even a professional blogger!) is not quite…as financially lucrative as all that. But that’s not to say that it  can’t be –one of the best ways to start your empire is with an Amazon affiliate plugin. For me, the Amazon Associates program has been one of the biggest earners for me over the years. Not only are there CPM ads like Google Adsense (you know, the normal banner ads we all love to hate), but any time someone clicks a link from your site, you get a percentage of  anything  they buy while the token from your site lasts in their browser. If they buy a song, you get a few cents. If they buy a new MacBook Pro and iPhone? You get…a lot more cents. With that in mind, WZoneLite is a  pretty cool WooCommerce Amazon affiliate plugin that syncs everything together s...

Game-changing SEO trends that will dominate 2018.

Changing nature of the rules of the game. As search engines strive to improve the quality of search results, some ranking factors shift shapes, others fall into oblivion, and completely new ones arise out of nowhere. To help you stay ahead of the game in 2018, here’s a list of the most prominent trends that are gaining momentum, with tips on how you can prepare for each. 1. The rise of SERP features Are you assuming a #1 organic ranking is  the  way to get as much traffic as possible? Think again. Increasingly, SERP features (local packs, Knowledge panels, featured snippets and so on) are stealing searchers’ attention and clicks from organic listings. And it’s only fair if you consider the evolution the Google SERP has been through. It has gone all the way from “10 blue links”… … to something that makes you feel like you’re part of a Brazilian carnival. What can you do about it? With the evolution of SERP features, it’s critical that you (a) track your rankings within...