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.
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.
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