S-H-A-M-E-D!!! Mallam Sanusi Shamed Again By House Committee On His False Allegation of Missing $20Billon In NNPC. **there was nothing new in all Sanusi from the reconciliation we heard early. **we are surprised that Sanusi had failed to understand some engineering issues. - Mr Yakubu, NNPC GMD. **We are concerned by the dynamics of the moving numbers as the central bank’s figures keep changing. **Sanusis claim that kerosene subsidy, we appropriates subsidy for the product every year, So NNPC was right. - Sen Ahmed Maikarfi. The Senate Committee on Finance at the National Assembly, those present left the venue confused after CBN Governor Mallam Sanusi Lamido said the unremitted amount by NNPC now stood at $20 billion. The audience looked confused as Sanusi reeled out the new figure, more so after he had submitted to the committee late last year that of the $49.8 billion said to have been unremitted to the Federation Account by NNPC was cleared to $10.8b. The $10.8b has been tracked to used by NNPC for Kerosene Subsidies since 2009, Cost of operations for the Corporation and their subsidiaries. In his response, the committee chairman, Ahmed Maikarfi, dismissed Sanusi’s submission, saying there was nothing new in all he said. He also remarked that despite his claim that kerosene subsidy had stopped since 2009, the National Assembly appropriates subsidy for the product every year. He also asked Sanusi to wait for the ongoing reconciliation to be concluded before going any further, stating, “The bottom line is that the federation should not lose a cent, so the reconciliation must be concluded this week.” Earlier, the Director General of Budget Office, Bright Okogu, and Peter Schlak, who represented the Petroleum Products Pricing and Regulatory Agency (PPPRA), requested one extra week from the committee to enable them conclude the reconciliation process. The committee acceded to the request for additional one week. Maikarfi warned them that the process must not exceed the extra week granted them and asked all the agencies to return for the hearing next Wednesday to present the output of the reconciliation process. But the Group Managing Director (GDM) of NNPC, Mr. Andrew Yakubu, while answering questions from reporters on the fresh allegation of $20 billion, which remains unremitted, said he was surprised that CBN had failed to understand some “engineering issues”. Mr Yakubu also accused the confused CBN governor of taking upon himself the job of an auditor when in the real sense, he is a banker. “Gentlemen, you heard the chairman very well. The issues that were raised are not new at all. You see, we came out with details because we don’t have anything to hide and we gave a detailed breakdown of the so-called $49.8 billion and we came out clearly to state the various streams that are associated with what he was talking about. “Now, we also made it clear that NPDC, if we had anything to hide, we would not have made it clear that NPDC was part of the stream because NPDC which is NNPC’s upstream operation, is a limited liability company registered by the Companies and Allied Matters Act (CAMA) to do upstream business just like any other independent company. “Now, if you are in your business, will you take your gross revenue and pass it on? What we simply said was to account for the streams that the CBN governor erroneously captured. “Let me make this point clear, CBN is a banking outfit, not a petroleum outfit. It is therefore understandable why they keep making unsubstantiated claims, which a little understanding of the technicalities of the oil industry would have saved them from making. “CBN is not an auditing outfit. But what it is doing is now auditing. We have no problem with auditing, but let the professionals, the certified bodies and agencies that are charged with this responsibility of auditing, to do their work,” he said. The GMD explained that the issues raised by Sanusi were not fresh at all and would be eventually reconciled by the Inter-agency Committee established to settle the $49.8 billion saga. “Our position remains the same and we remain open to all stakeholders. These are issues that are currently before the reconciliation committee and before now it has been a subject of monthly verification before FAAC and other stakeholders,” he said. The GMD reiterated what Okogu had said at the hearing that a lot of progress had been made in the reconciliation of the $10.8 billion and expressed hope that by the time the committee meets next week, the final report would be ready, and NNPC would be vindicated. Also in a statement issued by the corporation last night, NNPC said Sanusi’s latest allegation was a clear indication of his inconsistency, thereby presenting conflicting figures to the generality of Nigerians. “We are concerned by the dynamics of the moving numbers as the central bank’s figures keep changing. This is a worrying trend coming from an agency of government charged with managing the financial affairs of Nigeria. “While NNPC and other relevant government agencies are in the process of reconciling the $10.8 billion as accepted by all parties, we are surprised by the new $20 billion figure introduced by the CBN. “According to CBN the $20 billion is made up of $12 billion subsidy claim, $6 billion NPDC gross revenue and $2 billion third party revenue. “It is worthy to note that the CBN accepted NNPC’s submission with respect to $16 billion royalty and PPT (Petroleum Profit Tax) payments into the Federation Account through the FIRS. This indicates that the CBN cherry picks the figures. “For example, in taking the entire $6 billion gross revenue accruable to NPDC and allocating same to the Federation Account, CBN simply multiplied the gross production by the crude oil price, thereby failing to account for the operating costs (opex) and amortised capital expenditure that underpin the production. “In other words, the CBN failed to take into account the cost of production. We reiterate that NPDC has been remitting the royalty and petroleum profit tax to the Federation Account. “NPDC as a subsidiary of NNPC operates a business model similar to other international companies in Nigeria and abroad and will continue to be governed by these global best practices in the execution of these assets. “Regarding the subsidy claim on kerosene, it is important to note that NNPC as the supplier of last resort is the only company supplying this product in Nigeria for the benefit of the citizenry. “If kerosene has been deregulated why are the independent marketers not supplying this product in line with what is applicable to diesel (AGO). “NNPC owes a duty to Nigerians to ensure that there are adequate products in the country. This mandate has without question been accomplished in the past four years. NNPC deserves to be commended rather than battered, for ensuring adequate supply of kerosene at regulated price of N50. “NNPC cannot be held responsible for any differential pricing from non-NNPC retailers. This is the basis for NNPC’s claim on kerosene subsidy,” the corporation said. Also, in its reaction, Atlantic Energy, said the CBN governor was again mistaken in his testimony on the transaction between NPDC and Atlantic. According to an official of the company, “We have had cause in recent times to explain the true position of things and this information has been in the public domain for some time now. Suffice it to say that nothing in the transaction between NPDC and Atlantic Energy involved the transfer by the NNPC or the NPDC or the Ministry of Petroleum of any portion whatsoever of NPDC’s 55 per cent participatory interest in the OMLs to Atlantic Energy. “The operatorship of the OMLs as well as the 55 per cent participatory interest therein, remains legally and beneficially vested in the NPDC, and shall remain so throughout the duration of the Strategic Alliance Agreements with NPDC.” He further stated, that “in return for the enormous obligations assumed by Atlantic Energy under the SAA, the agreement explicitly confers on Atlantic Energy the entitlement to receive remuneration-in-kind from the NPDC in the form of allocation of a portion of NPDC’s share of profit oil from the relevant OML areas, and also independently lift, dispose of and retain proceeds of crude oil it receives from the NPDC as remuneration-in-kind.” - Hope For Nigeria. LIKE fb/hopefornigeria Page, if U have not done that already. Feel FREE to TAG Yourself ******************** Report any suspicious activity to the law enforcement agency, as that will save lives. SHARE/Tag your friends!!! Join Nigerias First Facebook Community Page! hopefornigeriaonline facebook/hopeforNigeria 13Like · · Share Top Comments 10 people like this. Okwy Umeh Write a comment... Friday Aco we should not use ugly words on yhe plat form of solution,lets think and bring a word of solution befor distructive words.nigerian only need an economist and nt a banker,most of our past governors are bankers.lets look for an experiance economics and I tell u we will have grate changes in our monetry system and mogage system and financial institution. Like · Reply · 1 · 31 minutes ago Dayo Dennis Some fellows are saying shame on Sanusi as if they dont live in this country pls tell are you guys from Rwanda ? Looting upon looting everyday yet some still have the gut to say shame on the people that want to expose the perpetrators. Haba what is going on in this country self ? Like · Reply · 1 · 37 minutes ago View 23 more comments Recent Posts by Others on Hope For NigeriaSee All Francis Godwin No matter what happened Nigeria is our country 36 minutes ago Klets Cletus Obi APC! APC!! APC!!! What can she offer?? I would have loved to register but looking at the structure of the party, am not happy with her mode and style of leadership. Every govt generates funds through taxes and levies, and this is obtainable from the citizens, this is normal but when a govt collects from the citizens and still impose hardship with the funds contributed by the citizens, what do we call it if not exploitation of the masses.. The road and the bridge built by APC govt in Lagos with tax payers funds is under toll, not just for 2 way traffic but double fare of go and fro.. What good are we enjoying in the land of APC? They are crying that PDP refused to relinquish power to any other party, but APC has been in the rule of Lagos and vowed never to allow any party take over the state.. Since 1999.. I was in a keke napep the other day, the rider gave out #400 to a govt agent, and he was carrying passengers worth of #150, I was not comfortable with that extortion, on my further inquiry, I was told that each rider pays about #1500 everyday to the govt agents excluding the registration of your keke with #50,000 to be able to ride on Lagos roads for business.. I was very sad and it gave me a deep thought into the leadership of APC in Lagos.. APC got a permission to use FG road as BRT dedicated route and tax the citizens whose monies were used in construction of roads and a bridge with the imposition of toll gates on these roads.. Why on earth must I register as a member of APC govt.. Why is she insisting on taking the leadership of the country while she is not ready and willing to release Lagos state to any other party??? Many states are enjoying their IPP independent power project but Lagos with all the monies she generates from her citizens and Fg, can not boast of generating power for her citizenry even from the huge taxes and levies imposed on her citizens.. I would have gladly walked up to a registration centre of APC and become a member voluntarily, but am not happy with their desperation in the fight for total control of the nation.. There is a very big interior motives... This is exactly what AWOLOWO did with the hausas during the war and some few eastern people sabotaged the effort of some people by joining hands with the north.. Tinubu is acting the role of his father awolowo... It had happened before during the war.. Are we going to allow it a second time? This is a war that must be won by Nigerians and Nigerians alone.. The way some people are seeing leadership of this nation is as if is their birth rights.. Lets correct that impression by voting not by party but a credible and non blood thirsty individual... Enough is enough for blood thirsty leaders who kills their critics with a flash and places a ransom for anyone with a useful information on the killer or killers of the assassinated.. Pls lets be our brothers keeper and let unity be our watch word... Tanks for staying tuned.. More updates 38 minutes ago Benjamin Kennedy Is the blood of there children, fathers, relations and mothers 2 hours ago Efficiency Olajide Sulaimon Polytechnic Students Staged protest. Open the link below for details... wp.me/p46eJn-u 3 hours ago Ola Adisa https://facebook/pages/Goodluck-Jonathan-2015/620075591392476?skip_nax_wizard=true 4 hours ago More Posts Likes Like EPWScoop Local Business Like Corruption Is A Crime Against Humanity 5 friends also like this. Nigeria Army 19 friends also like this. Like Facebook 92 friends also like this. Hope For Nigeria Today at 7:40am · Edited B-R-E-A-K-I-N-G News!!! Mallam Sanusi Shamed Again By House Committee On His False Allegation of Missing $20Billon In NNPC. **there was nothing new in all Sanusis allegation from the reconciliation we heard early. **we are surprised that...See More — in Abuja. Photo: B-R-E-A-K-I-N-G News!!! Mallam Sanusi Shamed Again By House Committee On His False Allegation of Missing $20Billon In NNPC. **there was nothing new in all Sanusis allegation from the reconciliation we heard early. **we are surprised that Sanusi had failed to understand some engineering issues. - Mr Yakubu, NNPC GMD. **We are concerned by the dynamics of the moving numbers as the central bank’s figures keep changing. **Sanusis claim that kerosene subsidy, we appropriates subsidy for the product every year, So NNPC was right. - Sen Ahmed Maikarfi. The Senate Committee on Finance at the National Assembly, those present left the venue confused after CBN Governor Mallam Sanusi Lamido said the unremitted amount by NNPC now stood at $20 billion. The audience looked confused as Sanusi reeled out the new figure, more so after he had submitted to the committee late last year that of the $49.8 billion said to have been unremitted to the Federation Account by NNPC was cleared to $10.8b. The $10.8b has been tracked to used by NNPC for Kerosene Subsidies since 2009, Cost of operations for the Corporation and their subsidiaries. In his response, the committee chairman, Ahmed Maikarfi, dismissed Sanusi’s submission, saying there was nothing new in all he said. He also remarked that despite his claim that kerosene subsidy had stopped since 2009, the National Assembly appropriates subsidy for the product every year. He also asked Sanusi to wait for the ongoing reconciliation to be concluded before going any further, stating, “The bottom line is that the federation should not lose a cent, so the reconciliation must be concluded this week.” Earlier, the Director General of Budget Office, Bright Okogu, and Peter Schlak, who represented the Petroleum Products Pricing and Regulatory Agency (PPPRA), requested one extra week from the committee to enable them conclude the reconciliation process. The committee acceded to the request for additional one week. Maikarfi warned them that the process must not exceed the extra week granted them and asked all the agencies to return for the hearing next Wednesday to present the output of the reconciliation process. But the Group Managing Director (GDM) of NNPC, Mr. Andrew Yakubu, while answering questions from reporters on the fresh allegation of $20 billion, which remains unremitted, said he was surprised that CBN had failed to understand some “engineering issues”. Mr Yakubu also accused the confused CBN governor of taking upon himself the job of an auditor when in the real sense, he is a banker. “Gentlemen, you heard the chairman very well. The issues that were raised are not new at all. You see, we came out with details because we don’t have anything to hide and we gave a detailed breakdown of the so-called $49.8 billion and we came out clearly to state the various streams that are associated with what he was talking about. “Now, we also made it clear that NPDC, if we had anything to hide, we would not have made it clear that NPDC was part of the stream because NPDC which is NNPC’s upstream operation, is a limited liability company registered by the Companies and Allied Matters Act (CAMA) to do upstream business just like any other independent company. “Now, if you are in your business, will you take your gross revenue and pass it on? What we simply said was to account for the streams that the CBN governor erroneously captured. “Let me make this point clear, CBN is a banking outfit, not a petroleum outfit. It is therefore understandable why they keep making unsubstantiated claims, which a little understanding of the technicalities of the oil industry would have saved them from making. “CBN is not an auditing outfit. But what it is doing is now auditing. We have no problem with auditing, but let the professionals, the certified bodies and agencies that are charged with this responsibility of auditing, to do their work,” he said. The GMD explained that the issues raised by Sanusi were not fresh at all and would be eventually reconciled by the Inter-agency Committee established to settle the $49.8 billion saga. “Our position remains the same and we remain open to all stakeholders. These are issues that are currently before the reconciliation committee and before now it has been a subject of monthly verification before FAAC and other stakeholders,” he said. The GMD reiterated what Okogu had said at the hearing that a lot of progress had been made in the reconciliation of the $10.8 billion and expressed hope that by the time the committee meets next week, the final report would be ready, and NNPC would be vindicated. Also in a statement issued by the corporation last night, NNPC said Sanusi’s latest allegation was a clear indication of his inconsistency, thereby presenting conflicting figures to the generality of Nigerians. “We are concerned by the dynamics of the moving numbers as the central bank’s figures keep changing. This is a worrying trend coming from an agency of government charged with managing the financial affairs of Nigeria. “While NNPC and other relevant government agencies are in the process of reconciling the $10.8 billion as accepted by all parties, we are surprised by the new $20 billion figure introduced by the CBN. “According to CBN the $20 billion is made up of $12 billion subsidy claim, $6 billion NPDC gross revenue and $2 billion third party revenue. “It is worthy to note that the CBN accepted NNPC’s submission with respect to $16 billion royalty and PPT (Petroleum Profit Tax) payments into the Federation Account through the FIRS. This indicates that the CBN cherry picks the figures. “For example, in taking the entire $6 billion gross revenue accruable to NPDC and allocating same to the Federation Account, CBN simply multiplied the gross production by the crude oil price, thereby failing to account for the operating costs (opex) and amortised capital expenditure that underpin the production. “In other words, the CBN failed to take into account the cost of production. We reiterate that NPDC has been remitting the royalty and petroleum profit tax to the Federation Account. “NPDC as a subsidiary of NNPC operates a business model similar to other international companies in Nigeria and abroad and will continue to be governed by these global best practices in the execution of these assets. “Regarding the subsidy claim on kerosene, it is important to note that NNPC as the supplier of last resort is the only company supplying this product in Nigeria for the benefit of the citizenry. “If kerosene has been deregulated why are the independent marketers not supplying this product in line with what is applicable to diesel (AGO). “NNPC owes a duty to Nigerians to ensure that there are adequate products in the country. This mandate has without question been accomplished in the past four years. NNPC deserves to be commended rather than battered, for ensuring adequate supply of kerosene at regulated price of N50. “NNPC cannot be held responsible for any differential pricing from non-NNPC retailers. This is the basis for NNPC’s claim on kerosene subsidy,” the corporation said. Also, in its reaction, Atlantic Energy, said the CBN governor was again mistaken in his testimony on the transaction between NPDC and Atlantic. According to an official of the company, “We have had cause in recent times to explain the true position of things and this information has been in the public domain for some time now. Suffice it to say that nothing in the transaction between NPDC and Atlantic Energy involved the transfer by the NNPC or the NPDC or the Ministry of Petroleum of any portion whatsoever of NPDC’s 55 per cent participatory interest in the OMLs to Atlantic Energy. “The operatorship of the OMLs as well as the 55 per cent participatory interest therein, remains legally and beneficially vested in the NPDC, and shall remain so throughout the duration of the Strategic Alliance Agreements with NPDC.” He further stated, that “in return for the enormous obligations assumed by Atlantic Energy under the SAA, the agreement explicitly confers on Atlantic Energy the entitlement to receive remuneration-in-kind from the NPDC in the form of allocation of a portion of NPDC’s share of profit oil from the relevant OML areas, and also independently lift, dispose of and retain proceeds of crude oil it receives from the NPDC as remuneration-in-kind.” - Hope For Nigeria. LIKE fb/hopefornigeria Page, if U have not done that already. Feel FREE to TAG Yourself ******************** Report any suspicious activity to the law enforcement agency, as that will save lives. SHARE/Tag your friends!!! Join Nigerias First Facebook Community Page! hopefornigeriaonline facebook/hopeforNigeria 74Like · · Share Top Comments 17 people like this. Okwy Umeh Write a comment... Aaron Udeme I suspect dis man is an APC Like · Reply · 7 · about an hour ago Buchi Obasi I totally disagree. If actually the money was appropriated and utilized within the ambits of the law, why didnt it reflect in their books of accounts during the initial reconciliation? Why did they ask for time to find lies to balance it. The truth is...See More Like · Reply · 4 · about an hour ago · Edited 5 Replies · 14 minutes ago 2 of 68 View more comments Hope For Nigeria 2 hours ago near Kaduna U-N-B-E-L-I-E-V-A-B-L-E!!! Blood Will Flow In Nigerian In 2015, If..... - Buhari, El-Rufai, Kwankwaso and Dokubo. by Ibrahim Bunu, Kaduna. 1. The Dogs & The Baboons Will Be Soaked In Blood if what happened in 2011 happens in 2015 - Buhari 2. Revolution is inevitable in 2015 if I lose - Buhari 3. “If it is war the North wants, we are ready for them” – Asari Dokubo ...See More 37Like · · Share Top Comments 12 people like this. Okwy Umeh Write a comment... Sallyefuru Ozioma Asari a true freedom fighter. A man who takes responsibility for his actions words and deed sud be taken serious unlike de northern cowards who swallow dir vomits wen de heat is on ## GEJ ALL DE WAY## Like · Reply · 7 · 2 hours ago Raphael Oyinloye Those clamoring for blood of nigerans will not see 2015 in Jesus name amen Like · Reply · 6 · 2 hours ago 6 Replies · 42 minutes ago 2 of 94 View more comments Hope For Nigeria 3 hours ago near Maiduguri N-O-T-I-C-E!!! The Progress of Nigeria is now non-negotiable. Ensure that you are not left behind. Join the Group, Nigeria Today. 10,000 Nigerians are Needed in this group that discusses only the Best For Nigeria. Nearly 2,000 joined in 2 day, Join the train, now. [THIS IS THE 1ST FACEBOOK GROUP THAT FANS ARE THE ADMIN]. JOIN NOW!!! facebook/groups/Nigeriatoday Like · · Share 7 people like this. Okwy Umeh Write a comment... Hope For Nigeria 5 hours ago SUPPORT NIGERIAN TROOPS!!! Buharis Rape Accusation On Our Soldiers is Regrettable. Nigerian soldiers in fighting insurgency in the North East are raping our women while on their operation, and many people have alleged that they collect b...See More — in Maiduguri. Photo: SUPPORT NIGERIAN TROOPS!!! Buharis Rape Accusation On Our Soldiers is Regrettable. Nigerian soldiers in fighting insurgency in the North East are raping our women while on their operation, and many people have alleged that they collect bribe at checkpoints. - Maj Gen Buhari. Whatever the reason this Buharis unguarded utterance may be, this sad remark from an elder-statesman, a former soldier and someone who have been fighting to be the President of Federal republic of Nigeria is rather shameful. Buharis continued insult on our men and women of the armed forces, who sleeps in the bush, under the sun and rain in other to keep us safe, is rather quite appalling and wicked. Our men and women in Uniform fighting the Islamic terror group, Boko Haram need the support of every Nigerian, and not insult or frivolous allegation by any disgruntled politicians. - Hope For Nigeria. LIKE fb/hopefornigeria Page, if U have not done that already. Feel FREE to TAG Yourself ******************** Report any suspicious activity to the law enforcement agency, as that will save lives. SHARE/Tag your friends!!! Join Nigerias First Facebook Community Page! hopefornigeriaonline facebook/hopeforNigeria 28Like · · Share Top Comments 41 people like this. Okwy Umeh Write a comment... Tony Elumelu Buharis only believe in this nation called Nigeria, is only to the extent that he - Buhari is president. Do not ask him what he intends to do with the position, because he does not know. Like · Reply · 15 · 5 hours ago Aliu Sunday Wht did u expect frm a boko haram sponsor,he is frustrated dat GLJ is still in power after everything him nd his stupid hausa brothers did.Buhari death is just around de corner.very soon we wil celebrate his death.stupid old fool. Like · Reply · 11 · 5 hours ago 2 Replies · about an hour ago 2 of 108 View more comments Hope For Nigeria 5 hours ago near Maiduguri N-O-T-I-C-E!!! The Progress of Nigeria is now non-negotiable. Ensure that you are not left behind. Join the Group, Nigeria Today. 10,000 Nigerians are Needed in this group that discusses only the Best For Nigeria. Nearly 2,000 joined in 2 day, Join the train, now. [THIS IS THE 1ST FACEBOOK GROUP THAT FANS ARE THE ADMIN]. JOIN NOW!!! facebook/groups/Nigeriatoday Like · · Share 6 people like this. Okwy Umeh Write a comment... Adedara Francis Ayodele Is Good for youth Like · Reply · 4 hours ago Hope For Nigeria 7 hours ago near Port Harcourt U-P-D-A-T-E-S!!! Gov Amaechi Confesses That He Is Sick. - AIT. **I dont know what is wrong with me at times. I say things I do not intend to say. Embattled Rivers state governor, Chibuike Amaechi shocked Nigerians in a Television interview, where he confessed that he has no control over what he says most time. Amaechi According to Hope for Nigeria, said that, sometimes I dont know what ge...See More 10Like · · Share Top Comments 13 people like this. Okwy Umeh Write a comment... Odusina Olanrewaju M I wish the Gov Ameachi soonest recovery! Like · Reply · 5 · 6 hours ago Bldr Dike Ngozi Dike When the gods want to destroy a man, they first make him mad. Ara na awi ya Like · Reply · 4 · 6 hours ago Vina Inyang Enem Gbam Like · 6 hours ago Okwy Umeh Write a reply... 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Posted on: Thu, 06 Feb 2014 17:45:08 +0000