B-R-E-A-K-I-N-G News!!! Sanusi Lied About $49.8bn Missing Money – Senate Committee. The committee stated in the report the disgraced CBN Governor, Mallam Sanusi Lamido intentionally lied about the unremmitted or missing $49.9billion from NNPC account. “The committee could not see how the figure of $49.8bn was arrived at by the CBN governor in the first instance and he made no attempt to prove it. “That the CBN governor at the first hearing had forwarded the figure of $12bn as money to be reconciled and changed his position to $20bn at subsequent hearings. “At the conclusion of his written submission, Sanusi posited that it could be $20bn, $12bn, $10.8bn or anything in between. “The CBN governor orally or in writing never outright submitted that money was missing but that money was not remitted to the Federation Account by the NNPC.” The committee said that royalties and taxes amounting to $447.8m, being investment or listings by the NNPC on behalf of the NPDC, remained unremitted. It also noted that gross lifting under the third party financing arrangement was $2.4bn, out of which the share for Federation Account was $1.588bn. Investment in NPDC is joint venture with several multi-national companies, therefore, Mallam Sanusi Lamido in in position to know that it is only the profit of the company that should be shared according to percentage of their investment. Investors in NPDC as Limited company, will not share their turnover as Sanusi erroneously made Nigerian to believe, but the Profit, if any. The Attorney-General of the Federation confirmed and gave documentary evidence showing the sum of $1,370,172,650.36 was remitted to the Federation Account,” the report stated. The NNPC should refund and remit to the Federation Account the sum of $262m, being expenses it could not satisfactorily defend of holding strategic stock reserve; pipeline maintenance and management cost and capital expenditure, it stated. It said that further legislative action by the Senate should be taken after the receipt of the forensic audit being undertaken at the NNPC by the Auditor-General for the Federation and auditors. It asked the NNPC not to pay for its operational expenditures directly from the federation’s funds without appropriation by the National Assembly and that the corporation should strictly adhere to international best practices in keeping records. Other recommendations are: “That the NNPC should not control the revenue account of the NPDC in order not to undermine its separate legal status and make accountability more difficult. “That average number of days taken to discharge a vessel load of 33 and a half days as against the expected one and a half days resulting in $207.8m demurrage paid to Nigerian ports Authority (NPA). The committee also recommended that President Goodluck Jonathan should prepare and present to the National Assembly a supplementary budget to cover the over-expenditure in the sum of N90.693bn for PMS subsidy for 2012. It also said the sum of N685.910bn for kerosene subsidy expended without appropriation by the National Assembly in 2012 and 2013 should also be covered by the supplementary budget. The committee observed that there was lack of proper and adequate coordination between key agencies of the government such as Ministry of Finance, Ministry of Petroleum Resources, the CBN, NNPC, Department of Petroleum Resources, and Federal Inland Revenue Service. It noted that the issue of non-remittance of oil revenue was not new and that it was the not the CBN governor that first discovered it, adding that it had been a recurring issue at the monthly Federation Account Allocation Committee meetings. The committee, however, stated that it could not see how the figure of $49.8bn was arrived at by the CBN in the first instance.
Posted on: Thu, 29 May 2014 06:26:03 +0000
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