Missing $20 billion: NNPC refuses to pay recovered $1.48bn, states begin probe

Nigeria's Former Minister of Petroleum Diezani Allison-Madueke
Nigeria's Former Minister of Petroleum Diezani Allison-Madueke

Members of the Federation Account Allocation Committee rose from a late meeting Monday night with a resolution to probe the circumstances surrounding the delay by the Nigerian National Petroleum Corporation to remit to government the $1.48 billion (N294.5 billion) uncovered by a recent forensic audit.

The forensic audit conducted by the audit firm of PriceWaterHouseCoopers on behalf of the Federal Government on the operations of the NNPC had indicted the management of the national oil company for various questionable transactions.

The audit followed an allegation that the NNPC had failed to account for $20 billion oil money.

The audit only found $1.48 billion was missing, the Nigerian government said, after releasing some details of the report.

The government has refused to make the full report public.

Part of the recommendations in the report said the Nigerian Petroleum Development Company, NPDC, the upstream subsidiary of the NNPC, should refund the $1.48 billion to the Federation Account.

But, months after the Auditor General of the Federation, Samuel Ukura, who presented extracts of the report, asked thw NNPC to remit the funds, FAAC said no money has been paid.

Consequently, during the meeting for the month of March, FAAC constituted a ministerial committee to investigate the circumstances behind the delay.

The Chairman, Forum of Finance Commissioners of FAAC, Timothy Odaah, told reporters after the meeting on Monday that the committee was worried that the delay was negatively impacting the revenue available for distribution among the tiers of government.

Mr. Odaah said in spite of the directive by President Goodluck Jonathan for the funds to be released to the Federation Account, the NNPC was yet to comply about a month to the end of the current administration.

The Commissioner said the remittance of the funds has become compelling in view of the consistent drop in revenue allocations to the three tiers of government as a result of dwindling oil revenue from declining global oil prices.

“We (states) need the money to meet their obligations,” Mr. Odaah said. “Majority of the states are yet to pay salaries of workers and contractors for projects executed.

“We are making a clarion call for the release of the $1.48 billion from the forensic audit of the NNPC so that we can clear our debts.”

Since the next FAAC meeting in April would be the last for the present administration, Mr. odaah said the expectation of the states was that the money should come during that period.

The committee, the Chairman said, has been mandated to meet with the NNPC management to resolve all issues delaying the remittance, particularly as both the President and the Petroleum Resources minister have already directed that payment be made.

“We need that money. The Federal Government needs it. The states and local governments also need it, and if it is not released with this type of abysmal funding we have seen, it will be very terrible,” he said.

During the meeting, the Accountant General of the Federation, Jonas Otunla, said in his report that the revenue that accrued to the federal government during the month under review dropped by about the N86.4 billion.

Mr. Otunla attributed the drop to the continued shutdown of trunks and pipelines at various oil terminals, which negatively impacted the country’s revenue.

Consequently, gross revenue to the Federation Account dropped to N315.04 billion in March from the N401.46 billion in February.

The Minister of State for Finance, Bashir Yuguda, who presided over the meeting, said mineral revenue declined by N78.36 billion from N306.94 billion in February to N228.58 billion in March.

Non-mineral revenue, he said, also dropped by N86.42 billion, from the February figure of N94.52 billion to N86.46billion.

The communique disclosed that there was an increase in the average crude oil price per barrel from $48.65 to $55.34 during the period, resulting in an increase in revenue by $43.73 million during the period.

The Minister said non-oil revenue dipped further in the month of March due partially to the point that the timeframe for companies to file their returns had not fallen due.

Most companies operating with accounting year end of December 31 have up till March 31 to file in their returns.

The statutory allocation for the month dropped as distributable revenue to the three tiers of government dropped by to N435.06 billion from the N522.05 billion shared in February.

The Federal Government received N146.48 billion for the month, representing 52.68 per cent, while the states and local governments received N74.29 billion and N57.28 billion, respectively.

The oil producing states took home 13 per cent of the total revenue as derivation revenue.

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • tundemash

    Which money ? Have u ever seen anywhere where roues wilingly return part of their loot ?
    Don’t be surprised if that fake PWC report is missing after Dumbo vacates Aso Rock !
    President Buhari should initiate a proper NNPC probe by an EFCC headed by the incorruptible and courageous Jega.

  • Tj

    Are you campaigning for Jega to head the EFCC. Let Jega remain where he is, though he had indicated that he would not accept another term. GMB should personally plead with him to accept a national assignment.

  • Dazmillion

    We were told during the election that NNPC had remitted themissing $1.4B, it was all lies. Jonathan’s corruption knows no bounds. One way or another that PWC report will be released and I suspect it will be too stinky to handle.

    Since Jonathan has been granted immunity against presecution for the sake of peace, NOI and Madueke should be arrested after May 29. Someone has to account for the inhuman level of corruption in this administration.

  • The President-elect will not directly probe GEJ based on his forced concession, however Buhari has no moral authority to interfere with any investigations that finds GEJ culpable.Nigerians desire to recover our national patrimony to serve as a deterrent to future looters.Buhari should not be moved by the tearied Opolo eyes of Diezani. She and her cabal held this nation to ransom, in the midst of mass unemployment, hunger and poverty.No wonder they all wish to disappear on the 28th of May. I shall not be surprised that the handover might involve Buhari picking the transition baton from the floor as most of the officials would have borrowed legs.Madam Diezani refused to take chances given the fact that She borrowed extra legs already by fleeing to the UK.

  • Olaoluwa Peters

    BASTARDS. So what would you have done if the money was not there? Very wicked set of species. Come and collect the money na!

    • Strong System

      If the money was not there, argument wouldn’t have started.
      But now that the Money is there, it must be refunded.
      Also the incoming government should make the KPMG report public,those found guilty should rot in jails!!

  • Spoken word

    some people must go to jail. there must be no pity taken on all these corrupt government officials

  • agbobu

    THERE CAN NEVER EVER BE ANY SAFE HAVEN OR ANY HIDING PLACE ON THIS EARTH FOR LOOTERS, BOTH PAST AND PRESENT IN THE IN COMING ADMINISTRATION OF BUHARI. IF YOU CAN NOT DO THE TIME THEN DO NOT DO THE CRIME

  • Ken

    But why all these wickedness in this country?? I mean this is just too ridiculous! It takes a real devil without any modicum of conscience to pull off this level of barbaric looting. I truly do not know how Nigeria even survived these years under GEJ, everyone still alive to this point should give thanks to God.

  • humm

    How can they refund the money they dont have anymore? These crooks have spent it on election looting/rigging . They only way out is to confiscate their properties, have their accouns frozen and return to the govt , and try them in the court. Also, once Buhari gets in, he needs to demand a copy of the Pricewater house report to see the full scale of financial atrocities comitted by these NNPC looters.

  • Shimei

    That money has gone down the drain. It’s only President Buhari that help in fishing out the money. Deziani Allison-Madueke is a rogue. The industry had never had it so bad.

  • objective

    The truth is that no Nigerian no matter how highly placed can solely forgive the looting of our commonwealth, as that in itself will amount to encouraging corruption and looting. In as much as Buhari said he will not be digging into the past, that must not mean that blind eyes should be turned to obvious cases of larceny; especially where there are sufficient evidences to make the culprit at least restitute, even if they are not prosecuted.

    General Buhari will be doing the voters of this nation considerable disservice if these thieves are allowed to retire to their homes and families to enjoy this ill gotten wealth after sentencing innocent Nigerian to death through crass deprivation.

    I am a committed Buharist, but I will not lend my support to being an accessory after the fact of looting. God forbid!

  • nawawi

    Buhari should look for looted money,these are public funds,he cannot forgive what is not his

  • Sword of Damocles

    APC hierarchy and the President elect need to hear the masses plea on this issue. I have spoken of it previously, I will repeat my words. Nigeria DESPERATELY needs justice & equity: Equal Justice under the law. It would not be JUST if the people responsible for economically sabotaging Nigeria are permitted by ANY government to KEEP Nigeria’s wealth for themselves, their families, or cronies. For an APC government to agree to this would be tantamount to the fastest betrayal in recorded human history. This matter of Nigeria’s looted wealth is not a small matter, it cannot be swept under the rug. They(the looters) are the ones that did it, so we find ourselves at the crossroads of whether Nigeria is a lawless nation with 2 systems: a rule of impunity for the looting ruling elites, and a the Rule of Law for the suffering masses, indicating that their are people in Nigeria, who are ABOVE THE LAW. The New Nigeria that is the dream of millions of patriotic sons & daughters, is a proud, just, fair, equal, moral sympathetic nation, that cannot have looters cavorting about the place in Nigeria or overseas with Nigeria’s stolen monies. General Buhari, we are saying to you, that this matter of Nigeria’s looted monies, is DEEP in our heart, a wound that can only be mended, by the return of the monies(all of it), remorse by saboteurs, and PENANCE for their betrayal of the only land that their ancestors left for them. Sai Mai Gaskiya, we are counting on you as our father to tell/demand the Ruling Elites of Nigeria, that the people that sent you want ALL OF NIGERIA’S STOLEN MONIES BACK(No exceptions)

  • Wetin Naija

    The money has long being shared among the thieves. Buhari will deal with that

  • burning spear

    REPORT THE MATTER TO OBAMA—————-THE APES IN APC WILL NEVER GROW—THEY USED THE SAME TRICKS TO GET——THE NEO COLONALIST IN THE USA———-TO TOPPLE JONATHAN————-NOW ALL THEIR DIRTY SEDMLLY LIVES REVOLVES AROUND THE OIL WELLS———–THEY ARE YET TO COME OUT WITH A CLEAR PLAN ON HOW TO MOVE THE NATION FORWARD–ALL we hear is–i wll keep your money—who buhari who stole 2.8b–alleged he borrowed—27m while the wife was busy spending over 300m on IDPs in the North

    • Uncle Gaga (Bruce Wayne)

      Here’s to you!

    • objective

      Your comments are laced with animosity! You obviously are very unpatriotic .

    • Remi

      This man is suffering from a sickness induced by Jona’s defeat. Be careful or that burning fire might leave you charred.

    • Omotolaaraujo

      Jonathan is a gangster. You can’t expect Americans to like him. Colonialists were British. Wrong continent. The US doesn’t need Nigerian oil anymore. Find another source of revenue and employ Nigerians.

    • peaceometer

      You get problems

  • burning spear

    B-R-E-A-K-I-N-G News!!!
    $500,000 Bribery Allegation Rocks APC Zoning Panel.

    President-elect General Muhammadu Buhari may have been confronted with his first acid test on the fight against corruption. Members of a panel set up by his party, All Progressives Congress (APC), to propose the zoning of political offices allegedly received $500,000 as bribe from a ranking senator from the North Central to doctor their report.

    The party’s National Working Committee (NWC) had last Thursday inaugurated a five-man committee to come up with an acceptable formula for zoning political offices in the National Assembly.

  • burning spear

    Bola Ahmed Tinubu: The Most Corrupt Man In Nigeria

    Before 1999, Tinubu had none of these:

    1. Oriental Hotel
    2. Falomo Shopping Complex
    3. First Nation Airline
    4. Lekki Concession Company
    5. Apapa Amusement Park
    6. Maiyegun Land Project
    7.The Nation
    8. Renaissance Hotel
    9.Tejuoso Market (Joint ownership)
    10. Ikeja Shopping Mall
    11. TV Continental
    12. Converted Lagos Poly land for TVC
    13. Owned NNPC Office building in Lagos
    14. Radio Continental
    15. Owned School of Nursing building in Lagos
    16. Tax Collector of Lagos State (Alpha
    Beta)
    17. Wife is a member of the National Assembly 1
    8. Son-in-law is a member of the National Assembly
    19. Daughter is the President-Gener al of Market
    Women Association in Lagos
    20. N4 billion government financed property for self at Queens Drive, Lagos.

    Tinubu acquired all of the above and many more not listed after he became Governor of Lagos State, first in 1999 and won his second term in 2003. He remains Governor Emeritus of Lagos, controlling the State’s treasury through his protege Governor Fashola. He is greedy and may forfeit all, if he doesn’t play ball. You read me right,
    people! He may lose everything if he declines to play ball with
    President Buharis certificate saga which he forged for him- Everyone knows Tinubu used Obj–Jega and the CIA to impose Buhari on us–so Buhari should commence his anti-corruption crusade with tinubu–for all to see–.

    • objective

      Your statement is in very bad taste. Where are your hard facts. We are reasonable enough not to rely on spurious allegations. Especially coming from you.

    • chi

      You have really become too boringly monotonous. Dont you have any other issuevto discuss other than buhari’s certificate? After the case is thrown out tomorrow maybe you’ll get a life.

    • donkesson

      tinibu gave birth to fashola and as far as I’m concern he is doing well in Lagos as well as other APC governor in other state, those investment of tinubu can give job opportunities. what has any PDP governor or president done to the growth of this nation or is our brother who exchange Nigerian money for dollars for election purpose .

    • nawawi

      Did you say impose? The election was the most open free and fair, if Tinubu is found to have stollen public fund,he should be charged irrespective his closeness with Buhari

  • Progress CT

    For those that promote the immunity pact btw GMB and GEJ, the power to institute looting cases rest with Nigerians. It is our money, and if GMB do not want to probe, the FOI is there, and there are qualified lawyers to head to court. Or EJ should retun the money stolen Gaskiya, otherwise the Change we voted for, is to recover all the looted funds! And so it must be. haba. Till now the doctored Audit Report is still being doctored

    • burning spear

      let him start with tinubu—first–then show us his certificate—is buhari the change—the change we talk about was started by Zik and Awo—-AND NOT OBAMA

      • Progress CT

        These your accusations i.r.o Tinubu is becoming stale. If you any evidence kindly forward such to EFCC, ICPC or whatever. The man was in public office about 9 YEARS AGO!!! OTHERWISE GO AND DIE

      • Omotolaaraujo

        Let’s start with the NNPC and then move to the power companies. It will be more productive, AND delightful.

  • burning spear

    Bola Ahmed Tinubu: The Most Corrupt Man In Nigeria–can Buhari investigate –buhari and tinubu

    Before 1999, Tinubu had none of these:

    1. Oriental Hotel
    2. Falomo Shopping Complex
    3. First Nation Airline
    4. Lekki Concession Company
    5. Apapa Amusement Park
    6. Maiyegun Land Project
    7.The Nation
    8. Renaissance Hotel
    9.Tejuoso Market (Joint ownership)
    10. Ikeja Shopping Mall
    11. TV Continental
    12. Converted Lagos Poly land for TVC
    13. Owned NNPC Office building in Lagos
    14. Radio Continental
    15. Owned School of Nursing building in Lagos
    16. Tax Collector of Lagos State (Alpha
    Beta)
    17. Wife is a member of the National Assembly 1
    8. Son-in-law is a member of the National Assembly
    19. Daughter is the President-Gener al of Market
    Women Association in Lagos
    20. N4 billion government financed property for self at Queens Drive, Lagos.

    Tinubu acquired all of the above and many more not listed after he became Governor of Lagos State, first in 1999 and won his second term in 2003. He remains Governor Emeritus of Lagos, controlling the State’s treasury through his protege Governor Fashola. He is greedy and may forfeit all, if he doesn’t play ball. You read me right,
    people! He may lose everything if he declines to play ball with
    President Buharis certificate saga which he forged for him- Everyone knows Tinubu used Obj–Jega and the CIA to impose Buhari on us–so Buhari should commence his anti-corruption crusade with tinubu–for all to see–.

    • Omotolaaraujo

      The most corrupt man in Nigeria? He was voted out. You never stay on subject. One criminal at a time, abeg.

    • Papashango77

      Story.

    • chi

      Could you also kindly acquaint us with a list of GEJ and his wife’s properties before and after office.

    • peaceometer

      Can you then tell me Fed. Govt allocation to lagos within the period?
      If not the most corrupt person has been voted out. Thats all

  • Omotolaaraujo

    There has been no enforcement of the law in Nigeria. That’s why Jona is a goner. The NNPC will have to be slapped with fines. Criminals don’t do anything without force.