ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, April 23, 2021
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
NEITI carpets NNPC on oil subsidy payments

Diezani Alison-Madueke’s claim ‘ridiculous,’ NNPC culpable in N726bn debt, others- NEITI

byBassey Udo
February 4, 2013
3 min read
ADVERTISEMENT

 NEITI insists that the NNPC owes Nigeria N726 billion, among others

The management of Nigerian Extractive Industries Transparency Initiative, NEITI, on Monday reacted angrily to the Nigerian National Petroleum Corporation, NNPC’s response disputing the former’s independent audit report, which indicted the Corporation of failing to remit $4.84 billion (N726 billion) to the Federation Account between 2009 and 2011.

According to the NEITI report, the money was part of payment the company should have made to the Federation Account in respect of dividends and repayment of loans by the Nigeria Liquefied Natural Gas, NLNG, during the period.

The report said there were no records that such monies were remitted either to the joint JP Morgan account held by the Central Bank of Nigeria and NNPC or the Federation Account. The report also alleged that NNPC was indebted to the Federation Account to the tune of over N1.305 trillion as at December 31, 2011.

Petroleum Minister’s rebuttal

The NNPC’s response discrediting the report came through its Board Chairman and Minister of Petroleum Resources, Diezani Alison-Madueke, who described it as a historical compilation to mislead and misinform the public.

The minister, who was speaking at a dinner she hosted for reporters and her friends at the weekend in Abuja, accused NEITI of hurriedly publishing the report of its finding without following the standard audit process of presenting the draft audit report to the audited organisation for comments before the final report.

In its response on Monday, NNPC claimed the report contained fundamental inaccuracies which are misleading and constitutes misinformation to the public, adding that it was in the process of reviewing the draft brought to its attention on 17 January, 2013 for reconciliation when the report was hurriedly made public through the press.

The debt portion of the N928bn had been paid in the first quarter of 2012 on the relevant due dates.

RelatedNews

BREAKING: Three of the abducted Kaduna university students killed

Enjoy top-notch hospitality on Air Peace’s nonstop Johannesburg Flights

90 buried, many still missing in Zamfara killings

Nigeria reviews passport processing time to six weeks

Though NNPC’s response left out the non-remittance of the $4.84 billion dividend for NLNG, the company denied owing N1.3 trillion to the Federation Account. The NNPC said that the debt portion of the N928 billion as a result of the 90 days moratorium for domestic crude payments had been paid in the first quarter of 2012.

In addition, it claimed the outstanding debt of N377 billion was a carry-over of 2004-2005 when NNPC was directed to buy crude oil for domestic consumption at International market price, while selling petroleum products at subsidized prices.

NEITI reacts

TEXEM

NEITI’s Director of Communications, Ogbonnaya Orji, told PREMIUM TIMES that NNPC’s response followed the “same pattern of denial of facts and figures voluntarily provided by the same organisation during the audit process over the years.”

Mr. Orji, who described NNPC’s response as unfortunate, said apart from being a member of the NEITI National Stakeholders Working Group (NEITI Board), the NNPC participated in meetings of the Board where the templates used for the audit were approved.

The NEITI spokesman said a large delegation of NNPC attended the workshop on understanding the audit templates held in Lagos. He said NNPC actively participated in the audit process and provided all the information needed. The NNPC also populated the templates by filling in answers to questions as grouped by NEITI in the template; the populated template was then returned to NEITI Auditors within the given deadline.

“NNPC also participated actively with other covered entities at the validation and reconciliation exercise held in Lagos for a whole two-week period. At the meeting held in Uyo, Akwa Ibom State, where the first draft of the Report was considered, the NNPC was represented by a Group General Manager who also made contributions to the deliberations.

“At the meeting of the Board held on the 17th of January where the final approval of the Report was decided, the NNPC was in attendance and collected copies of the report after the approval. They also signed off on the Report. It is therefore ridiculous that the same agency will turn around to claim unaware of the procedure and contents of the report,” he said.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

How Super Eagles caged Ivorian Yaya Toure

Next Post

Gbong Gwom Jos blames city’s unrest on youth drunkenness

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

Greenfield-University, Kaduna

BREAKING: Three of the abducted Kaduna university students killed

April 23, 2021
Victims of the attacks during a funeral prayer in Magami town in Gusau Local Government Area of Zamfara State

90 buried, many still missing in Zamfara killings

April 23, 2021
Nigerian Passport

Nigeria reviews passport processing time to six weeks

April 23, 2021
Nigerian parliament fooled by satire website’s frivolous claim on penis export to China

Nigerian parliament fooled by satire website’s frivolous claim on penis export to China

April 23, 2021
Governor Nasir El-Rufai and Ayuba Wabba

NLC vows to shut down Nigeria over El-Rufai’s move to retrench civil servants

April 23, 2021
Heavily Armed Policemen

Gunmen kidnap businessman in Kwara

April 23, 2021
Next Post
Gbong Gwom Jos blames city’s unrest on youth drunkenness

Gbong Gwom Jos blames city's unrest on youth drunkenness

E4A announces three-day media training

E4A announces three-day media training

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


Explore Akwa Ibom Ad


Explore Akwa Ibom Ad


Access Bank Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,656,371 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
    • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.