CBN Governor, Sanusi, insists $20 billion oil money still missing

Sanusi lamido sanusi
Sanusi Lamido Sanusi

Welcome to our live blog of the investigative hearing being held by the Senate Committee on Finance into the alleged missing N8 trillion oil money. The hearing was initially fixed for last Thursday but was shifted till today following pressure on senators to cancel it.


Meeting is adjourned to next Thursday 10 am. Mr. Makarfi said the committee will go into actual examination of issues when it receives all responses from the parties.

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Mr. Makarfi said some issues raised by CBN governor, Sanusi, in his letter to the committee, do not relate to the immediate subject of investigation.

But Mr. Sanusi said the issues raised by him relate directly to why the NNPC has not remitted money to the government account. Mr. Sanusi said what must be agreed is that NNPC shipped $67 billion worth of crude, but what came to the CBN after all reconciliation, stands at $47 billion.

“Let us know what happened to the remaining $20 billion.”

We have confirmed that the FIRS received $16 billion which was paid by IOCs. CBN has accepted that. We have accounted that out of $67 billion that NNPC shipped, $47 billion has come to CBN.

Mr. Sanusi said NNPC’s claim on subsidy on kerosene cannot stand since a presidential directive had long barred such subsidy. “NNPC must show where it got the authority to buy kerosene at N150 and sell at N40, and then put the burden of loss on the federation account,” he said.

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Mr. Okogu: I know that they have made progress with the PPPRA. This one week we are seeking will be enough for us to bring this to closure.

He said the need to deliver a satisfactory, and thorough job.

FIRS is asked by the committee whether it received part of the money as NNPC claimed, and if they did, how much, and did they remit the amount to government?

A representative of the FIRS said at the inter-agency reconciliation committee, FIRS was to account for “$15 billion” of the total $49.8 billion.

The FIRS representative confirmed the agency received “$16 billion” and remitted same.

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PPPRA representative said we have been working on the reconciliation and we have gone far. Probably before the end of the week, we would be able to conclude. PPPRA said they are still “looking for some documents”.

Makarfi said the committee cannot wait forever. The PPPRA must be able to state on the date given to them how far they have reconciled (10%, 30% or 90%, or what figure). That must be provided to the committee in writing.

Bukola Saraki: Said the process does not “instil confidence”. “For a letter that was written September, and was only made public later, why did the reconciliation not start? “It’s not the amount now, but the issue of process.”

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Bright Okogu, DG Budget:

The figure has come down from $49.8billion to about $10.8 billion. That figure has been on the table since. He said the inter-agency committee asked NNPC to provide all necessary documents to account fully for the outstanding figure.

He said the last time NNPC/ and Ministry of Petroleum were contacted last week, informally, and they said they have gone very far with the PPPRA on the reconciliation of the outstanding amount. The NNPC requested for more time.

Mr. Okogu requested for one more week to sort out all outstanding figure.

Makarfi has asked PPRA to respond. “We want to know exactly what is going on at this point,” he said.

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Mr. Makarfi said the two ministers, likely Ngozi Okonjo-Iweala and Diezani Allison-Madueke, have the permission of the committee to be absent due to ill health. But the committee expects that by next week, all of them will appear before it.

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Mr. Makarfi said NNPC has made submission which the committee finds not comprehensive. NNPC asked to re-submit latest Feb.14.

NEITI’s response also covered only 2011. The committee wants it to send in more info by February 7.

The committee said it has yet to receive the inter-agency reconciliation report on the alleged unremitted funds.

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Ahmed Makarfi: All should know that this particular hearing is basically on the issue of unremitted revenue by the NNPC.

Recalls that the first hearing last December was suspended to allow the parties involved reconcile the figures.

Mr. Makarfi said the committee wrote letters to finance ministry to ask whether the NNPC has outstanding unremitted funds.

To CBN, the committee requested the copy of the letter Mr. Sanusi sent to President and any other letter

To NNPC: The committee asked if there are unremitted funds; whether they received the CBN letter and responded. If they did, they should furnish the committee with a copy.

The committee also wrote to the Department of Petroleum Resources, FIRS, NEITI, and the ministry of petroleum resources.


Ahmed Makarfi, chairman of the committee, has confirmed the hearing is to investigate the alleged missing oil billions. OPEN the floor then. He is reading an address.


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