$20 billion missing funds: NPDC says it only received funds for capital, operational expenditure from NNPC

The Senate continued its hearing on the missing funds

The Nigerian Petroleum Development Company, NPDC, on Thursday in Abuja said it only received funds to cover its capital and operational expenditure from the Nigerian National Petroleum Corporation, NNPC.

The Managing Director of NPDC, Victor Briggs, disclosed this at the Senate Committee on Finance hearing on the alleged missing $20 billion (N3.3 trillion) oil revenue.

Mr. Briggs was reacting to allegations by the Central Bank of Nigeria, CBN, that $6 billion (N990 billion) out of the missing funds was paid to the company.

He, however, did not disclose the amount that the NPDC received from the NNPC for capital and operational expenditure.

“NPDC will like to confirm that it received funds from NNPC to cover its capital and operating expenditures as approved by NNPC for the NNPC funded assets during the period under review. We did not in NPDC receive $6 billion.”

According to him, royalties and taxes were paid from the account managed by the NNPC.

He assured the committee that before February 28, the company would provide the committee with the exact amount paid by the NNPC for its capital and operational expenditures.

Responding, the NNPC Group Managing Director, Andrew Yakubu, said the corporation would align with the legal opinion and the instrument guiding NNPC relationship with its subsidiaries.

“We will come out clearly with true submission by February 28, which will clearly show how we operate and how the proceeds are managed by the corporation and NPDC,” he said.

The Chairman of the Committee, Ahmed Makarfi, urged the NPDC to put in writing what it received from the NNPC as budget for funding its operational cost within the period under review.

“The NNPC submission indicates that six billion dollars was lifted on your behalf, so it was money that should come to you. We want to know how much you received during the period under consideration and that period was January 2012 to July 2013. At the same time, we have asked the NNPC to provide us how much of that money belonged to the federation account, if remitted and evidence that it was so remitted. If we have that, we will know how to balance the both,” he said.

(NAN)

 


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  • We have started seeing the anus of the Chicken. NNPC where are you again.

    • redeem

      The attention of the Management of the Nigerian Petroleum Development Company Limited (NPDC) has been drawn to several publications alleging that NPDC denied receiving the sum of US$6 billion from its parent company, Nigerian National Petroleum Corporation being proceeds from NPDC’s oil and gas operations. In a press statement by Mr. Victor Briggs, Managing Director of NPDC; the company stated that “the reports are are misleading and do not reflect the contents of what was submitted to the Senate Committee on Finance”

      Mr. Briggs posited that “For the avoidance of doubt, NPDC in its submission stated that the funding relationship between NNPC and NPDC provides for proceeds from Hydrocarbon sales to be paid into an NNPC/NPDC account. NNPC, as the parent company of NPDC, reviews and approves NPDC’s annual budgets and performance and disburses funds on periodic basis as per the approved work programme that covers both NPDC’s capital and operating expenses. This approach also provides for NNPC to critically monitor and control costs as part of strict financial discipline and make direct payments on behalf of NPDC for Royalty and Taxes while deducting costs in accordance with the provisions of the Petroleum Profits Tax (PPT) as amended” The fools in APC want to control our thoughts–Alams did not steal half of the amount sanusi stole-yet was jailed by ribadu-yet sanusi walks around a free man with the support of APC

  • NaijaMindOfChange

    I want to hear someone been jailed even I’d it is the president, bunch of criminals

    • redeem

      YR LEADERS WERE FIRST CAUGHT STEALING EVEN B4 THE BRITISH LEFT THE SHORES OF NIGERIA

  • yemi

    where are those people insulting sanusi

    • redeem

      WHO IS SANUSI WHOSE GRAND FATHER WAS CAUGHT STEALING NOT TO BE INSULTED FOR THIEVING OUR OIL REVENUE-

  • M.F. Adeyemi

    We, the victims of Nigerian thieving rogues, would like to know who exactly our oppressors are. We are not friends to Sanusi or the government establishment. All we wish to know is to whom we are going to rain curses on and their generations yet unborn for making us what God does not make us. Henceforth, the Lord shall impoverish them here and hereafter. Say AMEN all ye victims of oppression!

    • redeem

      THERE ARE NO VICTIMS IN NIGERIA–WE HAVE A POPULATION OF 170M-HUMANS-TIME FOR US TO SEPARATE PERIOD INSTEAD OF THESE DAILY INSULTS ON D PRESIDENT-

  • Arewethishopeless

    The DEVIL is in our midst, ruling, killing and theiving. The DEVIL acts without conscience, thirsty for blood and for our souls. Is it not clearly obvious that GEJ is or is controlled by the DEVIL. They say the greatest trick the DEVIL ever played was making us believe he is not GEJ. IT has tricked us in believing GEJ is a poor humble soul with the interest of everyone at heart. Yet from the very first day he became president, this country has not known any peace. How much blood has been spilled in this country since he became president. War, rituals, plane crashes, senseless killings, lootings all thrive now.

    Are we this blind? Has the DEVIL really succeeded in deceiving us ?

    • redeem

      MAY BE YR ANCESTORS HAD THAT AILMENT IN YOUR FAMILY TREE B4 LUGARD CREATED NIGERIA–U HAVE BEEN STEALING FROM THE MAIN REVENUE BASE OF THE SS FOR DECADES NOW HAVE THE GUTS TO INSULT THE PRESIDENT-U BASTARD-GOD PUNISH THAT USELESS BRAIN OF YRS- OIL-LESS AWUF MOUTH OF YRS-WHAT HAS BEEN THE CONTRIBUTION OF YR ANCESTORS SINCE THE CREATION OF NIGERIA-IDIOT