NNPC rejects “missing $20 billion” indictment

Despite a recommendation by a government-appointed auditor that it should refund $1.48 billion (about N248.6 billion Naira) to the federation account, the Nigerian National Petroleum Corporation, NNPC, insisted Wednesday that it was not indicted by the investigations carried out by PricewaterhouseCoopers.
The Group Managing Director, GMD, of the NNPC, Joseph Dawha, said the investigations carried out by PricewaterhouseCoopers over the alleged missing $20 billion oil money, did not indict the corporation in anyway.

Mr. Dawha said the report “has clearly vindicated our long held position that the alleged unremitted crude oil revenue was a farce from day one”.

He said the $1.48billion the corporation was directed to refund was actually the balance of the book value of the divested assets transferred to NNPC upstream subsidiary, the NPDC, excluding taxes and royalties.

“This does not constitute indictment; rather this value is still being reconciled with the Department of Petroleum Resources (DPR). It is pertinent to note that the $1.48bn was not part of the alleged unremitted revenues from crude oil sales,” Mr. Dawha insisted.

According to him, what the DPR sent to the NNPC as the estimated value of the assets was $1.847billion, out of which over $300 million was paid as a token to indicate its commitment to acquiring the assets pending resolution and reconciliation by the two institutions.

On remittances of proceeds from crude oil sales into the Federation Account for the period January 1, 2012 to 31 July, 2013, the NNPC boss said the PwC Forensic Audit report was clear that NNPC remitted $50.81billion out of a total of $69.34billion.

The report acknowledged that the balance was spent on petrol and kerosene subsidy as well as the Corporation’s operation costs.

He pointed out that both the Senate Finance Committee probe report and the PwC forensic audit report confirmed its position that subsidy on kerosene was still in force as the Presidential directive of October 19, 2009, was not gazetted in line with the provisions of Section 6, Subsection 1 of the Petroleum Act of 1969.

Though the audit report had recommended a review of the laws to stop NNPC from deducting its costs and expenses from crude oil sales proceeds, Mr. Dawha acknowledged that they were not illegal.

He, however, pointed out that the NNPC was fully in support of the ongoing process of reviewing the laws governing its operations, adding that it has commenced internal transformation ahead of the passage of the Petroleum Industry Bill, PIB, currently undergoing legislative processes at the National Assembly.
The NNPC boss’ denial came after the Minister of Petroleum Resources, Diezani Alison-Madueke, had directed the corporation to promptly pay the outstanding amount stated in the report.

The Chairman of the Public Accounts Committee of the House of Representatives, Solomon Adeola, said as far as the House was concerned the report raised more questions than answers to the missing Nigerian money.

Mr. Adeola said the House needed to know the details of how out of $20billion, raised for investigation, NNPC was only indicted for $1.48billion.

He said Nigerians would want to know the details of what happened to the balance of $18.52billion in clear terms.

“One is not surprised that the Minister of Petroleum Resources, Mrs. Dieziani Alison-Madueke, has quickly ordered payment of the acknowledged missing $1.48billion as this looks an easy way to bury the issue but Nigeria demands full accountability on this vexed issue,” he said.


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  • Alkali

    THIS IS ALL WE KNOW OF THE FALSE ACCUSER……

    • ₦38.23billion developed legs and got missing in Central Bank
    under Sanusi Lamido Sanusi,
    • ₦1.97billion was paid out in cash and entered on Central Bank
    accounts as “inexplicable expense” by Sanusi Lamido Sanusi,
    • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido
    to persons un-known,
    • ₦3.086billion was paid out in cash by Sanusi Lamido as expense
    to promote Central Bank image,
    • ₦160billion was paid out for CBN on self-determined activities,
    • ₦240billion was discretionally doled out at will as ‘donations’
    by Sanusi Lamido,
    • ₦1.12billion was taken in cash and entered as paid to a non-operating
    airline for charter service,
    • ₦1.12billion was claimed as spent by Sanusi Lamido on luncheon
    for CBN police guards in one year.

    • Gaskiya

      You are a criminal

      • Alkali

        MATTERS ARISING AFTER THIS NNPC AUDIT

        • ₦38.23billion developed legs and got missing in Central Bank
        under Sanusi Lamido Sanusi,
        • ₦1.97billion was paid out in cash and entered on Central Bank
        accounts as “inexplicable expense” by Sanusi Lamido Sanusi,
        • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido
        to persons un-known,
        • ₦3.086billion was paid out in cash by Sanusi Lamido as expense
        to promote Central Bank image,
        • ₦160billion was paid out for CBN on self-determined activities,
        • ₦240billion was discretionally doled out at will as ‘donations’
        by Sanusi Lamido,
        • ₦1.12billion was taken in cash and entered as paid to a non-operating
        airline for charter service,
        • ₦1.12billion was claimed as spent by Sanusi Lamido on luncheon
        for CBN police guards in one year.

    • Wähala

      Deri Oloshi…
      Tell your bug-eyed sister to release the full report so Nigerians who paid for it can study it and draw our own conclusions. Kero-subsidy was stopped by Yar’Adua so any unauthorized expenditures are purely and simply, illegal. Sanusi has been vindicated… Shikena!

    • MAGNUM

      What about what we know was spent on Mrs Yaro?????

  • Omooba Adekunle Orafidiya

    For making the wild, baseless, irresponsible allegations against NNPC, Sanusi ought to be dragged out of the Emir’s palace in Kano, stripped naked of those funny costumes and caned. Sanusi is a thief. Sege barawo. Mutumu banza.

    • Etomi

      LOL!

    • Funso

      Ọmọ ale Sabo Lagere.

  • Binta (nee Osinbajo)

    Which ‘missing $20b’ are PT and this House of Reps guy whining about?? Even a He-Goat will not retain an Accounting Officer who gives FOUR DIFFERENT STATEMENTS OF ACCOUNT FOR THE SAME ACCOUNT($49B, $12B, $10B, $20B)!
    Absolute rubbish!!
    WHY WONT THE REPS PRETENDER ‘INVESTIGATE’ THE ILLEGAL, UNCONSTITUTIONAL AND OBSCENE SALARIES AND ALLOWANCES HE AND HIS COHORTS ARE PAYING THEMSELVES OVER AND ABOVE WHAT WAS FIXED BY THE RMFAC??
    Only the simple and shallow minded will be deceived by this trashy fable!
    SMH…

  • Bayonle

    Diezani Alison Madueke, you are a minister, where did you get the 40 million naira you ave to Bayelsa PDP for a campaign rally for PresidentJonathan. Can it be part of the missing 20 billion dollars?

    • Original_Raskal

      how much do you think naija minister get as salary? are you living in naija?

      • KG

        Why don’t you educate us on how much she earns?

      • Bayonle

        So when Diezani Alison Madueke gives out 70 million Naira just like that to Jonathan’s campaign it is normal. Our country is dead because you do not even see a problem. Na wa o. This country is finished under Goodluck Jonathan. Diezani gave out 70 million Naira just like dat and someone like you said like you said “and so what?’ Hm hm hm . that is where the 20 billion dollars is!!! And NO FORENSIC NONSENSE CAN TRACE THAT!!!

        • Original_Raskal

          you are a big f00l! Was the $20bn you are talking about a US gift to her or what? Because all oil money paid to naija for each barrel of oil that is share of naija has been audited and reconciled with invoices from companies. That is what audit is about! You either n illiterate I supposed! People like you need to go support buhari because you got no brain! Do you know how much oil barrels sale that culd amount to $20bn? You are really a big f00l!

  • Original_Raskal

    premium times really need to change from this stupidity if not they will go down the drain very soon!

    • Tunsj

      Why are you commenting on their website?

  • Wetin Naija

    Nigeria is a country of shameless thieves. In America, as rich as America is, if $1 million dollar is missing, hell will be let loss. Many will go to jail for it. We are talking of missing Billions of dollars and some fools do not see any reason to be concerned. What kind of President is Mr. Jonathan. He knows more about the missing money, he is dirty and corrupt

  • “On remittances of proceeds from crude oil sales into the Federation Account for the period January 1, 2012 to 31 July, 2013, the NNPC boss said the PwC Forensic Audit report was clear that NNPC remitted $50.81billion out of a total of $69.34billion”.Government magic. The missing $20billion was discovered by the PWC audit as been used for Kero and PMS subsidy and then NNPC operations which had earlier been budgeted for by the National Assembly, Shame.

  • warry

    The Audit Report has settled this matter once and for all. Those who do not know how to count can still look for money they have already spent. Why were there no such Audits during Obj and Buhari years as Head of state and Petroleum ministers? Because GEJ had nothing to hide he invited foreigners to do Audit in addition to the Senate probe. Let. Buhari and his APC liars forever hide their face in shame for blackmailing the president. If they have honour,they should apologize for accusing him without a thorough prior investigation of the allegations. This deliberate lies,deceptipns, manipulations and propaganda must stop.

  • Odeku

    VERY SIMPLY, THE EMIR LIED

    No long talk, international auditors from Europe and America have now investigated.
    Their verdict is neither $49b nor $12b nor $20b alleged by Sanusi Lamido is missing.
    The auditors said no single dollar of crude oil export by NNPC is missing as alleged.

    What is yet to be paid into the federation account has NOTHING to do with crude oil.
    According to the auditors, there’s a divestment of asset by NPDC which is in dispute,
    because DPR and NNPC are yet to agree on the price of that NPDC divested asset.

    In any country where such a FALSE allegation by Sanusi Lamido Sanusi is publicly made,
    certain consequences must follow in law either in criminal defamation or similar statute.
    No one can scream fire in a cinema hall to cause stampede and just claim to be in sport.

    • Jujubeans

      I’m amazed that so many have accepted this 1.48 billion remittance BS, which incidentally was the only piece of information released by the government (itself) out of a voluminous report.

      Was that the ONLY conclusion reached by the auditors? Who else has seen this report besides GEJ and his band of thieves?
      Government says “you see, dem say we no tief” and we all say “ok, sorry o!” Meanwhile PwC cannot comment due to client confidentiality rules and the chop, chop party continues.

      Ridiculous!

      • Omatsola

        @ Odeku,

        A honest person should now submit himself to similar audit once disproved
        by an international audit of the NNPC by American and European auditors,
        since over ₦650 billion still remains un-accounted at Central Bank of Nigeria,
        as found out and published by the Financial Reporting Council of Nigeria.

        For that reason, Sanusi Lamido Sanusi should now do the needful without delay
        He has no immunity. I appeal to the broad media to insist on this principle same way

        they’d all correctly insisted on an international audit of the NNPC which is now ended

        as a damp squib much worse than noise.

        • Encore

          THE NEXT AUDIT FOR PRICEWATERHOUSE…….

          • ₦38.23billion developed legs and got missing in Central Bank
          under Sanusi Lamido Sanusi,
          • ₦1.97billion was paid out in cash and entered on Central Bank
          accounts as “inexplicable expense” by Sanusi Lamido Sanusi,
          • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido
          to persons un-known,
          • ₦3.086billion was paid out in cash by Sanusi Lamido as expense
          to promote Central Bank image,
          • ₦160billion was paid out for CBN on self-determined activities,
          • ₦240billion was discretionally doled out at will as ‘donations’
          by Sanusi Lamido,
          • ₦1.12billion was taken in cash and entered as paid to a non-operating
          airline for charter service,
          • ₦1.12billion was claimed as spent by Sanusi Lamido on luncheon
          for CBN police guards in one year.

      • Eddie

        Please, please, let’s be serious, please. Which other country in the world has
        a Central Bank Governor been as flippant and perfunctory as Sanusi Lamido,
        to announce $20 to $49 billion missing un-accounted; whereas, no single dollar
        is missing un-accounted at all. In world history, Sanusi Lamido goes down in infamy
        as the very worst Central Bank Governor to come out of any country. What a shame!

        • Raymond

          “This government must not validate the growing perception that Sanusi Lamido’s suspension
          (from Central Bank) is to pave way for the covering up of tracks. In his public outbursts and
          on the NNPC’s funds, Sanusi Lamido had approbated and simultaneously reprobated
          to the extent that the primacy of his concerns and revelations were obviated by his flippancy.

          With his style and actions, there was no doubt that there had to be infractions
          on the normal run of the apex bank (CBN). The CBN must provide convincing
          answers to the queries from the Financial Reporting Council (FRC) and be
          subjected to further audit.

          With his petulance, foul temperament and imprudent conduct, Sanusi Lamido Sanusi
          impoverished the sobriety and dignity of the office of Governor of Central Bank
          of Nigeria in ways that made his appointment seem like an error in the first place”.

          ……Guardian Editorial

          (March 5th, 2014)

          • Encore

            MATTERS ARISING AFTER THIS NNPC AUDIT

            • ₦38.23billion developed legs and got missing in Central Bank
            under Sanusi Lamido Sanusi,
            • ₦1.97billion was paid out in cash and entered on Central Bank
            accounts as “inexplicable expense” by Sanusi Lamido Sanusi,
            • ₦20billion was paid out in cash as Legal Fees by Sanusi Lamido
            to persons un-known,
            • ₦3.086billion was paid out in cash by Sanusi Lamido as expense
            to promote Central Bank image,
            • ₦160billion was paid out for CBN on self-determined activities,
            • ₦240billion was discretionally doled out at will as ‘donations’
            by Sanusi Lamido,
            • ₦1.12billion was taken in cash and entered as paid to a non-operating
            airline for charter service,
            • ₦1.12billion was claimed as spent by Sanusi Lamido on luncheon
            for CBN police guards in one year.

        • Jujubeans

          SLS was dealing with NNPC who refused to co-operate with his enquiries so CBN had to make some assumptions with regards how many barrels of oil are produced by NNPC (believe it or not, NNPC don’t actually know) and also NNPCs operating expenses. Read this report by Reuters and you will weep for your country. http://mobiledotreuters dotcom/article/idUSKBN0LA0X820150206?irpc=932
          (Replace the word dot with a full stop)

      • tyson

        The 1.48billion remittance has been on long b4 the said investigations commenced—the pain in the whole thing is that–its the leaders of business whose firm audited the account of NNPC–that are now smiling home with their officially sanctioned loots in terms of THE contracts–they got to investigate the NNPC–and they are in APC–

        • Jujubeans

          I dare the government to publish the report publicly. If they’ve nothing to hide, why not?

      • Debo

        That was not the only conclusion. Besides, they were able to account one way or the other for all the revenues from crude oil sales. What else do you want to know .

        • Jujubeans

          But how do you know that they were able to account for all the revenues? Because NNPC, the auditee says so? Corrupt and opaque NNPC say so? Please. If they are serious, the report would be publicly published for all to review. period!

        • Onike24

          How do you know they were able to account? Did you see the terms of reference given to PWC? Did you read the entire report? Do these people think we all have fake degrees like Jonathan? What arrant nonsense? I dare them to make the terms of reference and the report public! Awon ole Buruku, ole Jatijati, two men sleeping together indeed!

    • Words on Marble

      Sanusi Lamido Sanusi should now do the needful without delay – submit to CBN audit.
      He has no immunity. I appeal to the broad media to insist on this principle same way
      they’d all correctly insisted on an international audit of the NNPC which is now ended
      as a damp squib much worse than noise.

      ……………Omatsola

      (February, 12, 2015)

    • progress

      Didn’t okonjo iweala also confirmed that $10.8 mil was unreconciled?

      • Duruji

        No, get the facts right. Ngozi Okonjo-Iweala said only $10.8b was all that was being reconciled
        as at the time Sanusi Lamido Sanusi was busy screaming to the world that $49 billion was missing.

        • Osunbor

          Pricewaterhousecoopers’ ‘qualified’ audit report was doctored from $48 billion to $1.48 billion. You want proof?

          • Onike24

            The same PWC is under investigation for dodgy accounting and helping Tesco overstate its profits! Pension funds are baying for its blood!

        • Onike24

          You are an illiterate! Walahi! What accounting system allows $10.8 billion to be reconciled? Do you know how much that is? Tesco a retail giant overstated its profits by £263 million pounds and immediately that was discovered the serious fraud office was called. How do you not reconcile a $1 billion dollars, talkless of $10.8 which you refer to as only? Do you know what you can do with $1 million? Ha! Wahala wa! Only $10.8 billion?

      • Debo

        Yes, but is reconciliation the same thing as missing?

  • yemi

    If possible, the accuser and the auditors should be in the public eye. I honour the President and give him his due respect beyond his immunity. All said, no one can take seriously the accusers figures that kept changing until it settled at $20.
    Fingers can only be pointed if the pointer is clean without skeleton in the cupboard.

  • tyson

    Government and its agencies just wasted the much-needed money in auditing the account of NNPC based on the lies the emir of Kano–Sanusi cooked up with the HELP of drug addicts like tinubu and his Certificate forging Night Soil men in APC. In saner climes-APC would have vanished from the surface of the earth–but in Nigeria–where even those who use letters of recommendations to enlist into the Army end up being gloried and celebrated as anti-corruption crusaders instead-

  • Repeater Station

    Flashback on clairvoyant editorial…….

    “With his petulance, foul temperament and imprudent conduct, Sanusi Lamido Sanusi
    impoverished the sobriety and dignity of the office of Governor of Central Bank
    of Nigeria in ways that made his appointment seem like an error in the first place.

    In his public outbursts and on the NNPC’s funds, Sanusi Lamido had approbated
    and simultaneously reprobated to the extent that the primacy of his concerns and
    revelations were obviated by his flippancy.”

    ……Guardian Editorial

    (March 5th, 2014)

  • tyson

    The said1.48bn was never part of the alleged unremitted revenues from crude oil sales as alleged by Sanusi the liar. What Sanusi sad was that NNPC refused to remit 20b to CBN—after the sale of crude oil—-turned out to be a big fat lie–designed to pull the president down——But the pain in the whole thing is that–it’s the leaders of business whose firm audited the account of NNPC–that are now smiling home with their officially sanctioned loots in terms of THE contracts–they got to investigate the NNPC–and most of them are in APC—-In other words APC makes these noise with a view to attracting food to her table for the hawks in the party and not because they love 9jha-or yearns to fight corruption.

  • Segun Olamiti

    When will Sanusi Lamido Sanusi submit to Central Bank audit?
    Over 650 billion Naira is said by Financial Reporting Council to be
    un-accounted for as still missing in the tenure of Sanusi Lamido?

    • Dan Arewa

      Why the FRC keep quiet then? May be they are lying.

  • Ogom

    Will this report ever be made public, or will we continue to hear “Jonathan said the report cleared.. “?

  • Emeka E Favour

    ok

    • Gaskiya

      But if Sanusi Lamido Sanusi Sanusi is not at par with Muhammadu Buhari in schooling,
      how could two years total forex income of Nigeria be missing without any practical effect,
      such that all Nigerians would not even sense anything amiss except himself?

      • Matthew keyh

        what point are you making here Forex is different from revenue accrued from oil in dollar terms

  • Matthew keyh

    The calculation that the former CBN governor made was inclusive of the Yaradua presidential order that kerosene subsidy should be stopped henceforth of which the present government continued to pay after the Presidential order,why paying subsidy on kerosene when all Nigerians are buying at 150 naira ,it means the subsidy on kerosene are just been stolen or pocketed by few individuals ,the basis for arguments of some people is disturbing because Price waterhouse cooper said they arrive at that figure based on the available information made available to the Auditors ,how can you guys post comments that you are not sure about ,NNPC may not make all the transactions available to PWC government may still be hiding some information and documents away from PWC .In advance nations where business transactions and affairs of a public corporations like NNPC are in doubt A public inquiry followed by detailed audit report is instituted for all to see without any hiding agenda whatsoever NNPC are now saying they were not indicted Nigeria made a massive revenue in crude oil sales with the price of a barrel of crude hovering at $110 to $148 dollars for over 6 years ,and Nigeria exported close to 2.3million barrels everyday this is a massive amount of revenue .Government is not sincere .they should have conducted a public inquiry and a full auditing of NNPC account done ,Soludos 30trillion naira squandered by government is true afterall,people should stop accusing Sanusi ,however the report were not made public for the people of Nigeria that is not transparency

  • balarebe_prince

    He said Nigerians would want to know the details of what happened to the balance of $18.52billion in clear terms.

  • balarebe_prince

    According to him, what the DPR sent to the NNPC as the estimated value of the assets was $1.847billion, out of which over $300 million was paid as a token to indicate its commitment to acquiring the assets pending resolution and reconciliation by the two institutions.

  • balarebe_prince

    He said the $1.48billion the corporation was directed to refund was actually the balance of the book value of the divested assets transferred to NNPC upstream subsidiary, the NPDC, excluding taxes and royalties.

  • balarebe_prince

    “One is not surprised that the Minister of Petroleum Resources, Mrs. Dieziani Alison-Madueke, has quickly ordered payment of the acknowledged missing $1.48billion as this looks an easy way to bury the issue but Nigeria demands full accountability on this vexed issue,” he said.

  • Aisha

    Please can the full report be published so Nigerians can decide what it actually says? Shebi we can all read. I don’t want to be told what the report said or didn’t say. I want to read for myself what remit was given given to PWC. What exactly were they told to investigate and what did they find? Why won’t they simply publish the full report? Until I see it with my Koro koro eyes, I won’t conclude on the innocence or guilt of either NNPC or SLS.

    • Onike24

      Thank you!