Senate Hearing: No 10.87billion Dollars Is Seated In NNPC – Group GMD

By Channels Television
In Nigeria News Feed
Feb 13th, 2014
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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu

The Central Bank Governor, Sanusi Lamido Sanusi, and the Finance Minister, Ngozi Okonjo-Iweala have been giving testimonies at the investigative hearing by the Senate Committee on Finance, into the alleged missing $20 billion oil money.

Mr Sanusi told the hearing that regardless of the explanations from the Finance Minister, as far as the CBN was concerned, there is an outstanding $20 billion between what NNPC shipped and what it paid to Government.

Mr Sanusi insisted that the outstanding 6 billion Dollars given to the Nigerian Petroleum Development Company (NPDC) should have gone to the Federal Government and that the CBN received 3 legal opinions on that matter while offering to bring lawyers to defend that claim.

The Finance Minister, Okonjo Iweala, however said that the NNPC supplied documents from the Petroleum Products Pricing Regulation Agency, PPPRA, showing how the initial outstanding 10.8 billion dollars was spent.

The Group GMD of the NNPC, Mr. Andrew Yakubu, who was also at the hearing, however, stuck to his gun, insisting that the state oil company was not in custody of the amount as claimed by the CBN Governor.

“You will recall that we started from 49.8 billion dollars, and after the interagency reconciliation in December, we came down to 10.87, and this was classified as non-remitted funds. The impression all over the place is that 10.87billion dollars is seated in the four towers of NNPC and my staff and myself have been portrayed in very bad light.

“For emphasis I want to tell all Nigerians, that no 10.87billion dollars is seated in NNPC or anywhere within our control.

“The 10.87billion dollars after a series of discussions and presentation of documents and reconciliation meetings was traced to the four major items today. Those items are the subsidy that we have discussed extensively, and that is the reality.”

Having itemized other issues like legalities, budgetary provisions, as among issues realized during reconciliation, he further spoke about the kerosine subsidy.

“The reality today, that I found when I stepped in on the 26th of June 2012, is that subsidy of kerosine was still there and it is still there as we speak. So, the total amount based on our reconciled figure is 8.76billion dollars.

“We also did a detailed material balance of crude oil and product inventories and arrived at 0.76billion for the losses we encountered as a result of the harsh business environment.”

 

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