Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


NNPC denies CBN’s allegation on unremitted $20bn oil revenue

05 February 2014, 12:01

Abuja - NNPC on Tuesday dismissed claims by the Governor of CBN, Sanusi  Lamido Sanusi, that it had not remitted $20 billion to the Federation Account.

This is contained in a statement issued in Abuja by Dr Omar Ibrahim, the Acting Group General Manager of Public Affairs Division of NNPC.

The statement said this was not the first time the CBN governor would be making wild allegations about the NNPC.

The statement recalled that Sanusi made the allegation on Tuesday in his presentation before the Ahmed Markafi-led Senate Committee probing the allegation of unremitted $49.8billion oil proceeds.

It quoted the Group Managing Director of NNPC, Andrew Yakubu as saying that Sansui’s claim on the existence of an unremitted $20billion is far from the reality on ground.

It said this will be proved when investigations were concluded.

"The CBN boss had alleged that revenue from NPDC, a subsidiary of the NNPC, was not being remitted to the Federation Account,” it stated.

It expressed surprise that even after extensive clarification on the matter, the CBN was still confusing the role of NPDC as part of NNPC’s upstream operations.

The statement faulted Sanusi’s claim that NPDC’s gross earnings ought to be remitted to the Federation Account, explaining that the company was a limited liability outfit registered under CAMA to do business.

"Let me make this point clear, CBN is a banking outfit, not a petroleum outfit.

"It is therefore understandable why they keep making unsubstantiated claims, which a little understanding of the technicalities of the oil industry would have saved them from making.

"CBN is not an auditing outfit. But what it is doing is now auditing.

"We have no problem with auditing, but let the professionals, the certified bodies and agencies that are charged with this responsibility of auditing, do their work’’, it stated.

It explained that the issues raised by Sanusi were not fresh at all and would be eventually reconciled by the Inter Agency Committee established to settle the $49.8 billion saga.

"Our position remains the same and we remain open to all stakeholders.

"These are issues that are currently before the reconciliation committee and before now it has been a subject of monthly verification before FAAC and other stakeholders”, it stated.

It reiterated what the Director-General of Budget had said at the hearing that a lot of progress had been made in the reconciliation of the $10.8 billion.

It expressed the hope that the final report would be ready, and NNPC vindicated, by the time the committee meets next week.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...