EXPOSED: Lamido Sanusi's Letter To President Jonathan Over Monumental Corruption

A letter has been uncovered in which the Governor of the Central Bank
of Nigeria, CBN, Mallam Sanusi Lamido of Nigeria exposed to
President Goodluck Jonathan the continuing refusal of Nigerian
National Petroleum Corporation (NNPC) to honour its legal
obligations, including failure to remit $49.8 billion to the Federation
Account between 2012 and 2013.
Surprisingly, the amount represents a whooping 76% of the value of
crude lifted during the period...
The CBN governor's complaints contained in a letter to President
Jonathan dated 25 September 2013, read:
“Our analysis of the value of crude oil export proceeds based on the
documentation received from pre-shipment inspectors shows that
between January 2012 and July 2013, NNPC lifted 594,024,107
barrels of crude valued at $65,332,350,514.57,” the letter said. “Out of
this amount, NNPC repatriated only $15,528,410,098.77 representing
24% of the value. This means the NNPC is yet to account for, and
repatriate to the Federation Account, an amount in excess of $49.804
billion of the value of oil lifted in the same period.”
Drawing attention to an attached table of analysis of the crude oil
liftings and repatriations as prepared by the CBN, Governor Sanusi
noted that the failure of the NNPC to repatriate the amounts
constitutes not only a violation of constitutional provisions but also
of both Nigeria’s foreign exchange and pre-shipment inspection of
exports laws.
Also drawing attention to previous occasion in which he had
expressed concern about what appeared to be shortfalls in
remittances to the Federation Account in spite of the strong recovery
in the price of oil, Mr. Sanusi said that a point of departure ought to
be to insist that the NNPC account fully for all proceeds that were
diverted from its accounts with the CBN and the Federation Account.
“As an indicator of how bad this situation has become, please note
that in 2012 alone, the Federation Account received $28.51 billion in
Petroleum Profits and related taxes but only $1013 from crude oil
proceeds,” he informed Mr. Jonathan. “In the period January-July
2013, the corresponding figures are $16.65 billion and $5.39 billion,
respectively. This means, Your Excellency, that in the first seven
months of the year, taxes accounted for 76% of the total inflow from
this sector, while NNPC crude oil proceeds accounted for only 24%.”
Sanusi specifically recommended to the President to:
1. Require NNPC to provide evidence for disposal of all proceeds of
crude sales diverted from the CBN and Federation Account;
2. Investigate crude oil lifting and swap contracts, as well as the
financial transactions of counter-parties for equity, fairness and
transparency; and
3. Authorise prosecution of suspects in money-laundering
transactions, including but not limited to BDCs who are unable to
account for hundreds of millions of dollars.
Despite claims of fighting corruption, President Jonathan does not
normally take any action against members of his cabinet or
implement reports against people in his government who are clearly
corrupt. Really sad!
And now that is the NNPC under the supervision of his one of close
Minister, Diezani Alison-Madueke, it is as usual expected that nothing
will happen, again.