Sanusi Exposé: NNPC Still Cannot Account For $12billion

A crucial meeting between key government offices concerning the
Central Bank of Nigeria declaration that the Nigerian National
Petroleum Corporation (NNPC) has failed to remit to the Federation
Account the sum of $49.8 billion between 2012 and 2013 has
concluded that only about $10.8 billion appears to be unaccounted
for.
That figure was referred to only as a “shortfall” in domestic crude oil
receipts.
In a “summary of findings” issued after the meeting, which lasted
until 2a.m,” the group said the $10.8 billion “shortfall” was
acknowledged by NNPC but that the corporation at the same time
disputed its magnitude.
“This shortfall has been acknowledged by NNPC, but the magnitude of
the shortfall is still disputed by NNPC. The shortfall is explained to be
the result of subsidy claims, unrecovered crude/product losses, and
cost of strategic petroleum storage (which is currently not captured in
the PPPRA template for refunds). This figure is also well-known to all
stakeholders at the Federation Account Allocation Committee (FAAC),
and is reported and updated on a monthly basis. However, all parties
concerned are working assiduously through the ongoing
reconciliation efforts to resolve this.”
A source at the meeting told Sahara Reporters that the overriding
reason the institutions resolved that not to drag the issue further is
because the NNPC and the Minister of Petroleum Resources managed
to“convince” those at the meeting that the monies had somehow been
remitted.
The NNPC, meanwhile, admitted at the meeting that Nigeria’s
earnings from crude oil exports over the period in question were
$67.12 billion: $1.79 billion higher than the revenues reported by the
CBN.
The discrepancies leaked through a letter written to President
Goodluck Jonathan by CBN Governor, Sanusi Lamido, which was first
published by Sahara Reporters. Since the letter leaked to the media,
Sanusi has been put under immense pressure by President Goodluck
Jonathan and the Minister of Petroleum Resources, Diezani Allison-
Madueke.
Our source said that despite the bogus accounting undertaken by the
NNPC, the agency could still not account for as much as $12 billion
from proceeds of crude oil lifted and sold on behalf of Nigeria.