the Group Managing Director of NNPC, Mr. Andrew Yakubu, has said that so far, the corporation had given a detailed breakdown of its expenditure and remittances, adding that after paying back the various parties involved in its operations including banks and IOCs, no amount of money was missing. Buttressing this position, NNPC also in a statement yesterday, said it had been adjudged to have remitted all the statutory revenue owed to the relevant agencies and accounts of the federation by the Office of the Accountant General of the Federation (OAGF), the Department of Petroleum Resources (DPR) and third party partners. This occurred during the Senate committee’s hearing on the unremitted oil revenue to the Federation Account, when all the three institutions summoned by the committee over the unaccounted funds confirmed that NNPC’s claim of remittances to the Federation Account and third parties were intact. A statement from the acting Group General Manager, Public Affair of NNPC, Omar Ibrahim, in Abuja, stated that first to make a presentation was the OAGF, which was represented by its Director, Fiscal, Mr. Salawu Zubairu. Zubairu told the committee that from their records, NNPC had remitted all the amounts due to the Federation Account within the period under review. The statement explained that he was followed by the DPR, whose submission was made by Alfred Ohiani and who affirmed that all royalties on crude oil liftings in the period under review were paid into the DPR Account with the CBN. Similarly, Total and Mobil, which were represented by Chidi Momah and Olusegun Banwo respectively, also confirmed receiving the amounts stated by NNPC during the period under review. Ibrahim said NNPC’s GMD, during his final submission to the committee, reaffirmed that all equity holders in the oil and gas value chain including the Federation Account were duly paid their revenue between January 2012 and July 2013.“Yakubu also commended the Senate for the opportunity to explain to Nigerians how the various streams of revenue flow from the oil and gas industry to the Federation Account and the other equity stakeholders involved in the petroleum business were used.“For us this is a wonderful opportunity to give a detailed account of what we do, because like we always say, there is a huge misunderstanding about the industry. Today we gave a clear and detailed breakdown of what we remitted to the Federation Account and to the third parties which have been confirmed by all of them present here today,” Yakubu was quoted to have said. He equally solicited for the support of the media to correct the erroneous impression that money was missing in the Federation Account, adding that the country needed direct foreign investment and negative reports about its activities tend to send negative message to prospective investors.
Posted on: Fri, 14 Mar 2014 07:52:41 +0000
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