The Adhoc Committee investigative hearing on the $17 billion stolen crude oil and Liquified Natural Gas to foreign destination, Monday discovered the sum of $15 billion unremitted revenue into Federation Account for four years.
It also discovered that the alleged missing fund were
contained in the two separate documents submitted by the Nigerian
National Petroleum Corporation (NNPC).
This came to fore while
responding to questions from members of the Adhoc Committee, Rabiu
Bello, NNPC's Chief Operating Officer (COO) admitted before the
panelists that there were discripancies in the documents before the
Jack Ukitetu, a CBN Director who represented the
CBN Governor, Mr Godwin Emefiele during his presentation said it was
the Accountant General of the Federation who approves and determines
the money accrued into the Excess Crude Account.
He explained that
before 2006, the CBN collected the money on behalf of government's
agencies and remitted same into the Federal Reserve Account in New
York and charged 0.25 percent, but noted that after 2006, the oil
companies pay directly what is due to the government.
representative told the lawmakers that the CBN collects 0.25 percent
via forex allocation and does not charge FG one kobo as its
deductions are made from central sales.
He explained that the
levels of sales are the buying,central and selling rates, but CBN
does its deductions at central sales level.
The CBN representative
disclosed that the crude oil account is maintained by JP Morgan but
admitted that in making the transfers, the money could be misdirected
to another account by the financial institutions, adding that the
apex bank has no statutory power of oversight to demand for details
of the transactions made by NNPC.
The committee at this
point, asked him to bring the total commissions deducted by the apex
bank from 2011-2014 within the next one week.
He was also
instructed to bring along all letters of credit issued by the CBN
within same period.
Abdulrazak Namdas,APC, Adamawa, chairman of
the Ad-hoc Committee, earlier threatened that the Ad-hoc Committee
will not hesitate to submit its report to the House without the
inputs of major Ministries, Departments and Agencies (MDAs) which
fail to honour the invitation of the committee.
To this end, the
Adhoc Committee mandated the apex bank and NNPC to submit the audited
report of the oil and gas account showing the remitted funds into the
Federation Account between 2011 and 2014.
The Corporation was also
mandated to submit Bill of Laden relating to the 974,721 barrels of
crude oil lifted on 20th October 2011; 961,963 barrels lifted on the
10th October 2011; 974,935 barrels of crude oil lifted on the 9th
July 2011 as well as 974,953 barrels of crude oil lifted on the 18th
July 2011 but were not declared.