Alleged unremitted funds: Third parties confirm NNPC’s remittances

NNPC-towers 600(Press release)The Nigerian National Petroleum Corporation, NNPC, was given a clean bill of health at the resumed sitting of the Senate Committee on Finance on Thursday as all the three institutions summoned by the Committee over the alleged unremitted funds confirmed NNPC’s claim of remittances to the Federation Account and Third Parties.
First to make a presentation was the Office of the Accountant General of the Federation, represented by the Director Fiscal, Mr Salawu Zubairu, who told the Committee that from their records, NNPC had remitted all the amounts due to be remitted to the Federation Account within the period under review.
He was followed by the Department of Petroleum Resources, DPR, whose submission, made by Alfred Ohiani, affirmed that all royalties on crude oil liftings in the period under review was paid into DPR account with the Central Bank of Nigeria.
The Third parties, the JV partners namely Total E&P and Mobil Producing Nigeria Unlimited represented by Chidi Momah and Olusegun Banwo respectively also confirmed receiving the amounts stated by NNPC during the period under review.
In his final presenation the Group Managing Director of the NNPC, Engr Andrew Yakubu 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.
Engr. Yakubu 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.
“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,” Engr. Yakubu said
The NNPC GMD solicited for collaboration with the media to correct the erroneous impression that money is missing adding that the country needs direct foreign investment and negative reports send negative messages to prospective investors.
In his closing remarks, the Senate Committee Chairman on Finance, Senator Ahmed Makarfi acknowledged the affirmations by the invited parties adding that the Committee will go into technical session to review all the presentations and come up with their conclusions.

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