The Nigerian National
Petroleum Corporation (NNPC) has reiterated its position that the report of the
forensic audit carried out on its books by PricewaterhouseCoopers (PwC) did not
indict it in anyway but rather absolved it of culpability on all counts.
The Group Managing
Director (GMD) of the NNPC, Dr. Joseph Dawha, made this position known at a press
conference held in Abuja to clarify the highlights of the PwC forensic audit
report.
The GMD who expressed
joy at the successful completion of the forensic audit exercise to lay to rest
the 15-month long controversy over the allegation of missing $49.8bn stated
that the report “has clearly vindicated our long held position that the alleged
unremitted crude oil revenue was a farce from day one”.
Speaking on the issue
of the outstanding $1.48bn which made some sections of the media to claim that
NNPC was indicted, the GMD explained that the amount was actually the balance
of the book value of the divested assets that were transferred to NNPC upstream
subsidiary, the Nigerian Petroleum Development Company (NPDC), excluding taxes
and royalties.
“This does not
constitute indictment; rather this value is still being reconciled with the
Department of Petroleum Resources (DPR). It is pertinent to note that the
$1.48bn was not part of the alleged unremitted revenues from crude oil sales”
Dr. Dawha insisted.
Explaining further,
the GMD stated that what the DPR sent to NNPC as the estimated value of the
assets was $1.847bn out of which the Corporation paid over $300m as a token to
indicate its commitment to acquiring the assets pending resolution and
reconciliation by NNPC and DPR.
On remittances of
proceeds from crude oil sales into the Federation Account in the period from 1
January, 2012 to 31 July, 2013, the NNPC Chief Executive Officer explained that
the PwC Forensic Audit report was clear that NNPC remitted $50.81bn out of a
total of $69.34bn, adding that the report acknowledged that the balance was
spent on petrol and kerosene subsidy as well as the Corporation’s operation
costs.
He explained that
both the Senate Finance Committee probe report and the PwC forensic audit
report corroborated the Corporation’s position that subsidy on kerosene was
still in force as the Presidential directive of 19th October, 2009,
was not gazetted in line with the provisions of Section 6, Subsection 1 of the
Petroleum Act of 1969.
Dr. Dawha also
explained that though the Forensic Audit Report recommended a review of the
laws to stop NNPC from deducting its costs and expenses from crude oil sales
proceeds, it also acknowledged that they were not illegal.
He however stated
that the Management of NNPC was fully in support of the ongoing process of
reviewing the laws governing its operations and has commenced internal
transformation ahead of the passage of the Petroleum Industry Bill (PIB) which
is currently undergoing legislative processes at the National Assembly.
He called on the
media to eschew sensationalism and help disseminate the facts regarding the
alleged missing money as contained in the reports of the various probes
instituted to get to the bottom of the matter.
The GMD who was
flanked at the conference by members of NNPC Top Management urged Nigerians to
shun malicious reports linking the Corporation with missing or unremitted oil
revenue, adding that the various probe reports, including the latest PwC
Forensic Audit Report, have clearly stated that no oil money is missing.
OHI ALEGBE
Group General Manager
Group Public Affairs
Division,
NNPC, Abuja.
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