NNPC Says $10.8Bn not Missing

The $10.8billion out of $49.8billion is not missing but being reconciled, according to Dr. Omar Ibrahim Farouk, general manager, Media Relations Department, Group Public Affairs Division, Nigerian National Petroleum Corporation (NNPC).

Farouk, in a rejoinder noted that the  issues surrounding the allegation of unremitted $49.8bn against the Nigerian National Petroleum Corporation (NNPC) have since been explained but it appears the initial dust raised in the process is yet to settle.

He stated that “We are therefore constrained to respond and clarify the issues once again to help those who do not yet understand the clarification made earlier by Dr. Ngozi Okonjo-Iweala,  coordinating minister of the Economy and Minister of Finance; Mrs.  Diezani Alison-Madueke, minister of Petroleum Resources; Mallam Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN); and Engr. Andrew Yakubu,  group managing director of the Nigerian National Petroleum Corporation (NNPC) at a joint press conference which was widely reported in the media.”

” For the avoidance of doubt, there was no where it was stated or admitted by any of the parties in the course of the press conference or anywhere else that the sum of $12bn or $10.8bn out of the alleged unremitted $49.8bn is“ missing’’.

” The truth of the matter is that as at the time of the press conference, $30bn of the alleged unremitted oil revenue had been reconciled by all the parties involved. Dr. Okonjo-Iweala did explain that the reconciliation was an ongoing process and that the balance of $10.8bn is still being reconciled.

“At no time did anybody, neither the Coordinating Minister of the Economy nor the CBN Governor, say that the outstanding $10.8bn was “missing’’.

” It is simply curious how some section of the media are not prepared to see the difference between the two positions – reconciliation in progress versus money missing. These two positions are simply not the same thing no matter the angle from which anyone chooses to see them.

” Having made that point, it is also pertinent to further clarify that NNPC as a national oil company is saddled with certain onerous responsibilities that other oil companies are freed from. For instance, as the supplier of last resort, NNPC has the responsibility of ensuring that there is adequate supply of petroleum products whether the market is favourable or not.

“The yet to be reconciled $10.8bn can be located in the expenses on some of the responsibilities which the Corporation carries out on behalf of the Federal Government with respect to the domestic crude oil utilization.”