This is a flashback of statement issued by the embattled former GMD NNPC, Andrew Yakubu who stated that the then CBN Givernor, Sanusi Lamido Sanusi who accused the oil corporation of not remitting huge proceeds from oil sale, lacks proper understanding of how those proceeds are remitted to the Federation Account.

The news read as follows:

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Engr. Andrew Yakubu Friday faulted the claim by the CBN Governor, Mr. Lamido Sanusi that the NNPC has failed to remit the sum of $49.8b from the sale of crude oil saying his claim is borne out of lack of understanding of how revenue from crude oil sale are remitted into the federation account.

The GMD in a press conference addressed at the Protea Hotel Asokoro Abuja, insisted that the NNPC is not in the business of withholding proceeds of crude oil sales due to the federation account or any other statutory remittances

The full text of the press conference below:

As you are well aware, it is not in our character to join issues or trade blames with other agencies of government. But considering the high level of publicity that the recent letter from the Governor of the Central Bank of Nigeria (CBN) to the President has generated, and the erroneous impression it has created among Nigerians. It has become necessary to set the records straight.

The statement credited to the CBN Governor that NNPC has failed to remit the sum of $49.8bn representing 76% of total national oil receipts is borne out of lack of understanding of how revenues from crude oil sales are remitted into the Federation Account. I will therefore explain the process and put the figures in perspective in order for you to understand and let the world know that NNPC is not in the business of withholding any crude oil receipts due the Federation Account or any other statutory remittances.

All NNPC crude oil liftings is made up of the following:

1. Equity Crude
2. Royalty Oil
3. Tax Oil
4. Volume for Third Party Financing, and
5. NPDC equity volume.

It is important to stress that remittances of proceeds from the above liftings are made according to statutory and production arrangements. Accordingly, proceeds from Equity crude is paid by NNPC into the Federation Account which is held by the Central Bank of Nigeria.

Proceeds from Royalty oil is paid to Department of Petroleum Resources, DPR, whose designated account is managed by the same CBN.

Similarly, the proceeds from Tax Oil or Petroleum Profit Tax lifted by NNPC is paid directly into the Federal Inland Revenue Service, (FIRS) account also managed by the CBN.

In the same vein, Third Party Finance and Trial Marketing volume are paid into designated Escrow accounts, while NPDC equity proceeds are remitted to NPDC account.

Ladies and Gentlemen, it should now be clear to all that NNPC is by statutory requirement is responsible for direct remittances of only one stream of liftings, namely Equity Crude.
Analysis of the figures is as follows;

The CBN letter claims that for the period 1st Jan 2012 to 31st July 2013, total National crude oil liftings was 1.287 billion barrels. Our records show that the total national crude lifting for the same period was actually higher at 1.330 billion barrels. Furthermore, total NNPC liftings during the same period was again higher at 618.552 million barrels as against the 594.024 million barrels stated by CBN.

We further wish to state that the proceeds from the total NNPC liftings comprising Federation Equity, Royalty Oil , Tax Oil, Volume for Third Party Finance, NPDC equity and volume for Trial Marketing Period amount to US$67.12bn as against the $65.33bn that the CBN stated. At this point, we wish to categorically state that all the proceeds amounting to $67.12bn have been remitted as statutorily required.

NNPC remitted its portion which is $18.48bn into the Federation Account being the total proceeds from Equity Crude and gas sales. This represents 27.5% of total proceeds of $67.12bn as against the 24% declared by CBN.

On the issue of US$49.8 billion or 76% of total national liftings and the alleged unremitted funds, we would like to clarify that this represents the proceeds from Royalty and Petroleum Profit Tax liftings. These, as I stated earlier, are remitted to the Department of of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS) which are statutorily empowered to collect and remit same into the Federation Account.

For the benefits of those who may not be aware of the workings of the industry, it is imperative to state that the CBN, NNPC, FIRS and DPR meet regularly to reconcile liftings, sales and remittance of proceeds. Therefore, the data presented are jointly reconciled by CBN, NNPC, FIRS, and DPR.

The CBN further alleged that NNPC owes the Federal Government another N22bn in unpaid levies to the National Export Supervisory Scheme (NESS). It must also be noted that the levies under the NESS are paid to third party inspectors based on services rendered to the Federal Government. Payment to the NESS is update as per value of work done.

The current position is that NNPC has paid a total of $114.78 million from inception of NESS in 2009 up to October 2013 as against the total budget of $117.08 million for the same period. These payments have been reconciled with the CBN, who are again the custodians of the NESS account that is operated on a draw-down basis by the CBN.

Ladies and gentlemen, it is NNPC’s position always that in carrying out our statutory duties we will continue to maintain the highest level of transparency and accountability. Please be assured that NNPC remains available at all times to provide clarifications on these issues or any other matter relating to our responsibility to the Federation and the Nigerian people.

Thank you.

http://thewillnigeria.com/news/sanusi-lacks-understanding-of-how-revenues-from-crude-oil-are-remited-to-federation-account-says-nnpc-gmd/

He don enter one chance now

This flashback isn't necessary

E ba mi ki gbe ole oooo!!! Ole ooo!! I guess Mr Sanusi was right!!! What pain me pass is that Mr Yakubu opened is embezzling mouth(no respect for looters) and said all those monies were "gifts" from "friends", i almost started feeling "friendless"

As usually nothing will happen to him.

very shameful. corruption everywhere. naija is beyond redemption abeg.

.

Sanusi has now been vindicated!

Lolz...I love Nigerians

Jonathan, Clueless IB, Jogogoro 1 of Otuoke's name should be added to the list of natural disasters... He won't end where his adornment are, his end....

In 5yrs, he did so much damage that it will take double that to unravel the extent..

People crying recession, depression would have been this nation's lot if the drunk & his frog eyed mistress + gele donning textbook economist had been allowed to continue..

High crude oil prices with nothing to show bar cheap dollar for imports.....

GEJ will never go unpunished...

Awawi lasan, oga dem don bust u

Buhari and his Angels will still Re loot the money.
next.

K

How does this change the price of a carton of indomie?

[quote author=tunde81o post=53608143][/quote]
So what is necessary then?

This 1 10m dollars, Patience $15m, many many like that and people like 2face keep blaming pmb,is pmb d root cause of the problem in the first place? In Nigeria, we will leave real problem and b fighting nonessential part of the reason we are here. Only the money this 2 crooks stole is in excess of 25 billion in naira almost like a budget of a state for 4 months.

buh he knew how to remit d money in his house abi?...these people r beast

What about the audit firms that confirmed owning/un remitted revenue to the federation account.

Nigerians are funny People.
When one is trying to protect them and keep them out of harms way, the see you as the enemy..
But when you give them peanuts for a time being, the see you as a king.
In life only time tells.
Sanusi and all warned you guys about all this theft.
What did you guys do?
Crucify them.

Now we know how the fund are been remitting through your instructions.. Abi?

Sanusi Doesn't Know How Oil Revenues Are Remitted -

So you showed him the proper wayvof remitting the money by hiding it in a bunker abi If this man no go jail then Nigeria is dead,burried and forgotten

Sanusi lamido actually said the truth but Andrew yakubu who was the the GMD tried to fault him, now you can see how much in foreign currencies has just been discovered in his private safe. EFCC must continue to investigate Andrew Yakubu till he exposes all his colleagues and accomplices.

vecman22:
GEJ will never go unpunished...

you are a Big Eeediot, Abi, you didn't hear GEJ sacked the guy and APC started harassing him. Get information and sense.

modath:

Jonathan, Clueless IB, Jogogoro 1 of Otuoke's name should be added to the list of natural disasters... He won't end where his adornment are, his end....

In 5yrs, he did so much damage that it will take double that to unravel the extent..

People crying recession, depression would have been this nation's lot if the drunk & his frog eyed mistress + gele donning textbook economist had been allowed to continue..

High crude oil prices with nothing to show bar cheap dollar for imports.....

Do you know Gej sacked this man and ur party apshit kicked against it? Do u?

darocha1:
This flashback isn't necessary

But the flash back where PMB and Lai criticize Yardua is necessary? Abeg comot jo

Common criminal

Gej right now : Chai... So this guy badt like this