139-pg FGN Probe Discovered Nigeria Loses Billions of Dollars Oil Revenue

Mar. 13, 2014

NewsRescue

A Federal government probe in 2012 which was totally independent of the Central Bank and current Sanusi Lamido exposed missing $20 billion crises discovered that Nigeria loses billions of dollars oil revenue due to improper, shady and other questionable non transparent processes at the NNPC.

The Jonathan government ordered audit report which was kept very quite since its conclusion, examined oil sale processes between 2005 and 2011 since the fourth republic civilian government took over.

It found Nigerians lost billions from unpaid royalties, theft, pricing discrepancies, and loses due to middlemen private traders in what was more fully detailed by the Swiss Berne declaration report, which has cost the nation over $7billion losses in oil revenue in recent years. Nigeria lost $29 billion by selling gas below cost. The nation loses $6 billion a year due to crude theft. Loses up to $6 billion a year due to subsidy thefts and local sale price discrepancies. And other similar loses of millions to billions in income were discovered in the report.

Till date the system has been kept pretty much the same since this report came out in November 2012 with no changes to these channels through which the nation loses more then half it’s oil sales revenue.

The subsidy probe report earlier that same year had recommended the “complete overhaul” of the management of the NNPC, and that the Executive Secretaries of the PPRA between 2009 and 2010 be prosecuted for supervising the fraud. Till date, no action has been taken on the subsidy fraud oil marketers or on agents of the ministry. Not a single culprit is in jail, despite the massive defrauding of the nation where corruption is understood to be official government policy.

Nigeria’s President as claimed by his spokesperson, Rueben Abati, has ordered a Forensic audit of the NNPC accounts after the scandal of missing $20+ billions exposed by sacked CBN governor Sanusi Lamido Sanusi rocked the nation. The Minister of the economy, Ngozi Okonjo-Iweala was described by the BBC to have been distancing herself from the President and had admitted the funds was missing and that she was pressing the President to accept to invite auditors.

Video: Nigeria’s Minister of the Economy, Ngozi Okonjo-Iweala does not know Nigeria’s NNPC JP Morgan Chase foreign account