Exposed!!! GEJ Actually Sold Oil Bloc For $1.85bn But Remitted Only $100m (See)
Read this new report!...As President Muhammadu Buhari hosts the head of
the leading global corruption watchdog Clare Short this week, top on the
agenda will be a probe of how Nigeria allegedly remitted only $100m for
the sale of oil blocks on which the country was paid $1.85bn, credible
sources have revealed.
Clare Short, who is the Chair of the Extractive Industries Transparency
Initiative (EITI) arrived in the country on Monday on a three-day
working visit. She is expected to hold talks with President Buhari on
the implementation of the independent reports of the Nigeria Extractive
Industries Transparency Initiative (NEITI).
The Meeting which is also expected to provide the
International Chair the platform to brief the President on the
importance of integrating the EITI principles in his economic policy
agenda as obtainable in resource rich countries of the developed world,
is also seen as a global endorsement of President Buhari’s commitment to
good governance, transparency and accountability. Buhari had listed the
implementation of the findings and recommendations of NEITI Audit
Reports as a priority within his administration’s 100 days in office.
The executive secretary of NEITI, Zainab Ahmed, had said last week that
over $7.5bn between 1999-2011 still needed to be recovered from oil and
gas companies in Nigeria.
“The amount represents clear cases of underpayments, under-assessments
of taxes, royalties, rents... which have not been adequately addressed
in the past,” she said. NEITI has suggested selling the state oil
company’s stakes in producing joint ventures to fix its budget woes, a
call echoed by many in the new administration, as well as scrapping the
expensive and graft-riddled fuel subsidy. The government relies on oil
sales for the bulk of its revenues but there has been little oversight
of how these are handled. Central bank governor Lamido Sanusi was sacked
by Goodluck Jonathan after he said that up to $20bn in oil revenues
between 2012 and 2013 had not been remitted to the government by the
state oil company - NNPC. Buhari said he would re-examine this
allegation. Ahmed also said NEITI audits showed that some $11.6bn of
dividends between 1999 and 2012 from the government’s investment in the
Nigerian Liquefied Natural Gas (NLNG) company were not remitted by the
state oil company. “NNPC was unable to provide any evidence that the
funds were remitted to the federation as required by law,” she said.
NNPC said the issue of reconciling accounts had been raised at a
previous Inter-Ministerial Task Team and would be discussed this week.
The team was designed to implement NEITI’s findings. NEITI has also said
the sale of eight oilfields to NNPC’s upstream arm in 2010-2011 under
Jonathan should be reviewed, as they were sold at $1.85 billion of which
only $100 million was remitted to the federation account in February
2014. Before his sack by Jonathan, Sanusi also criticized some of these
deals for being awarded non-competitively to companies that supplied no
services.
No comments:
Disclaimer:
*Don't Forget To Drop Your Comments After Reading
*Comments on this blog are NOT posted by Agbo.
*Agbosblog Readers are SOLELY responsible for the comments they post on Agbosblog.com
*Follow On Instagram @agbosblog
*Follow On Twitter @agbosblog
Thank You