{"id":49537,"date":"2016-05-23T14:53:26","date_gmt":"2016-05-23T13:53:26","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=49537"},"modified":"2016-05-23T21:51:25","modified_gmt":"2016-05-23T20:51:25","slug":"neiti-report-fayemi-accuses-nnpc-stealing-n2-2trn","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/neiti-report-fayemi-accuses-nnpc-stealing-n2-2trn\/","title":{"rendered":"NEITI Report: Fayemi Accuses NNPC OF Stealing N2.2trn"},"content":{"rendered":"<p><span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1944482190\"><span class=\"aQJ\">On Monday<\/span><\/span>, the Nigerian Extractive Industries Transparency Initiative<br \/>\n(NEITI) unveiled its 2013 audit report on the Nigerian oil and gas and<br \/>\nsolid\u00a0 minerals sector in at a press conference held in Abuja.<\/p>\n<p>The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode<br \/>\nFayemi, who presented the report, accused the Nigerian National Petroleum<br \/>\nCorporation (NNPC) of not remitting $3.8bn and N358.3bn to the federation<br \/>\nin 2013.<\/p>\n<p>Summary of losses to the federation.<\/p>\n<p>Here is a breakdown of the report presented by Kayode Fayemi<br \/>\n\u2022NLNG paid the sum of $1.289bn as dividend, interest and loan repayment<br \/>\nfor 2013. The NNPC acknowledged receipt of \u00fdthis amount, but did not remit<br \/>\nit to either the federal government or the federation.<br \/>\n\u2022The 2013 figure brings the total NLNG payments received by the NNPC<br \/>\nbetween 2005 and 2013 but not remitted by the NNPC to the federation to<br \/>\n$12.9bn.<br \/>\n\u2022\u00fdThe report also revealed that Nigeria lost $518m to offshore processing<br \/>\narrangements and crude for product swap arrangement in 2013.<br \/>\n\u2022The audit alleged that the NNPC did not remit up to $5bn to the<br \/>\nfederation account in 2013.<br \/>\n\u2022The outstanding revenue for 2013 stood at $3.79bn and N358.27bn.<br \/>\n\u2022The exploration arm of NNPC, the Nigeria Petroleum Development Company<br \/>\n(NPDC), did not remit outstanding payments of $1.7bn on the eight oil<br \/>\nmining licenses (OMLs) from the NNPC\/SPDC joint venture.<br \/>\n\u2022The NPDC also withheld $414,000 and N249.2 million refunds on OML 26 in<br \/>\nthe NNPC\/SPDC divested asset. There was an outstanding N2.17bn cash call<br \/>\nrefund on OML 42.<br \/>\n\u2022The NPDC also did not remit $763.41 million from its liftings in its JV<br \/>\nwith National Agip Oil Company (NAOC), and another $33.21 million from the<br \/>\nSPDC JV, NEITI.<br \/>\n\u2022There were unpaid debts of N351.87bn going by the subsidy approved by the<br \/>\nPetroleum Product Pricing and Regulatory Authority (PPPRA), and an over<br \/>\nrecovery of N3.98bn under the petroleum support fund.<br \/>\n\u2022The total losses to the federation account in 2013 were $5.96bn and<br \/>\nN20.42bn, including a $4.74bn in crude oil theft.<br \/>\n\u2022Under-payment or under-assessment of petroleum profit tax and royalties<br \/>\nfor 2013 was estimated at nearly $600 million by NEITI.<br \/>\n\u2022Lifting of 950,135 barrels in September from MPN JV (Qua-Iboe Crude Type)<br \/>\nvalued at $105,735,773.48 was also traced to an NPDC account, which was<br \/>\nlater refunded to the Federation Account in November as follows: 853,000<br \/>\nbbls from the NPDC Shoreline JV (OML 30) and 96,052 bbls from Seplat JV<br \/>\nvalued at $103,992,372.90, leaving a value difference of $1,743,400.58.<br \/>\nShortfall in Federation Account remittance to the tune of $1,743,400.58<\/p>\n<p>Nigerians are awaiting the response of the NNPC to the audit.<\/p>\n<p>Credit: Ventures Africa<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>On Monday, the Nigerian Extractive Industries Transparency Initiative (NEITI) unveiled its 2013 audit report on the Nigerian oil and gas and solid\u00a0 minerals sector in at a press conference held&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":42840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-49537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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