Submit all records of $20.3bn illegally withdrawn from NLNG dividends account, Reps tell NNPC

Unsatisfied with the responses provided Nigerian National Petroleum Corporation (NNPC) on the audit query on the $20.3 billion illegal withdrawals from the Nigerian Liquefied Natural Gas (NLNG) account, the House of Representatives’ Committee on Public accounts has formally requested for all records on the withdrawals from the account and the utilisation of the fund from inception to date.

The Committee’s request was contained in a letter with Reference No: HR/PAC/SCO5/9NASS/QUE.9/974 dated 7th December 2020 signed by its Chairman, Hon Oluwole Oke, and addressed to the NNPC Group Managing Director, Mele Kyari, and acknowledged on December 10, 2020.

“I refer to your presentation on the above subject matter at a session with the Committee on Thursday, December 3, 2020, confirming the withdrawal of the sum of $20.3 billion from the account by NNPC.

“In view of the above, you are to furnish all records of the withdrawals from the account and the utilisation of the fund from inception to date,” the Committee stated.

Meanwhile, NNPC via a letter with Reference No: GGM/GPAD/01 dated November 9, 2020 and signed by the Group General Manager, Group Public Affairs Division, Dr. K. A. Obateru, conceded that: “Following your request for information, we hereby submit 46 copies of NNPC’s presentation on the illegal withdrawals from the NLNG by NNPC and 46 copies of our response to issues raised in the Auditor General’s 2014 report on the Federation Account relating to NNPC.”

In its earlier communication to the Committee with Reference No: GMD.49 dated October 30, 2020, and signed by the NNPC Chief Financial Officer, Umar Ajiya Isa, the Corporation gave the breakdown of the receipts and disbursements from NNPC NLNG Dividend Account from inception to date.

“In line with Government’s directive on the implementation of the Treasury Single Account (TSA), the NLNG Dividends go into the CBN/NNPC NLNG Depository USD Account domiciled with Central Bank of Nigeria (CBN).

“From inception to date, the sum of US$21,685,647,923.39 was received into the NNPC NLNG Dividend Account while the sum of US$20,300,772,850 was disbursed from the Account leaving a credit balance of US$1,384,875,073.39 as at June  30, 2020, as tabulated below.”

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Initial deposit – $6,564,691.99; Dividends $18,574,610,988.35; Loan Repayment – $2,097,671,579.37; Refund of Train 6 Funding Balance – $321,817,005.33; Interest on Loan – $337,757,245.33; Interest on Account – $347,226,413.03 totaling $21,685,647,923.39 out of which the sum of $20,300,772,850 was disbursed leaving balance of $1,384,875,073.39.

The attached documents to the cover letter submitted by NNPC to the Committee with Reference No: GMD.49 dated October 30, 2020, and signed by NNPC Chief Financial Officer, Dr Umar Ajiya Isa, showed that the Corporation disbursed the sum of $1,854,041.47 to NLNG secretariat; NLNG scheme 4 top-up got $159.250 million; Brass LNG Scheme funding got $574,420,529.92; West African Gas Pipeline got $259,900,409; N-Gas (Takoradi, CEB Account, Gas Monitoring Station got $9,433,400; Trans-Sahara Gas Pipeline got $1,278,810.50; Olokola LNG got 216,928,550.55 while security project got $1.520 billion.

The report also stated that: the sum of $4,372,371,348.19 was transferred to Federal Government of Nigeria; Product Importation Loan to NNPC worth $5 billion; $3,335,335,760 spent on Paris Club Refund; Sovereign Wealth Fund got $1.050 billion; $1.200 billion for 2016 JV Cash Call Balance and $2.6 billion spent on National Fuel Support Fund.

Recall that the RMAFC Chairman, Chief Elias Mbam vehemently opposed the unilateral deduction of the $20.3 billion from the NLNG Dividends Account by NNPC.

Chief Mba who expressed grave concern over the development, stated that the Commission “does not support any diversion of revenue that should accrue to the Federation Account for whatever reason, as the practice is illegal and conflict with section 162(1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

“That the NNPC or any other agency does not have the powers under the law to withdraw money from the NLNG Dividend Account for any other purpose outside remitting it into the Federation Account.”

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Submit all records of $20.3bn illegally withdrawn from NLNG dividends account, Reps tell NNPC

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Submit all records of $20.3bn illegally withdrawn from NLNG dividends account, Reps tell NNPC