N4.423bn: NEITI absolves PPPRA of wrong-doing

Reginald Stanley 1Oscarline Onwuemenyi

13 August 2013, Sweetcrude, ABUJA – The Nigerian Extractive Industries Transparency Initiative, NEITI, has cleared the Petroleum Products Pricing Regulatory Agency, PPPRA, of any wrong-doing in the ‘misappropriation’ of over N4.423 billion in the latest oil and gas audit undertaken by the industry watch-dog agency.

NEITI’s position comes following the sustained media engagement between both agencies, over the recently released 2009-2011 Industry Audit in the Oil and Gas Sector, and at the end of a joint meeting between the two Agencies was held in Abuja and after exhaustive deliberation.

According to a release jointly signed by Zainab Ahmed and Reginald Stanley, Executive Secretary of NEITI and PPPRA respectively a copy of which was made available to our correspondent in Abuja, the sum of N4.423 billion in dispute has been reconciled and traced to the Petroleum Support Fund, PSF, account domiciled with the Central Bank of Nigeria, CBN, and that there is nothing outstanding against PPPRA on the said amount.

At the high level meeting, the two agencies evolved strategies to address other issues arising from the NEITI Report, using the platform of Inter-Ministerial Task Team, IMTT, set up by Mr. President to address remedial issues arising from NEITI’s Report.

The meeting also resolved to ensure effective communication network between the two Agencies for effective Inter-Agency cooperation.

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