A Review of the Nigerian Energy Industry

Ex-NNPC director says Sanusi’s letter on missing $49.8bn a mistake

Sanusi-Lamido-Sanusi-354x33020 December 2013, Abuja – A former Group Executive Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Godwin Ihetu has declared that the Governor of the Central Bank of Nigeria(CBN), Mallam Sanusi Lamido Sanusi made a mistake in writing the letter which indicated that a whopping $50bn was mission form the nation’s oil proceeds.

Ihetu, who addressed newsmen in Lagos stated that the allegation was a mistake which could have been avoided if adequate consultations were made.

Ihetu argued that it is not possible for about $50billion to disappear from oil proceeds adding that the economy would have collapsed.

According to him, “It is practically impossible for $49.8billion to go missing. How much is the Nigerian budget that such huge fund will disappear. If it is true, then the government would have collapsed.”

As an expert, he explained that the NNPC, Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR) are responsible for the collection of proceeds from crude oil.

“The NNPC is responsible for about 24 per cent revenue collection while the FIRS and the DPR are responsible for the remainder.

“DPR and FIRS collect royalties on behalf of the Federal Government. Tax royalties could be as high as 70-80 per

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