Nobody disputed figures on unremitted funds – NEITI

25 June 2016, Lagos – The Executive Secretary, Nigeria Extractive Industries Transparency Initiative, Mr. Waziri Adio, on Thursday said its figures on unremitted oil money had not been disputed by any of the parties involved, including the Nigerian National Petroleum Corporation.



Adio, who stated this during a visit to The Punch Place, headquarters of Punch Nigeria Limited in Ogun State, said every entity mentioned in NEITI’s latest report were given the right of reply.

He said, “Nobody so far has disputed any figure that we came up with. They were given opportunities to provide explanations to say that the money that you mentioned, this is what happened to it. But nobody has come to say, ‘NEITI you did not know what you are talking about or you got it wrong or misrepresented things’.

“We have always had credible and competent auditors. Don’t take the fact that some people dispute our reports, because it serves their interest to dispute those things and to sow some doubts in the minds of the public, to mean that our auditors didn’t do a good job.”

Citing the 2013 audit report, he noted that $3.8bn and N358bn were unremitted by the NNPC.

Adio explained, “Out of the $3.8bn, the Nigeria LNG paid $1.29bn to the NNPC and the NNPC acknowledged receiving it and it did not pay it into anywhere. Eight assets from the Shell JV were valued at $1.8bn and divested to the Nigeria Petroleum Development Company by the NNPC.

“Shell also divested its 45 per cent interest in those assets to private operators and it got $2.7bn. Our own 55 per cent was valued at $1.8bn. As if that was not bad enough, the NPDC did not pay anything on these assets until two years later, and what did they pay? $100m! So, there is an outstanding of $1.7bn. If you add that to $1.2bn, that is $3bn.

“But the NPDC took ownership of the assets, meaning that the oil was lifted on behalf of the NPDC, and not on behalf of the federation, and the country continued to pay cash call on those assets. Then later, the National Petroleum Investment Management Services discovered that they shouldn’t have paid the cash call; so they refunded part of the cash call to NAPIMS and NAPIMS collected and sat on it.”

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