*As Total becomes 1st major oil company to support contract transparency OpeOluwani Akintayo 05 March 2018, Sweetcrude, Lagos — The…
Browsing: Natural Resource Governance Institute
The monthly meeting usually held to consider and approve revenue allocation to the three tiers of government was abruptly adjourned indefinitely when members found that the details of revenues actually remitted to the Federation Account for sharing did not add up to what was earlier presented to the FAAC Secretariat.
“NPDC continues to be unaccountable to state institutions and the laws of the country. NPDC has consistently refused to give account of its operations and its management of national oil assets in its possession. NPDC failed to cooperate with the forensic audit ordered by the Auditor-General of the Federation in 2015.”
“The constitution stipulates that every revenue should be paid into the Federation Account but with the ECA, who determines how much goes into excess crude? Is it to be handled by the executive or NNPC?”
“The government discloses almost none of the rules or practices governing deposits, withdrawals or investments of the ECA,” the report said. It added that the account, along with the other worst performers, is “so opaque that there is no way to know how much may be lost to mismanagement.”
04 July 2016, Lagos – The Securities and Exchange Commission (SEC) of the United States has announced its adoption of…
21 April 2016, Abuja – President Muhammadu Buhari has been urged to implement the past oil and gas audits recommendations in…
11 August 2015, Abuja – Natural Resource Governance Institute, NRGI, has faulted past audits of the Nigerian National Petroleum Corporation, NNPC,…
