Ike Amos 07 February 2018, Sweetcrude, Abuja – The Nigerian National Petroleum Corporation, NNPC, spent N6.849 billion on the payment of…
Browsing: federation account
“The entire federation is being shortchanged by those activities. Since 2010, there were no payments of Joint Venture Cash Call by the NNPC when the oil was $110 per barrel up to when the President took over in 2015.”
A broader breakdown revealed that total export crude Oil & Gas receipt for the period of November, 2016 to November, 2017 stood at $3.73 billion. Out of which the sum of $2.60 billion was transferred to JV Cash Call as first line charge and the balance of $0.85 billion was paid into Federation Account.
The report also noted that 90 million dollars was lost through a practice where NNPC used a revised/lower pricing option at the point of payment instead of the higher price at the point of purchase.
Ike Amos 13 December 2017, Sweetcrude, Abuja – Nigeria earned $2.26 billion from the export of crude oil and gas in…
OpeOluwani Akintayo 29 November 2017, Sweetcrude, Lagos – The Department of Petroleum Resources, DPR, has denied allegation that it failed…
“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 Committee noted that while the DPR’s official account for the remittance of oil royalties was with JP Morgan, its investigations has uncovered a second account with the Federal Reserve Bank of New York purportedly opened by the agency.
08 November 2017, Sweetcrude, Abuja – Host Communities of Nigeria Producing Oil and Gas has called on the Federal Government…
Adio said the missing fund was in addition to another 21 billion dollars confirmed crude oil sale, the proceed of which was not remitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC) between 2011 and 2014.
