“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 NNPC was accused of re-awarding the revoked licence by executive fiat to one of its subsidiaries, Nigerian Petroleum Development Company, NPDC, without the stipulated licensing round bids, thereby shrouding the transaction in secrecy.
Mr. Matashi said having attained the position as fifth largest Exploration and Production Oil Producer in the Nigeria, the NPDC was poised to efficiently manage its portfolios to achieve the new target.
EFCC stated that its efforts to interrogate her over the allegations had been abortive as her lawyer, John Binns of BCL Solicitors, refused to allow the commission’s team of investigators, led by Mr. Abdulrasheed Bawa, to meet with her in the UK earlier in March this year.
NEITI, which made the disclosure in its recently released quarterly review, said the sum of N243.757billion was paid to states and local governments, where states got N151.446billion and local governments N92.311billion.
An analysis of the corporation’s Monthly Financial and Operations report showed that the consolidated capacity utilisation of the three refineries dropped from 24.59 per cent in April 2017, to 23.09 per cent in the month under review.
The court was urged as a matter of utmost urgency and public interest, in aid of administration of justice to issue a worldwide Mareva order restraining the defendants from dissipating all known assets directly or indirectly by the defendants including but not limited to assets listed on the face of the motion paper filed before the court.
The Federation Accounts Allocation Committee (FAAC) had in September 2011, resolved that the NNPC should refund over N450 billion in 32 installments after the NNPC said it withheld the money that should have been paid into the Federation Account as stipulated by law.
“NPDC is reported to be consistently ceding its core activities to third-party private entities without due procurement process in Strategic Alliance Agreements that involve the provision of funds by those entities to carry out exploration.”
On the slump in oil production, the NNPC said, “In February 2017, crude oil production in Nigeria decreased to 1.82 million bpd, which represents 1.05 per cent decrease relative to January 2017 production and also lagged behind February 2016 performance by 10.97 per cent.”
