Thursday, November 3, 2011

NNPC Faults NEITI On N842 [$5.5+ bn] on Non-Remittance Claim

Daily Champion
3 November 2011

The Nigerian National Petroleum Corporation, NNPC, yesterday picked holes in the submission by the Nigerian Extractive Industry Transparency Initiative (NEITI) which insinuated that the Corporation had an outstanding sum of over N842 billion in unremitted funds to the Federation Accounts.

Executive Secretary, NEITI, Mrs. Zainab Ahmed, had told the Joint Committee on Finance, Petroleum Resources, (Upstream and Downstream), and Gas Resources at the ongoing House of Representatives Public Hearing on alleged non-remittance of N450billion into the Federation Accounts by the NNPC that a total sum of N842, 771,371,929 has been unremitted into the account by the corporation.

Speaking, however, to Journalists after the session, Group General Manager, Group Public Affairs Division of the NNPC, Dr. Levi Ajuonuma maintained that the figure presented by the NEITI boss does not capture the nature of the transaction as well as the current realities on ground. Saying it is obvious that the NEITI auditors failed to consider the peculiarities of the Corporation's business processes and the terms of our commercial transactions.

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