1. $14 billion as equity crude
2. $15 billion as payment to FIRS by IOCs. They paid in crude which was lifted by NNPC on behalf of FIRS. There was nothing in our records linking the two transactions.
3. $2 billion Royalty payment to DPR by IOCs under similar arrangements as in (2) above.
4. $16 billion out of the 428b taken as Domestic Crude Paid in Naira, not dollar.
The following items are outstanding and need to be proven by NNPC:
1. $12 billion out of domestic crude sales yet to be remitted. NNPC has already disclosed N180 billion as subsidy payment in Q1.2012. If PPPRA confirms this number, we will adjust the balance accordingly. As for the balance of $10.8 billion, NNPC has publicly disclosed that 80 per cent applied to petrol and kerosene subsidy. We have already explained why this explanation is untenable and NNPC needs to provide the relevant proofs.
2. $6 billion shipped on behalf of NNPC. We have explained why some this belongs to the Federation and the need to investigate and audit the SAAS to recover amounts unconstitutionally diverted.
3. $2 billion “third-party” financing” we have not been given any documents explaining or proving this along with other claims around pipeline repairs, maintenance, strategic reserves etc.
There was no appropriation for these expenses and NNPC also needs to substantiate them.
In summary, it is established that of the $67 billion crude shipped by NNPC between January 2012 and July 2013, $47 billion was remitted to the Federation Account. It is now up to NNPC, given all the issues raised, to produce the proof that the $20billion unremitted either did not belong to the Federation or was legally and constitutionally spent. There is no dispute that $20 billion out of $67 billion has not been paid into any account with the CBN.
1) NNPC failed to render accounts as at when due.
2) CBN calculations are based on limited facts available
3) NNPC till this moment has failed to reconcile figures
4) NNPC has put forward false explanations and rationalizations to cover up its acts (naming kero-subsidy is just so lame, you must agree)
Denying these facts is tantamount to hiding behind a finger.
In the latest ongoing $20billion saga, there are contentious issues SLS is raising that bothers on ownership and proceeds of NNPC/Shell JVC the latter pulled out from while the former took over the blocks, transfer same to two indigenous firms.
The proceeds from these multi-billion dollar transactions and the opaque arrangement are suspect. SLS, in his words before the Senate committee, has sought three legal experts and other professional opinion on this issue and was advised accordingly on what should accrue to the federal government.
My suspicion (not conclusion) is those two companies might be holding those blocks in blind trust for some interest while also fleecing the nation of valuable resources