Missing $20bn: NPDC denies receiving $6bn from NNPC

NNPC logoBy Patrick Andrew

The Nigeria Petroleum Development Company (NPDC) has sharply contradicted Nigeria National Petroleum Corporation’s (NNPC) claim that the sum of $ 6 billion was transferred to company by denying that it did not receive any such lump sum from the corporation.

Also, the Attorney-General of the Federation and Minister of Justice Bello Mohammed Adoke, in compliance with the committee’s request for a written legal opinion on the alleged unremitted $49.8 billion oil status of the $6 bn to the NPDC by the NNPC instead of the federation account submitted a written position as required.

Clearly disparaging claims the NNPC had stoutly canvassed last week before the Senate Committee on Finance currently investigating the alleged unremitted $ 20 billion to the federation account, the Managing Director of NPDC, Engr. Victor Briggs, said yesterday that the NNPC is only mandated to contribute funds to cover its asset and nothing more.

Speaking yesterday before the Ahmed Makarfi-led committee, the managing director said though the NPDC is an auxiliary corporation set up the NNPC for upstream business, it has other sponsors and is legally required to work within the service and strategic contract terms adding that it receives barely enough to cater for assets contributed by the NNPC.

“There is a funding relationship. The NPDC has service and strategic contract with the NNPC which pays specific amount to cater for its asset in the company. We did not receive $ 6billion from the NNPC. We, however, received specific amount to cover the asset as statutorily required,” he said in apparent contradiction with the position of the NNPC on the unremitted amount.

Peoples Daily recalls the amount though is part of the lump sum the CBN governor, Sanusi Lamido Sanusi, had said the NNPC ought to have remitted to the federation account but was not. The NPDC is an auxiliary company set up by the NNPC to engage in upstream business.

The NPDC declaration prompted the committee to request for specific documents from the company to back up its claimed on basic funds for asset of the NNPC even as Makarfi directed the CBN, PPPRA and the NNPC itself to present in subsequent meeting specifics on what percentage of the $ 6bn ought to have accrued to the federation account, and third party receipts from the proceeds from the NPDC.

They are to present needed documents on February 28 when the committee will reconvene to consider them and subsequent makes its recommendation to the Senate.

Leave a comment

Your email address will not be published. Required fields are marked *