Former Governor of the Central Bank, Alhaji Sanusi Lamido Sanusi, who is now the Emir of Kano, owes President Goodluck Jonathan, the Minister of Petroleum Resources, Diezani Alison-Madueke and the country’s senate a public apology over allegation that $49 billion of oil revenues were not remitted to the Federation account. This motion was moved by a civil society group, Move on Nigeria, which cited the audit report on the Nigeria National Petroleum Corporation (NNPC) by PriceWaterhouseCoopers, indicating that only $1.48 billion was yet to be remitted.
“As a group, which was in support of the call for a probe, we now feel that having had the result with the allegation of $49 billion missing proven to be false, we therefore call on the Emir of Kano, and indeed, all those who worked to heat up the polity and insulted the President of the Federal Republic and the Minister of Petroleum Resources, to own up to their faults and apologise to the nation,” the group said in a statement signed by its national Coordinator, Clem Aguiyi.
The Emir of Kano, Alhaji Muhammed Sanusi II had in 2013, while he was still Governor of the Central Bank of Nigeria (CBN), alleged that that the NNPC failed to remit $49.8 billion. These funds were proceeds from crude sales between January 2012 and July 2013. The allegation set off a period of volatility and accusations and eventually led to a probe. Audit firm, PriceWaterhouseCoopers (PwC) was hired to independently verify the claims and publish a report on its findings.
The upper arm of the country’s upper legislative chamber had earlier mandated its committee of Finance chaired by Ahmed Makarfi to investigate the allegation. However, the committee claimed that no money was missing.
In the recently submitted report by PwC to President Jonathan, the firm stated that:
1. The gross revenue generated from FGN crude oil lifting for the period 1 January 2012 to 31 July 2013, was $69.34 billion and not $67 billion reported by the Reconciliation Committee.
2. The total cash remitted into the Federation Accounts in relation to these crude oil lifting, was $50.81 billion and not $47 billion as earlier reported by the Reconciliation Committee.
3. The balance of the generated revenue accounted for are as follows: a) Revenue reported by NPDC of $5.11 billion reported by the MD, Mr. Briggs, during the Senate hearings will be accounted for, through the financial statements of NPDC, and any dividend declared will flow into the Federation account. b) PMS and DPK Subsidy of $8.7 billion c) NNPC’s initial costs verified and accepted by the senate of $2.65 billion d) Additional NNPC costs following the forensic audit $2.81 billion e) Added to the Revenue is the unremitted NPDC signature bonus due for divested assets and taxes/royalties totalling $2.22 billion. f) Hence, the net amount attributable to the federation account following the above summary is $1.48 billion.
Move On Nigeria therefore says that “all those who reached judgemental conclusions, ought to swallow their pride and tender public apology to the president, the minister and also the senate of the Federal Republic” now that the report has been made public and allegations squashed.