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NNPC’s Missing $49.8 billion: Don’t Politicize Issue, CBN Warns

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CBN GOVERNOR, SANUSI LAMIDO (L) AND NNPC GROUP MANAGING DIRECTOR, ANDREW YAKUBU

CBN GOVERNOR, SANUSI LAMIDO (L) AND NNPC GROUP MANAGING DIRECTOR, ANDREW YAKUBU

The Central Bank of Nigeria (CBN) has warned against the politicization of the alleged diverted revenue of $49.8bn (N8 trillion) by the Nigerian National Petroleum Corporation (NNPC).

The apex bank was reacting to the publication of a memo written by its governor, Mr. Sanusi Lamido to President Goodluck Jonathan in which he complained about the failure of the NNPC to remit the said amount to the Federation Account in contravention of extant laws.

In the letter, Sanusi alleged that the said amount represented 76 per cent of the value of crude oil lifting between January 2012 and July 2013.

However, the corporation on Tuesday refuted the claims that it diverted the said amount, adding that the allegation by the CBN governor was borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account.

But in a statement on Thursday by the Director, Corporate Communications Department of CBN, Mr Ugochukwu Okoroafor, the apex bank said while it would neither confirm or deny the origin of the said letter, saying it considers any discussions by it on the alleged letter to be inappropriate.

However, the Bank said due to the momentum the matter is gathering in the public space and its propensity to assume a political dimension, it was going to make some clarifications.

The apex bank affirmed that it is statutorily mandated to  establish  price stability, protect the external value of the Naira, manage the external reserves of the Federation and ensure  the smooth functioning of the nation’s financial system as well as act as adviser to the President on economic  matters.

“The capacity of the Bank to perform its role effectively is strengthened or undermined by the extent to which the nation is able to increase foreign exchange earnings and savings from these earnings, thus boosting the Excess Crude Savings Account, raising reserve levels, providing currency stability and moderating interest rates with limited risks to inflation and financial stability” the statement said.

It said that in the performing this role, “it is natural for the CBN to be concerned at the low level of accretion  to reserves and the Excess Crude Account, inspite of strong international oil prices, especially as Nigeria’s performance is compared with  other oil  producing economies.

“The Central Bank of Nigeria is aware that this concern is shared by Mr. President, the Federal Ministry of Finance, Ministers, State Governors, legislators, economists, analysts and all stakeholders involved in managing the economy and discussions on how to address the matter are being held at highest levels of Government” it added.

The CBN acknowledged that the Minister of Petroleum, Mrs. Diezani Alison-Maduke had instructed the audit firm – Price Waterhouse Cooper – to audit the revenues of the NNPC, just as it affirmed the existence of a proposal to set up a technical team made up of representatives the Federal Ministry of Finance, the NNPC and the CBN to examine the sources of any revenue leakages and propose appropriate fiscal controls.

“The CBN welcomes these initiatives and believes that they represent a positive contribution to the process of improving the management of the economy, especially if they lead to greater oversight of the Finance Ministry over oil revenues and improvements in disclosure and transparency in the Oil Industry” the statement said.

While recognizing the urgent need to review fiscal terms of sharing revenues between the Federal Government and oil companies and to improve governance and transparency in the official oil sector, CBN urged for a speedy passage of the Petroleum Industry Bill, PIB, which it said would address the structure of the state-owned NNPC.

“We therefore support the effort of the Federal Government to pass a new PIB”, the apex bank reiterated.

It, therefore, urged the general public to avoid unnecessary politicization of a technical matter while awaiting the outcome of on-going consultation and reviews.

Metro News

BREAKING: Police Arrest Suspects As Explosion Rocks Wike Father’s Church

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BREAKING: Police Arrest Suspects As Explosion Rocks Wike Father’s Church

Nyesom Wike

An explosion has reportedly rocked a church belonging to the father of Rivers Governor, Nyesom Wike, in Port Harcourt, the state capital.

The Rivers State Police Command has however announced the arrest of three suspects who allegedly detonated explosives at a Pentecostal church, Christain Universal Church International, located at Mile 3, Diobu area of Port Harcourt.

Also Read: Buhari Will Set Nigeria On Fire If He Doesn’t Implement People’s Demands —Wike

The act was reportedly carried out on Saturday night and detonated the explosives suspected to be dynamite.

According to reports, a significant part of the church was damaged by the explosion, which created panic in the area.

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Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

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 Gunmen Abduct Wife Of Akeredolu’s Chief Of Staff

Ondo on map

Kidnappers on Friday abducted the wife of Olugbenga Ale, Chief of Staff to Ondo State Governor, Rotimi Akeredolu.

According to reports, she was kidnapped around Owena after the Joseph Ayo Babalola University while on her way back to Ondo from Lagos State.

Also Read: Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

The police spokesman in the state, ASP Tee-Leo Ikoro, confirmed the news to Channels Television on Friday.

This development is coming about twenty-four hours after a first-class traditional ruler in Ondo State, the Olufon of Ifon in Ose local government, Oba Isreal Adeusi, was murdered by suspected kidnappers.

 

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TECNO Stormed Computer Village with BBNaija’s OZO to Wrap up its Black Friday Sales Activities

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The month of November is always known for its intense sales activities because the best deals of the year come
during the Black Friday Period. For TECNO, Africa Number One mobile brand, it was the time to reward its
customers with massive discounts and various gift items while also unveiling some of its new devices.

The brand in collaboration with SLOT stormed computer village as part of the events to wrap up its black Friday
sale activities, hosted BBNaija’s Ozoemena Chukwu to a hangout at SLOT Ikeja.

Fans and customers had a fun time interacting with the handsome celebrity while enjoying discount offers on
TECNO devices. Different deals and gift items were up for grabs as customers who made purchases at the store
enjoyed 50% discounts on Spark 5, Camon 16 Series and 100% cashback on the Spark 5 Pro.

The major highlight of the event was the presentation prizes to lucky winners. Customers who participated in
the spin the wheel game won gifts items such as Bluetooth Speaker; Power Bank and kettle while those who
participated in the Scratch and Win Promo won for themselves different deals ranging from 50% to 100%
cashback.

TECNO also introduced two latest devices-the Spark GO 2020-powered by Google Android 10 Go Edition and a
TECNO POVA. POVA means ‘Powering Optimal Value and Ambitions’ is a rebrand of the popular battery series
formerly known as Pouvoir was inspired by the zeal to deliver budget-friendly smartphones with superior
gaming experience.

The first of its kind 6.8-inch TECNO POVA, is powered by Mediatek Helio G80 octa-core processor and hyper-
engine game technology that transforms gameplay experience giving ultimate stability and a high refresh rate.
Additionally, users will benefit from the “Game Space,” “Game Mode,” and “Game Assistant 2.0” features,
allowing them to switch to the “do not disturb” function, a much-anticipated experience all gamers will
absolutely enjoy.

The TECNO POVA is also equipped with a power-packed multitasking effect ramped up by 6GB RAM and 128GB
of internal memory. The device also has a 6000mAh super big battery, 18W Dual IC Flash charger, a standby
time of 30 days and the ability to play music for 8 days straight, on just a single charge. It’s the perfect
smartphone offering a way to worry less about low battery.

The new devices are available for purchase this November and for the rest of November, customers will enjoy
amazing discounts, instant and mega prizes on TECNO devices.

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