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How We Spent ‘Missing’ $10.8bn Crude Oil Fund – NNPC

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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 Nigerian National Petroleum Corporation on Friday gave details of the contentious $10.8 billion crude oil fund, saying the money was not missing.

The amount is part of the $49.8 billion alleged to have been unremitted to the Federation Account by the NNPC.

Mr Bernad Otti, the Group Executive Director, Finance and Accounts Directorate of NNPC, at a press briefing in Abuja declared that “the $10.8 billion, which is currently the subject of ongoing inter-agency reconciliation exercise, is not missing.”

“The sum in question has been expenditures incurred as part of statutory responsibilities, which the NNPC, as the national oil company, executes on behalf of the Federal Government,” he said.

He explained that issues surrounding the alleged $49.8 billion said not to have been remitted, were clarified at a joint press conference by NNPC, the Central Bank of Nigeria, Ministry of Finance and Ministry of Petroleum Resources in December, 2013.

“There was no where it was admitted by any of the parties in the course of the press conference that the sum of $10.8 billion out of the alleged unremitted $49.8 billion is missing,” he said.

He said that $30 billion out of the alleged unremitted oil revenue had been reconciled by all the parties involved, adding that the yet-to-be-reconciled $10.8 billion could be located in the expenses on some of the corporation’s responsibilities.

Otti said that the responsibilities were those NNPC usually carried out on behalf of the Federal Government with respect to domestic crude oil utilisation.

According to him, the expenditure and responsibilities included the sum of $8.49 billion of unpaid subsidies on kerosene and Premium Motor Spirit and $1.22 billion for pipeline management and repair.

“Others are $0.37 billion, the cost of holding strategic stock reserve for petroleum products and $0.07 billion, which accounts for products and crude oil loses”, he added.

He explained that the associated costs of stolen and spilled products and crude oil, repairs and maintenance, and downtime of the refineries constituted a significant part of the yet-to-be-reconciled figure.

“The corporation is left to bear these responsibilities on behalf of the Federal Government. The cost incurred in this mandate is part of the $10.8 billion yet-to-be-reconciled outstanding figure”, he stated.

The director said that all the parties involved in the reconciliation process were aware of the “facts”, adding that the figures were being thoroughly scrutinised.

“It is therefore incorrect for anyone to continue to misinform the public that the sum of $10.8 billion of oil revenue is missing”, he said.

He claimed that the services being rendered by NNPC were critical to the development of the national economy “which no corporation will perform without being paid up-front by the government”. (NAN)

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Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

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Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

Olufon of Ifon

Oba Adegoke Adeusi, the Olufon of Ifon under Ose Local Government Area Ondo State, has been murdered by unknown gunmen suspected to be bandits.

Oba Adeusi was reportedly killed on Thursday evening at a spot around the Elegbeka axis of the town.

According to reports, the monarch was initially kidnapped before he was eventually killed.

Also Read: Shehu Sani Raises Alarm As Bandits Allegedly Kidnap Scores On Kaduna-Abuja Road

The monarch reportedly died at the Federal Medical Centre in Owo, as a result of gunshots he sustained during the attack.

The Police Public Relations Officer in the state, Tee Leo-Ikoro, confirmed the incident to Channels Television.

Describing the event as an unfortunate one, the Police spokesman in the state also revealed that two people in the monarch’s convoy were kidnapped.

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No Pardon For Rapists, Says Sanwo-Olu

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No Pardon For Rapists, Says Sanwo-Olu

Babajide Sanwo-Olu

Governor of Lagos State, Babajide Sanwo-Olu has expressed that there is no pardon for people indicted in reported cases of rape and gender-based violence.

The governor made this remark on Thursday when he received a 54-page compendium on Sexual and Gender-Based Violence compiled by the Stakeholders’ Committee set up by this wife, Dr. Ibijoke Sanwo-Olu.

The Committee was set up to give recommendations on how the fight against sexual and gender-based violence can be won.

Speaking at the occasion, Sanwo-Olu, restated his commitment to protecting the vulnerable demographics and getting justice for victims violated.

Also Read: Don’t Allow Conspiracy Theorists Undermine Lagos Security, Sanwo-Olu Tells Residents

The governor said, “I am delighted by the work done by the Stakeholders’ Committee to bring attention to the problems facing voiceless adults and children in our society. Through your efforts, vulnerable people are building the courage to speak out on offences of sexual violence and heal their wounds.

“We will bring people, who have been perpetrating these crimes, knowingly or unknowingly, to book. We will ensure they never walk freely without the full wrath of the law brought upon them. It is part of our responsibility to ensure that the vulnerable members of our society have a voice and have access to where they can get justice when their rights are violated.”

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Vendor’s Widow Disowns Family Over N500m Lawsuit Against Gbajabiamila

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Vendor’s Widow Disowns Family Over N500m Lawsuit Against Gbajabiamila

Femi Gbajabiamila

Josephine Okereke, wife of the Abuja-based vendor killed by a security aide of Femi Gbajabiamila, speaker of the house of representatives, has rejected the family’s demand of N500 million compensation.

Okereke while speaking to newsmen on Thursday stated that what she wants is justice for her late husband, and not the compensation being sought by his family.

Recall that some days ago, Ifeanyi, her husband, was shot by Abdullahi Hassan, a Department of State Services (DSS) operative attached to the speaker.

Also Read: Family Of Slain Vendor Demands N500m Compensation From Gbajabiamila, Threatens Legal Action

Days after the Speaker promised to ensure justice, the family of the slain vendor wrote the speaker, demanding a N500 million compensation.

Okereke, however, told journalists in Abuja that she was not privy to the N500 million compensation requested by the family.

“I was in my house when within 10 minutes my father-in-law came from Abia, he went out along with his other son and the next day I heard that my husband’s people are demanding N500 million as compensation,” she said.

“I was shocked and asked how will they be doing that and how will the speaker help the children again with such demand. All I want now is that the person that killed my husband to face justice.”

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