Mr. Babangida’s alleged theft of US$12.4 billion accruable from the Gulf War excess crude oil sales in 1991 is dwarfed by this massive plunder of state treasury, under Mr. Jonathan, in just under 17 months.

If the allegation that the Nigerian National Petroleum Corporation, NNPC, under the President Goodluck Jonathan administration, illegally diverted about $50 billion oil money is eventually proven, the president would have succeeded in setting a new Nigerian record on authority stealing.

In the company of two of his ministers – Ngozi Okonjo-Iweala, the Finance Minister, and Diezani Alison-Madueke, the Petroleum Minister – the Nigerian President may have quadrupled the previous record of alleged stealing of public funds hitherto held by Ibrahim Babangida, who was Head of State between 1985 – 1993.

A self-styled Military President, Mr. Babangida, 72, reportedly siphoned US$12.4 billion accruable from the Gulf War excess crude oil sales in 1991.

But a PREMIUM TIMES exclusive on Tuesday detailed how President Jonathan, who is currently in South Africa for the funeral of Nelson Mandela, oversaw a systematic diversion of US$50 billion, money from crude oil sales between January 2012 and July 2013.

In the report, Sanusi Lamido Sanusi, Nigeria’s Central Bank governor, detailed how the Nigerian National Petroleum Corporation, NNPC, paid only 24 percent proceeds, within the year under review, into the federation account, with the remaining 76 percent unaccounted for.

AN OIL WINDFALL

According to the CBN, the NNPC should have paid US$65.3 billion into the federation account, having sold at least 594 million barrels of crude within the period. Instead, the corporation only remitted US15.5 billion, the remaining US$49.8 billion disappearing into thin air.

Although Mr. Babangida’s involvement in the vanished Gulf War crude oil windfall continues to elicit public anger across the nation, the scale of the recent heist under President Jonathan’s watch makes the stolen US$12.4 billion pale into insignificance.

On 15th January 1994, the government of then dictator, the late General Sani Abacha, set up the Panel on the Reorganization and Reform of Central Bank of Nigeria to probe how the US$12.4 billion was spent by Mr. Babangida’s government.

Ten months later, the panel, chaired by renowned economist, Pius Okigbo, submitted its findings detailing how Mr. Babangida’s regime conspired with top CBN officials to squander the accrued billions on phantom projects, with US$12.2 billion out of the total US$12.4 billion spent through ‘Dedicated Accounts’ that were unavailable to government auditors.

“Disbursements were clandestinely undertaken while the country was openly reeling with crushing external debt overhead. These represent, no matter the initial justification for creating the account, a gross abuse of public trust,” Mr. Okigbo’s report had stated.

In his book, The Sink, American writer Jeffrey Robinson wrote: “Of the $120 billion siphoned out of the Nigerian treasury into offshore accounts by dishonest politicians, $20 billion is allegedly traceable to IBB (as Mr. Babangida is fondly called) directly as president from 1985 to 1993.”

But even Mr. Babangida’s alleged theft of US$20 billion in his eight years in power is dwarfed by this massive plunder of state treasury in just under 17 months.

“Your excellency, you will recall that as far back as late 2010, I had verbally expressed deep concern about what appeared to be huge shortfalls in remittances to the federation account in spite of the strong recovery in oil prices,” Mr. Sanusi wrote in his letter to President Jonathan, expressing his frustration with the NNPC’s secrecy with oil sales.

Na wa o!

poo

I ONCE HAD NO SHOES

Jonathan is the most corrupt leader in the history of this nation.

Everything about him reeks of corruption.

Blame obasanjo .
Shagari
Yaradua
And now ,
GEJ


ONLY SOMEONE WHO DOES NOT UNDERSTAND THE NIGER DELTA WILL BE SURPRISED BY ALL THIS.

WHAT HE IS DOING IS NO DIFFERENT FROM WHAT OKOTIE EBOH DID IN THE 60'S
THE MONEY STOLEN BY THAT MEGALOMANIAC IS STILL ROTTING IN FORIEGN BANKS AS WE SPEAK.
THE SOCIETY IS NO DIFFERENT FROM THE NORTH.
A FEUDAL SOCIETY IN WHICH THE MASSES ROT IN EXTREME,OIL DAMAGED POVERTY WHILE THE ELITES LIVE LIKE KINGS.
THE FACT IS NO AMOUNT OF MONEY WILL CHANGE THE FACT .
THE WESTERN PART OF THE NIGER DELTA SHOULD GIVE THANKS TO THE UPN FREE EDUCATION POLICIES.
AT LEAST , THE PEOPLE ARE STILL PROSPERING ON AN INDIVIDUAL BASIS AND THEIR SUBSEQUENT LEADERS TRIED TO SUSTAIN WHAT THEY HAD THEN.
SPECIAL MENTION SHOULD ALSO BEEN MADE IF CROSS RIVER AND AKWA IBOM FOR NOT BEING SUCKED INTO THE MADNESS.


THEY THINK THEY CAN STEAL THEIR

Even in 10 years he cant steal such an amount. $50billion is total earning for a year. Sanusi must be mistaken

obua: Even in 10 years he cant steal such an amount. $50billion is total earning for a year. Sanusi must be mistaken

by d time u wake up frm ur slumber u will realise u ar d one making mistake.

danot1030: by d time u wake up frm ur slumber u will realise u ar d one making mistake.

Dummy. Read what the NNPC said in reply to Sanusi.

Gej is such a genius, he keeps breaking and setting new records, no matter the magnitude of allegation and propangada the APC and their cohorts levied against him, there would be no vancany in aso rock till 2019.

Nigeria, i weep for you. Even at this GEJ will go scot free and we will do nothing about this. ask why then i'll show you IBB

Akpangbon:

Dummy. Read what the NNPC said in reply to Sanusi.

What do u expect? Can a dog bite his master? Better awake from ur slumber and stop being deceived!