President Goodluck Jonathan and two of his top ministers may be attempting a cover-up on what clearly competes as Nigeria’s biggest fraud ever, involving the illegal diversion, or theft, of over N8 trillion crude oil sales proceeds.

In a frantic and unusual memo to the president on September 25, 2013, Central Bank governor, Sanusi Lamido Sanusi detailed how government-owned oil firm, the Nigeria National Petroleum Corporation, NNPC, had systematically diverted the huge sum, being sales proceeds between January 2012 and July 2013.
The CBN governor said for all crude oil sales within the period, the NNPC paid only 24 percent proceeds into the federation account, and diverted or stole the remaining 76 percent-totalling N8 trillion.
As the CBN calculated, the NNPC sold at least 594 million barrels of oil within the period, and should have paid N10.3 trillion (USD65.3 billion) into the federation account. But the corporation paid only N2.5 trillion (USD15.5 billion), Mr. Sanusi said, citing documentation from pre-shipment inspectors.
The whereabouts of the huge balance is unknown.
The weight of the differential is clearer if evaluated against the fact that the tiny percentage remitted by the NNPC managed to finance the nation in that period, raising the question of how much the total would then have achieved for a country unable to pay its university lecturers who have been on strike for five months.
Put simply, for each barrel of oil sold, say at an average of USD100, the NNPC illegally cornered $74 into an unknown account and gave Nigeria only $26.
Mr. Sanusi said he was “constrained” to hint the president after observing the huge shortfalls for years. He accused the NNPC of breaching two key federal laws, and urged the president to act expeditiously by ordering sweeping investigation and prosecution of those found culpable.
Two months on, the president has refused to act on the damning memo delivered to him personally by the CBN governor. In fact, after receiving the letter, the president, presidency sources say, questioned Mr. Sanusi on why such letter should be prepared in the first place and sent to him.
PREMIUM TIMES can also confirm that finance minister and former World Bank chief, Ngozi Okonjo-Iweala, is also aware of the CBN’s information and has done nothing about it; while petroleum minister, Alison Diezani-Madueke, implicated in several corruption probes in the past, is said to be fully in the know about the massive plunder of crude oil money by the NNPC.


Continue to read Jonathan, Alison-Madueke, Okonjo-Iweala Embezzles $50 Billion in full here

See as GEJ fold hand they look Saharareporters. For him mind, "this thing wey una dey talk e never do una?"

Kirikiri calling....


Sai Buhari

Daz oll...

one main reason Gej and PDP are doing everything to prevent a credible leader like Buhari from assuming power but no matter what they do, change is here.
sai Buhari

It's almost impossible for the 3 to embezzle $50 billion.

And this report is coming out now When it is few weeks to elections Is somebody thinking what am thinking...

jaybee3:
It's almost impossible for the 3 to embezzle $50 billion.

My thought exactly this is not military rule, the report looks suspicious though...

jaybee3:
It's almost impossible for the 3 to embezzle $50 billion.

Not ALMOST. It's IMPOSSIBLE!
Even ABACHA and his cohorts did not embezzle this much.

These guys are big time liars.

jaybee3:
It's almost impossible for the 3 to embezzle $50 billion.

how dumb could you be, do you know how much was made in the last five years more than the entire earnings in the last 15yrs

Stealing is nt corruption jonathan 2014

eliment:
how dumb could you be, do you know how much was made in the last five years more than the entire earnings in the last 15yrs

You can't simply remove such amount from an economy such as ours and not expect her to break down completely.
Engage your brain Sir

LIKE SAHARA REPORTERS, LIKE LIE MOHAMED.

DOES OWNER OF SAHARA LIE REPORTERS KNOW HOW MUCH IS $50 BILION DOLARS?

APC HAVE TRUELY RUN OUT IDEAS AND BULLETS WHILE PDP IS WORKING.

jaybee3:

You can't simply remove such amount from an economy such as ours and not expect her to break down completely.
Engage your brain Sir

answer my question first then I can enlighten you on how such money could be stolen from the economy without immediate impact or why do you think we are in trouble just few months into low oil price?

jaybee3:

You can't simply remove such amount from an economy such as ours and not expect her to break down completely.
Engage your brain Sir

What is this one saying? Has the economy not broken down already?

Poor Ibori!!!

5 presidents=$50b
.
.
.
.
.no p...continu

eliment:
one main reason Gej and PDP are doing everything to prevent a credible leader like Buhari from assuming power but no matter what they do, change is here.
sai Buhari

for your mind, abi?

5 presidents=$50b
.
.
.
.
.no p...continu
GMB 2015
As the presidential Election approaches remember
these factors:
1. The Chibok Girls.
2. NNPC Scam.
3. Police pension fund.
4. Missing $20Billion.
5. $9million Arms deal.
6. Bomb Blasts.
7. Immigration job scam.
8. Petroleum pump price.
9. Dwindling external reserves
10. Oil theft.
11. Incessant Power outage.
12.ASUU & poly Strike.
13. Doctors' Strike.
14. National Assembly tragedy.
15. Stella's Oduah Aviation Scam
16. Kerosene subsidy
17. Near-empty Excess Crude Account
They Didn't Raise 21Billion for Ebola;
They Didn't Raise 21Billion for dilapidated
hospitals;
They didn't raise 21Billion for Military Weapons
against Boko Haram
They Didn't raise 21Billion for children dying of
Vaccine preventable disease

olufikistick:


for your mind, abi?

yes in my mind and every well meaning Nigerian

eliment:
how dumb could you be, do you know how much was made in the last five years more than the entire earnings in the last 15yrs

Look at you calling someone dumb, whoever brought you to nairaland must my running in circus, cuz you are officially a clown.

How much Do you think $50billion is, some chicken change you can just put in your pocket and turn the other way round with anyone noticing?

It is practically impossible for the trio to have embezzle that sum of money.

Sahara Reporter should try harder, only dumb and foolish people without a thinking faculty will believe this gibberish.

stories for for the gullible since 2000 BC.....

Sahara Reporters are terrible liars! How is it possible for GEJ to embezzle $50 billion dollars about N9 Trillion naire?!!

major466:
Sahara Reporters are terrible liars! How is it possible for GEJ to embezzle $50 billion dollars about N9 Trillion naire?!!

that's one thing that kept me thinking ooo