• Jonathan’s administration begins reconciliation of
crude oil records
•How Mandela predicted President-elect’s victory


The victory of General Muhammadu Buhari in the March
28 presidential election is already causing panic in the
Nigerian National Petroleum Corporation (NNPC) and
other Federal Government-owned companies in the oil/
energy sector.
Officials of the companies, many of whom did not
anticipate President Goodluck Jonathan’s defeat, are now
under pressure to bring their accounts and oil receipts up
to date for presentation to the in-coming government.
Some of the information is even expected to be made
available during the transitional period in the coming
days.
President Jonathan yesterday kick-started the transition by
meeting with General Buhari at the State House, Abuja,
even as associates of the President-elect recalled how the
late President Nelson Madela of South Africa predicted,12
years ago, that Buhari would one day return to lead
Nigeria as a civilian president.
It was gathered that the outgoing administration of
President Goodluck Jonathan has commenced the
reconciliation of crude oil production records including
royalties and other funds remitted into government
accounts and taxes paid to the Federal Inland Revenue
Service (FIRS).
Government expects oil records to dominate discussion at
the transition committee briefings since oil is Nigeria’s
financial back bone. It is a familiar terrain for Buhari who
was Commissioner (as the position was designated under
the military) for Petroleum Resources in the 1970s.
Lately, public interest in the finances of the NNPC has
soared, sparked by an allegation by the immediate past
governor of the Central Bank (CBN), Mallam Lamido
Sanusi that $20 billion of its funds was missing.
For instance, he told a Senate Committee hearing on the
allegation that NNPC officials were withholding large
amounts of money from crude oil exports from the
Federation account.
He said that during the period 2012-2013, the NNPC sliced
off 76% of crude oil proceeds – a total of N8 trillion ($48.9
billion).
Sanusi was later suspended and is now the Emir of Kano.
His predecessor at the CBN, Prof. Chukwuma Soludo, said
in a different allegation that about N30tr was either
missing or unaccounted for by the Federal Government.
An audit report prepared by Price Water House Coopers
on NNPC finances showed that less than $2 billion was
missing.
Government asked the corporation to pay the money
forthwith into its account.
An oil/gas sector source said yesterday that a major issue
being addressed by the outgoing administration is how to
put oil records in proper perspective because the new
government will be interested.
“There is panic in the Ministry of Petroleum Resources, the
Nigerian National Petroleum Corporation (NNPC) and
other subsidiaries on oil receipts,”the source said.
“Already, officials of some of these agencies have been
working round the clock to reconcile oil records in order
to be able to face the Buhari transition team.
“Some of these agencies might also meet with FIRS to
make sure that the records tally. No one expected a
Buhari presidency but it has now come. This requires
working round the clock to give full account of oil
production and revenue.”
Another source said: “Feelers indicate that Nigerians
would want cogent explanation on the controversial $20
billion.
“So, the development in the oil sector is key to the work of
the transition committee.”
Sources also said that some of the international oil
companies (IOCs) are prepared to make their records
available to Buhari.
“You can see that if any attempt is made to pad the
records by any agency, the IOCs will not be part of it. This
is why it is necessary for every official to be
straightforward.
“Some of the IOCs are willing to release the records in
their care to assist the government to put things in order
in NNPC and other agencies.”
On Mandela’s prediction, Buhari’s associates said it had
been a massive motivation all these years.
One of the associates said that shortly after losing the
2003 presidential poll to ex-President Olusegun Obasanjo,
Mandela had a one-hour engagement on the phone with
Buhari.
Mandela asked Buhari not to lose hope about ruling the
country.
Mandela said: “I spent 27 years in jail and came out to
become South Africa’s President. You can still be
president.
“Since the election of Buhari, what Mandela said 12 years
ago has been resuscitated. We were all excited when we
saw a copy of the newspaper which reported Mandela’s
advice to Buhari. Though he is dead, his prediction has
come to pass.
“This has confirmed his sage status. His golden words
were part of those behind the resilience of Buhari. We are
hopeful that the President-elect will serve the nation like
Mandela did because they share many things in common,
especially selfless service.
Source......thenationonlineng.net/new/panic-in-nnpc-other-oil-agencies/

Good development.they need not panic,they'll account for every kobo they stole.No business as usual.Make dem nor allow that Diezani/Okonjo Wahala run away

The fair of GMB is the beginning of wisdom in NNPC !!!

We need more prison yards

Yes oooo

This is what we want: fear GMB and do the right thing. Dare him and face the consequences.

President Buhari must make sure that a good part of our stolen funds are returned through negotiations with the looters or through prosecution should they fail to cooperate. We must put an end to "stealing is not corruption" and looting of the common wealth to deny the country an opportunity to progress.

eleko1:
Good development.they need not panic,they'll account for every kobo they stole.No business as usual.Make dem nor allow that Diezani/Okonjo Wahala run away

Diezani has "picked" race. I can imagine her being smuggled back to Nigeria in a crate

As for the reconciliation, the only option is to start paying back the monies they have illegally withheld all these years. Cooking the books will do them no good.

They should free GEJ because mama peace is not ready to be carrying food to him in prison, abegoo

.Nor wundjure persin with laff as u dey do for sport section.

aieromon:


Diezani has "picked" race. I can imagine her being smuggled back to Nigeria in a crate

As for the reconciliation, the only option is to start paying back the monies they have illegally withheld all these years. Cooking the books will do them no good.

Pa Bode don booked his ticket,nah to flee b4 MAY 29 .

I see some of them ending up in jail for looting like no tomorrow.

Tata Mandela's words to the General were more of an impartation/blessing than prediction.

He saw the fatherly love Buhari had for his country hence he is called Baba like Mandela was called Tata ( Baba).

Please lets leave the word prediction for the Nigerian pastors.

Buhari will surely be a blessing to Nigeria as Mandela was to South Africa because of the impartation from a great man.

Sai Baba
Sai Buhari
Sai Tata Mandela!

They better do o. Because change is here.

aieromon:


Diezani has "picked" race. I can imagine her being smuggled back to Nigeria in a crate

As for the reconciliation, the only option is to start paying back the monies they have illegally withheld all these years. Cooking the books will do them no good.

This is 2015, interpol will bring her back. Unless na plastic surgery tinz

aieromon:


Diezani has "picked" race. I can imagine her being smuggled back to Nigeria in a crate

As for the reconciliation, the only option is to start paying back the monies they have illegally withheld all these years. Cooking the books will do them no good.

1.There is no money anywhere, where do you think the dollars they were "sharing" came from? Flying private jets back and forth cost a mean bundle as well.

2.She wont abscond as she knows no country will grant her asylum, she'll stay and the Jona apologists will allege she's being witch hunted.

3.I feel the cooking had already been cooked through that PWC report shenanigans.

6b

Plenty heads are bound to roll in the months ahead! If NNPC & Diezani succeeded in giving doctored records to PWC to audit,IOC will for no reason alter its records to favour some bunch of criminals,hence they'll be exposed. Their imaginations on how the interior of a prison looks like will become real. Greedy set of people.

Pwc don enter one chance. This is the same rubbish auditing they did for oveanic bank.

oyb:
Pwc don enter one chance. This is the same rubbish auditing they did for oveanic bank.

Jungle don mature,fowl nyash don open.