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Nairaland Forum / Nairaland / General / Politics / Fg’s Order: 15 Oil Accounts To Be Retained (1009 Views)
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Fg’s Order: 15 Oil Accounts To Be Retained by simongonner: 7:37am On Aug 17, 2015 |
About 15 different crude oil and gas revenue accounts operated by the federal government agencies mostly in an American bank and Central Bank of Nigeria (CBN) may be retained, Daily Trust gathered. Sources told Daily Trust that the accounts may not be affected by the implementation of the Treasury Single Account (TSA) policy which commenced last week in compliance with the directives of President Muhammadu Buhari. Daily Trust has found that the 15 accounts are domiciled with the JP Morgan Chase Bank New York. An oil industry source said the accounts are necessary because oil and gas transactions are done in dollars and are international businesses; therefore these accounts are necessary to receive revenue from the business partners. The beauty of these accounts is that, none of the agencies have access to the accounts except CBN. If transaction is done only CBN can give the JP Morgan directives to transfer the funds to the federation account. The records obtained by Daily Trust shows that the Departments of Petroleum Resources (DPR) has the highest number of accounts with seven operated with JP Morgan while the Nigerian National Petroleum Corporation (NNPC) and the Federal Inland Revenue Services (FIRS) have five accounts each at the New York bank. Details of the accounts are presented below but the last three digits have been omitted for security reasons. The DPR accounts with JP Morgan Chase Bank New York through which it receives revenue are: DPR/CBN Joint Venture Royalty 000000802906***; DPR/CBN Production Sharing Contract Royalty 000000802906***; DPR/CBN Gas Flared Penalty 000000802906***; CBN Concession Rentals 000000802906***; DPR/CBN Miscellaneous Oil Revenue 000000802906***; DPR/CBN Gas Royalty 000000802906*** and the DPR/CBN Signature Bonus 000000753811***. NNPC operates domiciliary accounts with JP Morgan Chase Bank New York USA and with the Central Bank of Nigeria (CBN) where revenue payments from the sales of Export Crude Oil and Gas to foreign Customers are paid and received. The NNPC Crude Oil Marketing Department (COMD) make Sales of Crude Oil and Gas to Foreign Customers, issues invoices to their foreign banks in line with terms of Letter of Credit, and payment is received within 30 (Thirty) days. All payments were received in United States of America (USA) Dollar. The accounts and records were maintained by the Foreign Operations Division of the CBN Banking and Payment Systems Department, according to the report. NNPC maintains the following accounts; NNPC/CBN Crude Oil and Gas Revenue (Export) Account 000000400941***; NNPC/ CBN Gas Revenue Account 000000816296***; CBN/JV Cash Call Account 000000011658***; NNPC/CBN Domestic Crude Oil Revenue 0020157141***. The record shows that the revenue proceeds arising from the sales of Domestic Crude Oil and Gas by the Crude Oil Marketing Department (COMD) of NNPC was also maintained by the Central Bank (CBN) Banking Operations Department of the Banking and Payment Systems. The accounts were called Naira Accounts. All transactions were made and recorded in Naira. Account NNPC/CBN Gas Revenue Account 20157148***. The FIRS also maintains JP Morgan Chase Bank New York and with CBN, such as FIRS/ Petroleum Profit Tax 00000040021***; FIRS/ Companies Income 000000400216***; FIRS/ Value Added Tax 000000400216***; FIRS/With Holding Tax 000000400216***; and FIRS/ Education Tax 000000400216***. When contacted the Central Bank of Nigeria told Daily Trust that TSA is a local account domiciled in CBN and operated by the Office of Accountant General of the Federation. Ibrahim Mu’azu, CBN spokesperson said although the details of the operation of the TSA are still sketchy but affirmed that the oil and gas revenue agencies still need some of these foreign accounts for the collections of revenue from foreign transactions but at the end of the day the revenue must flow to the single account. But the executive director of the Civil Society Legislative Advocacy Centre (CISLAC) Auwal Musa Rafsanjani said these accounts portrayed lack of coordination among various agencies of the government such as Central Bank of Nigeria, Federal Inland Revenue Service (FIRS), Department of Petroleum Resource and Nigeria National Petroleum Corporation (NNPC). He said apart from having separate accounts, “we understood that each agency maintains a separate reporting template for reporting oil and gas revenue. This has frustrated efforts to tracking and accurately reporting revenue from the sector and gas sector in accordance with the international standard and good practice.” “Of course, Nigeria has suffered from the era of enormous fraud and revenue leakage from the oil and gas sector, resulting from lack of transparency and accountability. Consequently, we strictly support the ongoing policy by the present administration to sanitise the sector and ensure the agencies operate, and remit revenue in accordance with constitutional provision. We therefore advocate for harmonized revenue account and unified reporting template by the agencies to allow for maximum transparency and accountability in the oil and gas sector,” he added. http://www.dailytrust.com.ng/news/news/fg-s-order-15-oil-accounts-to-be-retained/106771.html |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by Nobody: 7:38am On Aug 17, 2015 |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by hola106(m): 8:30am On Aug 17, 2015 |
God wil help us to move Nigeria forward in a way dat every1 wil benefit |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by Miranda11: 8:41am On Aug 17, 2015 |
But why must the Fed Govt use bank accounts of foreign banks in foreign countries, can't the CBN have a designated branch in these countries solely for the purpose of dollar deposits from crude sales, what is it that these foreign banks do that a branch of CBN in these countries can't do? LOCAL CONTENT WHERE YOU DEY OOH. |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by PassingShot(m): 8:42am On Aug 17, 2015 |
The beauty of these accounts is that, none of the agencies have access to the accounts except CBN. If transaction is done only CBNThe TSA affects only local transactions in Naira. The fifteen accounts as explained in the OP are to receive dollar transactions for FG. So, why does the headline have to be misleading? |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by docadams: 8:47am On Aug 17, 2015 |
They can have as many as is necessary. What is important is that they are known to even a commoner like me. Ahead ahead to promise land. 1 Like |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by hinwazaka: 8:49am On Aug 17, 2015 |
Result of the visit paid to the President by the US chairman of the house oversight and reform committee of the US congress |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by seunmsg(m): 8:59am On Aug 17, 2015 |
Miranda11: CBN can't just wake up and open a branch in another country. It will be very illegal as every country has laws that governs the operation of deposit money banks. Your idea is impracticable. However, since the CBN will be operating the foreign accounts, it is a very good development. What is important is that NNPC and other agencies will no longer have access to play with the funds in the accounts. |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by mrcasanova1(m): 9:02am On Aug 17, 2015 |
seunmsg:I was about to reply with same thing; but I am not so sure though. |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by oshyno(m): 9:05am On Aug 17, 2015 |
Till u wear the shoes u can't fathom where it pintches. We were all inundated with how funds are looted as a result of several accounts operated by oil sector( NNPC, DPR etc) and how they will all be pulled down with only one account for the industry. Now they hv seen that what u see or hear outside is different from what really happens inside. I won't how Oshomole wud av been singing now. I don't know d reason they hv soo many accounts for one sector but. But a single foregn account and single local account for oil sector wud av sufficed. |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by seunmsg(m): 9:24am On Aug 17, 2015 |
mrcasanova1: Yes, you can't just open a branch in another country without following the laws governing the operations of deposit money bank. 1 Like |
Re: Fg’s Order: 15 Oil Accounts To Be Retained by IsraeliAIRFORCE: 9:56am On Aug 17, 2015 |
seunmsg: You've just twisted the article to have APC propaganda still flying. Who told you NNPC had assess to these accounts before now? Is there any part of the article that suggests a change of mandate? The Gullible will always criticize what their level of understanding can't fathom and this is widely the problem of Nigerian youths in terms of their lack of exposure and on Buhari's part, lack of experience in constitutional governance is weighing heavily on him. |
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