ABUJA-THE Senate was Monday told that Nigeria has since June 2015, been exporting its oil and non-oil products without documentation.

This was just as it heard that the development has made the country lost over N23.6 billion expected to be repatriated proceeds of the export within the period. Also, on its own, the Senate alleged discovery of over $850 billion supposedly earned by the country between 1996 and 2014 from its crude oil export proceeds which it alleged was yet to be repatriated to the country by the Joint Venture Oil Companies, a development it noted, was in total contravention of Nigeria’s Pre-shipment Inspection of Export Act and Article 26 of Export Policy Guidelines and procedures for crude oil, Gas and non-oil goods.

The various revelations were made, Monday, during an investigative public hearing organized by a Joint Committee of the Senate Committees on Finance, Trade and Investment, Gas, Petroleum Upstream, Banking, Insurance and Other Financial Institutions, Judiciary, Human Rights and Legal Matters, and Customs, Excise and Tariff on the “Need to Investigate Pre Shipment Inspection of Export Activities in Nigeria.

sarrki:
I don't think the report is right

JideAmuGiaka:


Mr man stop been stupid. Why don't you come up with facts to debunk the information.

jumobi1:
They should summon the Petroleum minister from Jand

wizzyrich:
Do they have records for other mineral resources that are been stolen up north on a daily bases ?



Every body eyes just dey for oil money.

sarrki:


I think its time to educate you

Always listen when elders are talking

Learn glow to talk a little in the midst of wise men

When you are here always remember we are guided by rules most especially rule two(2) don't insult

When you don't have facts or know about issues been talked about ask questions

If you do all this it will help

Kidnextdoor, buhariis blessed, cplusJason, samuelanyawu, Godprotect, and many more are matured seniors in the wailers camp you can listen to

sarrki:




Ki.dnextdoor, buhariis blessed, cplusJason, samuel.anyawu, Godprotect, and many more are matured seniors in the wailers camp you can listen to

vedaxcool:
[b][/b]
.Vanguard left this to once again the more important news for a hazy one

APCHaram:


What of the accounts for oil sales from June 2015 till date?

Under your ever corrupt Khalifa, the looting has gone haywire while blaming Niger Delta militants for the shortfall.

Buhari is a very wicked thief.

vedaxcool:
[s][/s]

Illiterate would even know the senate was talking about Export records not sales records ... the appropriate organization responsible for that will respond.

APCHaram:


Lol. Because Nigeria crude exports don't amount to sales records?

You must be daft to come up with that lame excuse

sarrki:
I don't think the report is right

vedaxcool:
[s][/s]

Illiterate would even know the senate was talking about Export records not sales records ... the appropriate organization responsible for that will respond.

vedaxcool:
[s][/s]
Here are the words of the senator:

was Monday told that Nigeria has since June 2015, been exporting its oil and non-oil products without documentation.

What does without documentation means to you?

APCHaram:
Buhari's corrupt legacy as minister of petroluem

Despite its relative autonomy in those early years, NNPC was hopelessly inept. In the wake of allegations of massive fraud, including an improper withdrawal of more than $4b from the corporation’s accounts in the late 1970s, the newly elected President Shehu Shagari (1979-83) in March 1980 instituted a tribunal to probe allegations.

NNPC’s oversight and regulatory role over the industry was virtually non-existent, due to a combination of low capacity, sheer inaction, and simply a proclivity of the corporation to break the law.

Agreements with IOCs lay around for years without ratification, and the IOCs often acted as if the corporation never existed.

NNPC’s accounting system was an unmitigated shambles; the corporation had never prepared and submitted audited accounts.

The industry under NNPC up to 1980 was so dismal that the tribunal— even with its full judicial powers to subpoena witnesses and information —could not reconcile crude oil production and sales figures from the various arms of government

The panel recommended the pruning of the power of NNPC and the streamlining of its operation for increased efficiency.

The limitation of the panel is underlined by the tribunal’s failure to summon Generals Obasanjo and Muhammadu Buhari, who as national ruler, and oil minister NNPC chairman respectively “supervised the NNPC and controlled oil sales during the period in question.

http://bakerinstitute.org/media/files/page/9b06

SamuelAnyawu:


It would have been right if it was GEJ right?