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‘Missing’ $20bn: Okonjo-Iweala Demands Forensic Audit
L-R: Senator Magnus Abe, Senator Wilson Ake and Rivers Commissioner for Works, Victor Giadom, chatting during a function at Erema in Ogba/Egbema/Ndoni LGA of Rivers State, recently.
The Finance Minister, Ngozi Okonjo-Iweala has reiterated her call for an independent forensic audit into the documents submitted to the committee by Nigerian National Petroleum Corporation (NNPC) and certified by Petroleum Products Pricing Regulatory Agency (PPPRA) over the missing $10.8billion oil revenue insisting that, such would ensure transparency and accountability in the management of government funds.
Speaking at the public hearing on the floor of the Senate, yesterday, Okonjo-Iweala said: “On the oil finances, what is being said here, it is made to look as if there is no accountability and that is not the case. For two steady years, Federal Allocation Committee meeting, the Ministry of Finance ensured that the accounts of the country are transparently laid and every commissioner knows the details, they have their folders.
“It is the result of the reconciliation that we arrived at $10.8billion that everybody is now talking about. When CBN spoke about $49.8billion, we were the first to say it is not correct. After that, it was proven that $49.8billion was not the right amount, the CBN had the courage to admit that it was actually $10.8billion, it was the process employed by the Ministry of Finance that brought that about.
“Without the steady work we have done to perfect the finances of this country, we won’t be talking about $10.8billion. The issue is that where is that money, how is it being accounted for, and we have led the process. We asked both the NNPC and the PPPRA to produce their documents, and they had produced certified copies for the $10.8billion, and we have asked for an independent audit. A lot of accusations are being made in this country, and the only way to be satisfied is to have an independent audit.”
However, Nigerian National Petroleum Corporation (NNPC) yesterday insisted that the alleged missing $10.8 billion was prudently expended.
The NNPC forwarded documents meant to clarify how the money was spent, ostensibly to clear the air over the alleged missing $10.8billion oil revenue not remitted into the Federation Account between January 2012 and July 2013.
The public hearing was rescheduled last week to enable all parties submit all relevant documents to support their claims, after the PPPRA had submitted documents which certified spending and claims made by the Nigerian National Petroleum Corporation over the missing $10.8 billion crude oil fund.
PPPRA debunked the claims by the CBN Governor, Sanusi Lamido Sanusi that $20billion was diverted by the NNPC, insisting that all monies had duly been accounted for by the corporation.
The controversy started when the governor of the apex bank hinted that $49.8 billion crude oil proceeds was yet to be remitted to the coffers of the Federal Government by the NNPC.
The issue was reported for investigation on the floor of the Senate and consequent upon which the Senate Committee on Finance was mandated to carry out a thorough investigation into the claims made by Sanusi.
Earlier in the investigation, it was publicized that $49.8 billion was not the amount missing but $10.8 billion, following a series of reconciliation embarked upon by the NNPC, CBN and Finance Ministry.
However, at last week’s hearing, Sanusi again blew another whistle; that the missing amount is $20billion.
Group Managing Director of the NNPC, Engr. Andrew Yakubu, in his response to the finance committee, submitted a breakdown of the $10.8 billion said to be missing.
Yakubu told the Senate Committee on Finance that “since January 2012, NNPC has not received any subsidy payments for petroleum products supplied to the domestic market”.
The NNPC boss while recalling that N888.101 billion and N971.138 billion was appropriated for subsidy for the year 2012 and 2013, respectively, noted that the amounts were grossly inadequate to meet the required subsidy payments to both NNPC and other marketers.
But the Central Bank Governor, Sanusi Lamido Sanusi argued that out of the missing $10.8 billion oil revenue, some amount ought to be remitted to the Federation Account.
The Chairman of the Finance Committee, Senator Ahmed Markafi, against the backdrop of Sanusi’s claim, said that the Attorney General of the Federation, Mohammed Bello Adoke, would appear before the committee next week Thursday to give legal insight into what amount belongs to the Federation Account.
He said: “We also heard from the CBN that they are questioning part of the $10.8billion. They believe that part of it should belong to the Federation Account but they are not technically competent at this stage to state how much it is.
“We have agreed to see how we will engage technical experts to determine which part of the amount, if any, belongs to the Federation Account”.
Nneka Amaechi-Nnadi,Abuja
The Rivers State Investment Promotion Agency (RSIPA) has unveiled measures to enthrone ease of doing business and win back the confidence of the business community.
The Director-General of the Agency, Dr Chamberlain Peterside, unveiled the plans at the Breakout Session of RSIPA at the ongoing 18th Port Harcourt International Trade Fair, at the Obi Wali International Cultural Centre, in Port Harcourt.
Dr. Peterside said the agency was poised to free the state from accumulation of wrong narratives that branded it over the years as unsafe for business.
He, however, admitted that many things had gone wrong in the past where regulators joined to make the business environment difficult for investors.
He announced that the agency was rather focused on actions, solutions, and results as adopted in the mission statement of the Board.
“Our task is no mean feat. We are dealing with the perception risk that over several years branded the state as unsafe. We are also faced with the challenges of dealing with the lack of cohesion amongst MDAs, policy inconsistencies, multiple taxation, incessant harassment by miscreants, red tape and delays in obtaining operating permits, high cost of operations and opaque public sector,” he said.
“It is about listening to the investors in the field and ensuring that MDAs are carried along, hence the imperative for the setting up of our One-Stop-Center”, he added.
In his remarks, the Commissioner for Commerce and Industry, Warisenibo Joe Johnson, who represented the state governor, said the Fubara administration was ready to listen to the business community to see ways of reducing impediments to investments.
He listed the stages of actions being undertaken by the governor as outlined in his 37-page blue print to revive the economy of Rivers State.
The Mayor of Housing, My-ACE China, who was presented at the event as a star investor and promoter of Rivers State reputation, said for the plans of the investment promotion agency to materialize, an enabling law should replace the Executive Order that established the Rivers State Investment Promotion Agency.
He said this would insulate the agency from political instability and remove fear in the minds of investors about its sustainability.
According to him, protection precedes promotion and Local Direct Investment (LDIs) is what attracts and promotes Foreign Direct Investment (FDIs).
“It is the rat at home that reveals to the one in the bush that there is fish in the kitchen”, he added.
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?The Mayor of Housing who is also the CEO of the Alesa Highlands Sustainable Green Smart City said that Port Harcourt is like a business empire under lock and key because it is not protecting its own and also not promoting its own enough for investors to come in.
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?In the area of land documentation and inventory, China urged Rivers State Government to borrow a leaf from Abuja and adopt the use of Geographic Information Systems (GIS) in dealing with land and property registration and documentation for ease of doing business.
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?He said Lagos understood the power of business information, adding “this creates the impression that if you are not doing it in Lagos, you are not doing it in Africa.
“We need to shout louder than Lagos, because we need more investments than Lagos and the structural integrity of Abuja. When you marry both, Rivers State would be wonderful and become green with investments,” he said.
In her speech, the President of Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), Dr. Chinyere Nwoga, called on the state government to look into the menace of parked trucks now turning Trans-Amadi into a risk zone.
She outlined the activities of the PHCCIMA and invited investors and businesses to the Port Harcourt economic hub, saying peace has returned.
The Director, Investors Relations of the Nigerian Investment Promotion Council (NIPC), Mrs Lovina Kayode, urged Rivers State to make haste and catch up on Ease of Doing Business, saying the Council has come to help businesses in the state.
Mrs Kayode, who represented the Executive Secretary/CEO of NIPC, Aisha Rimi, commended the Mayor of Housing and his counterpart, Mr. Oliver Biedima of Rainbow Heritage Group, for their decision to invest in Rivers State, saying it is a proof that Rivers State is safe for investors and their investments.
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In his remarks, Oliver Biedemi of Rainbow Heritage Group urged government to give the private investors chance to develop the economy, saying ordinarily government does not have the funds to develop the economy.
Happy Birthday Chief Barr. Nyesom Ezenwo Wike CON
Honourable Minister Federal Capital Territory
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We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA
Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.
The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.
Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.
He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.
He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.
The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.
Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.
“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.
“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.
“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.
The Permanent Secretary of the Rivers State Ministry Works, Mr Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.
He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.
He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.
In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.
On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.
He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.
