Ribadu Heads Petrol Funds Task Force

Former Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu, has been appointed Chairman of the 20- member Petroleum Revenue Special Task Force.

Making the announcement yesterday in Abuja, Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, said the move was in keeping with the polices and promises of President Goodluck Jonathan’s administration to enthrone transparency in all its dealings.

A statement signed by the Permanent Secretary, Federal Ministry of Petroleum Resources, Goni M Sheik indicates that the task force was raised to enhance probity and accountability in the petroleum industry.

According to the statement, the task force would work with consultants and experts to determine and verify all petroleum upstream and downstream revenues (taxes, royalties, etc.) due and payable to the Federal Government of Nigeria. Other terms of reference of the task force include taking all necessary steps to collect all debts due and owed; to obtain agreements and enforce payment terms by all oil industry operators and

to design a cross debt matrix between all agencies and parastatals of the Federal Ministry of Petroleum Resources; to develop an automated platform to enable effective tracking, monitoring, and online validation of income and debt drivers of all parastatals and agencies in the Federal Ministry of Petroleum Resources; to work with world-class consultants to integrate systems and technology across the production chain to determine and monitor crude oil production and exports, ensuring at all times, the integrity of payments to the Federal Government of Nigeria; and to submit monthly reports for ministerial review and further action.