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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 Hausa Community in Rivers State has dissociated itself from media reports credited to one MaiwadaAdamu that the Arewa Community in Rivers State has appointed Alhaji Musa Saidu as the acting SarkinHausawa, PortHarcourt, following the inability of the former SarkinHausawa, Alhaji Isa Madaki to carry out his functions.
MaidawaAdamu, who is also the spokesman of the Arewa Initiative for Peaceful Co-existence, had briefed journalists on the change, but in a swift reaction, the Office of Alhaji Isa Madaki, has come out to say that the only recognised body which has the powers to appoint the SarkinHausawa, PortHarcourt is the Council of SarkinHausawa in PortHarcourt headed by Alhaji Isa Madaki.
The statement also said Alhaji Hussani Isa Madaki is the only recognisedSarkinHausawa, Port Harcourt, adding that his appointment follows the proclamation and endorsement by the council members of SarkinHausawa, Port Harcourt, Rivers State.
The statement further called on the general public and all authorities concerned to give Alhaji Hussani Isa Madaki maximum co-operation and support,as he discharges his duties as SarkinHausawa, Port Harcourt.
The Suspended Rivers State Commissioner for health, Dr Adaeze Chidinma Oreh, has described as baseless allegations in some quarters that she was responsible for the purported disruption of the Nigerian First Lady’s empowerment program in Port Harcourt.
Dr Oreh, who said this in a statement personally signed by her and a copy made available to newsmen in Port Harcourt also described the allegation as a product of the sick imagination of rumour mongers
According to Dr Oreh, “they are nothing more than a feeble and mischievous attempt to tarnish my reputation and sow discord”
In her words,”the allegations levelled against me, Dr. Adaeze Oreh, regarding the supposed disruption of the First Lady’s empowerment programme on Friday 2nd May, 2025, are entirely unfounded, completely false, and a product of the sick imagination of rumour mongers and conflict entrepreneurs.
“They are nothing more than a feeble and mischievous attempt to tarnish my reputation and sow discord.”
The suspended commissioner challenged those behind the allegation, especially the Concerned Rivers Youth Organisation to show proof of its assertion adding “It is essential to base criticisms on facts rather than speculation or puerile political agendas.
“I challenge the “Concerned Rivers Youth Organisation” (assuming such a body really exists) to provide tangible proof to support their assertions.
“It is essential to base criticisms on facts rather than speculation or puerile political agendas.
“I have neither sponsored nor will sponsor any activities aimed at embarrassing or disrupting the activities of the administration appointed by His Excellency President Bola Ahmed Tinubu GCFR to oversee the affairs of Rivers State following his declaration of a state of emergency on Tuesday, 18th March, 2025, and have rather spent the time of my suspension from office focused on other endeavours and my doctoral studies.
“I reaffirm my commitment to working tirelessly for the progress and development of Rivers State.
“Furthermore, I believe that it is crucial for all stakeholders to promote a culture of truth, integrity, and respect in public discourse.
“Unsubstantiated wild claims undermine trust and hinder constructive engagement, and this is not what the state needs at this difficult and delicate time.
“I urge everyone to focus on issues that unite us and foster a positive, solution-driven dialogue for the betterment of our State, and urge everyone to work together to build a brighter future for Rivers State, grounded in truth, transparency, and collective effort,”she said.
By: John Bibor
The Hydrocarbon Pollution Remediation Project (HYPREP) has called on key regulators, asset owners and other stakeholders to continue to support the agency toward the goal of remediating the Ogoni environment and restoring the livelihoods of the people and building structures for peace.
The Project Coordinator of HYPREP, Prof Nenibarini Zabbey, who made the call during the Project’s first quarter meeting with regulators, asset owners and stakeholders in Port Harcourt, urged the stakeholders to remain resolute in supporting HYPREP’s work.
“We particularly expect each regulatory agency and asset owner to deepen their involvement and continue to provide strategic support to the project”, he said, stressing that the quarterly meeting platform remains instrumental in providing a structural avenue for regulators, asset owners, and implementation partners to offer feedback to HYPREP on project performance and deliberate on ideas that move the project forward, as well as strengthen collaboration, deepen synergy and reinforce collective responsibility.
Zabbey disclosed that the socio-economic study of Ogoni has started, as HYPREP has contacted the International Agency for Research on Cancer of the World Health Organisation(WHO) to commence in the next quarter a three-year human health biomonitoring in Ogoniland.
He noted that work on several fronts of the cleanup project is progressing steadily, adding that as key project partners, the insights and shared experience of the regulators and asset owners have always enriched HYPREP’s operations.
He said the policy thrust of HYPREP for 2025 is clear, as the Project is intensifying efforts to complete within stated timelines, the various ongoing projects, including remediation works and mangrove restoration, potable water facilities, the Centre of Excellence for Environmental Restoration, the Ogoni Power Project, Ogoni Specialist Hospital, and Buan Cottage Hospital, among others.
Zabbey, however, announced that HYPREP would commence new set of shoreline cleanup, mangrove restoration and livelihood projects, to sustain the momentum of implementing the Ogoni cleanup, adding that the agency would also conduct detailed site characterisation of the high-risk complex sites, leading to remediation works at the sites.
He noted that HYPREP’s collaboration with Rivers State Ministries of Health, Power and Environment, and civil society organisations remains vital, stressing that the technical and administrative support of all relevant government agencies and funding partners is indispensable in helping HYPREP overcome operational bottlenecks, especially those encountered in interfacing with host communities.
He further indicated that “the people of Ogoni and the nation are looking to us with hope and expectation, and expect tangible results from the remediation initiative”, assuring the participants that the Project Coordination Office is committed to delivering positive results.
“We must, therefore, continue to work with diligence, transparency, and a renewed sense of purpose”, he declared, saying, “ the completion and commissioning of projects this year must reflect not only our technical ability but also our collective commitment to environmental sustainability and sustainable development in Ogoni.”
During the interactive session, the Project Coordinator briefed the participants on the progress made so far by HYPREP to conclude the distribution of starter packs to the 5,000 Ogoni trainees, and called on contractors who had already collected huge chunk of money for the project, to deliver without further delay.
In all, the regulators, asset owners and stakeholders commended HYPREP for the good works it is doing, and urged it to do more.
The National Oil Spill Detection and Response Agency(NOSDRA) was represented at the event by Deputy Director, Oil Field Assessment, Dr Abam Komommo Omini, while Dr Vincent Nwachukwu, Director of Medical Services, represented the Rivers State Ministry of Health.
The Rivers State Ministries of Water Resources, Power and Environment were represented by Dr Bealo Brownson; Engr K. J. Osele; and Mr James Ordu respectively, while the Society for Women and Youth Affairs (SWAYA); and the Stakeholder Democracy Network(SDN); among other civil society organisations were also at the event.
By: Donatus Ebi