NNPC Ltd says crude oil proceeds were repatriated into the Federation Accounts

The Nigerian National Petroleum Limited, NNPC Ltd, has said that the $1 trillion made through the sale of crudes from 2016 to 2020 were paid into the coffers of @nnpclimited and consequently into the Federation Accounts.

The NNPC Ltd disclosed this in a statement posted on its official Twitter handle @nnpclimited on Wednesday.

It stated that the  clarification became necessary following an online publication alleging that the Nigerian National Petroleum Limited, NNPC Ltd, exported 17.877 million barrels of crude oil in four years) without proper documentation.

According to the statement, which was signed by Garba Deen Muhammad, Chief Corporate Communications Officer, the proceeds from the sale of the said crudes were repatriated into the Federation Accounts.

Muhammad noted that although the Auditor General’s report, which was referenced in the said online publication, did mention 32 oil marketing companies involved in the non-completion of the NXP forms, it does not in any way mean that the proceeds from the sale of the said crudes were not repatriated into the coffers of @nnpclimited and consequently into the Federation Accounts for Federation related barrels.

In the report published on its website, the AGF had also faulted the NNPC for appointing two Pre-Shipment Agents and one Monitoring and Evaluation Agent in 2017 knowing fully well that President Muhammadu Buhari had canceled the appointments of all service providers two years earlier.

Refuting the claims, the NNPC noted that It does not appoint Inspection Agents as alleged, but rather, it is the sole responsibility of the Federal Ministry of Finance (@FinMinNigeria).

“Therefore, the general public is advised to disregard the said malicious publication, and instead, visit the relevant Auditor General’s website to see the full content of the audit report, and be guided accordingly,” it said.

Realnews reports that the Auditor General of the Federation alleged that the NNPC Ltd had exported 17.877 million barrels of crude valued at over $1 trillion, without proper documentation in four years.

It also indicted the Office of the Accountant-General of the Federation for making payments of N73 billion to PIAs and MEAs for inspection and monitoring of oil and gas exports.