The Senate Committee on Gas Resources and the Nigeria National Petroleum Corporation (NNPC) on Thursday says no 1.05 billion dollars is missing from the Nigerian Liquefied Natural Gas (NLNG) dividend account.
Chairman of the Senate Committee, Sen. Bassey Akpan, and the Chief Financial Officer (CFO) of NNPC, Mr Isiaka Abdulrazaq, stated this at a meeting between members of the committee and NNPC officials in Abuja. Akpan and Abdulrazaq noted that contrary to media reports, the issue at stake is on the legality of the utilisation of the 1.05 billion dollars by the NNPC for importation of fuel, and not on whether or not the money is missing.
The meeting was in continuation of investigation by the committee into the utilisation of the 1.05 billion dollars by the NNPC from the NLNG dividend fund to “augment under-recoveries” in fuel importation.
The Group Managing Director of the NNPC, Mr Maikanti Baru, confirmed the spending at a Senate hearing recently. Baru had said the NNPC took the action following the removal of fuel subsidy in 2016, and the resultant withdrawal of independent oil companies from importation of the product. He had said the withdrawal was in line with the NNPC Act which empowers the company to fund its operations from its revenue. But the lawmakers believe the NLNG dividend fund is revenue meant for the three tiers of government and thus the NNPC lacks powers to unilaterally draw from it. At Thursday’s meeting, Akpan said documents made available to the committee by the NNPC showed that another 1.05 billion dollars was transferred from the NLNG account. He asked why the NNPC vide a letter dated Nov. 30, 2016, authorised the CBN to transfer the money and for what purpose.
The CFO stated that the NNPC is legally justified in steps taken and that any issue emanating therefrom is for legal interpretation or determination of the Judiciary and not within the purview of the National Assembly or the Executive.
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