On September 25 2013 CBN Governor composes to Mr. President affirming that "between January 2012 and July 2013, NNPC lifted 594,024,107 barrels of unrefined petroleum esteemed at $65,332,350,514.57. Out of this sum NNPC repatriated just $15,528,410,098.77 speaking to 24% of the quality. This implies the NNPC is yet to record for, and repatriate to the Federation Account, a sum in overabundance of $49.8 billion or 76% of the estimation of oil lifted in the same period."
September 26, 2013:
Alison-Madueke, Petroleum Minster
Alison-Madueke, Petroleum Minster
Administration gets CBN Governor's letter.
September 27, 2013:
President minutes letter to Hon Minister of Petroleum Resources to clarify the affirmations against NNPC.
September 30, 2013:
HMPR advances letter to GMD NNPC requesting clarifications:
October 2, 2013
GMD NNPC offers clarifications to the HMPR.
October 4, 2013:
HMPR composes to Mr. President with itemized clarifications.
October 4, 2013 to November 6, 2013.
Nothing was found out about the affirmation and NNPC assumed the Presidency and CBN were fulfilled by the clarifications given.
December 8, 2013
Substance of CBN's letter spilled to some online distributions bringing about national furore.
Senate Plenary guides its Committee on Finance to examine the affirmed unremitted $49.8 billion.
December 10, 2013
NNPC, in a press discharge, opens up to the world about its clarifications on the affirmation, saying that the CBN Governor did not comprehend the workings of the oil business and how incomes from oil lifting are transmitted to the Federation Account. It included that the CBN really downplayed the figures of lifting by NNPC by 4.13 percent.
December 13, 2013
NNPC GMD, Engr. Andrew Yakubu, addresses a World Press Conference exposing the assertions made by the CBN Governor. Engr Yakubu expressed NNPC unrefined petroleum liftings are comprised of the accompanying: 1. Value rough, 2. Sovereignty oil, 3. Duty oil, 4. Volume for Third Party financing and 5. NPDC value volume. He expressed that settlements of returns from each of the 5 streams are made by and generation plans. He clarified that all settlements because of the Federation Account had been made into that record.
December 13, 2013
Facilitating Minister of the Economy and Minister of Finance coordinates Inter-Agency Committee, embodying Federal Ministry of Finance, Budget Office of the Federation, Central Bank of Nigeria, CBN, NNPC, Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR) to work to accommodate the diverse figures given by the two offices of Government, in particular CBN and NNPC.
December 18, 2013
Joint Press Conference held at the Federal Ministry of Finance Headquarters to report the discoveries of the Inter-Agency Committee. In participation were the Coordinating Minister of the Economy and Minister of Finance, Minister of Petroleum Resources, Director General of the Budget Office of the Federation, Group Managing Director of the NNPC, Governor of the Central Bank of Nigeria, Chairman of the Federal Inland Revenue Service, the Director of the Department of Petroleum Resources and the Executive Secretary of the Petroleum Products Pricing and Regulatory Agency, PPPRA.
CME reported that the Inter-Agency Reconciliation Committee had created that $39 billion of the claimed $49.8 had really been dispatched to the Federation Account.
CME reported that the Committee was all the while attempting to accommodate the parity of $10.8 bn.
December 18, 2013
At the first sitting of the Ahmed Makarfi drove Senate Committee on Finance, suspended Gov. of CBN illuminates the Committee that $12 bn was offset of unremitted income to Federation Account.
CME added and told the Committee that $10.8bn was offset to be confirmed by the Inter-Agency Committee.
December 18, 2013
Representative Ahmed Makarfi asks the CME and the gatherings to go and complete compromise process and to come back to the Committee with their discoveries.
January 10, 2014:
Emulating unremitting misdirecting media reports that the unreconciled $10.8bn was missing and unaccounted for, a question and answer session was composed where the Group Executive Director of Finance and Accounts, accountable for the Corporation, Mr. Benard O. N. Otti gave a breakdown of the $10.8 being accommodated as takes after: Unpaid sponsorship $8.49 billion, Maintenance of National Strategic Reserve$0.37 billion, Product and raw petroleum loses $0.72 billion and expense of pipeline vandalism and repairs $1.22 billion.
February 13, 2014
At continued becoming aware of the Senate Committee on Finance, CME educated individuals and people in general that the Inter-Agency Committee had finished its task and had ensured and approved the cases of NNPC to the tune of $8.7 billion for petroleum items sponsorship. She said that the Committee had no specialized capability to check alternate cases of $2.1 billion for pipeline repairs and support, vital stores and so on., and proposed that a measurable review of the cases including what PPPRA (the statutory office in charge of checking items importation and sponsorship cases) had confirmed and closed down be embraced. In making the proposal, CME had noticed that despite the fact that the cases of NNPC had been guaranteed, given the phenomenal times, it might be important to welcome criminological reviewers to do a legal examination.
CME just as required a lawful assessment on the status of NPDC and Third gathering financing collusions by NPDC
The CBN Governor was inquired as to whether he concurred with the finding of the Inter-Agency Committee to which he replied in the agreed, including that since the orgs in charge of affirmation of items importation and appropriation cases have guaranteed the cases of NNPC, CBN was fulfilled.
Anyway in an arranged location the CBN Governor said that the sum unremitted to the Federation Account was presently $20 billion not the $12 billion that he had prior said or the $10.8 given by the CME and the Inter-Agency Committee CBN Governor gave a breakdown of the $20 billion to incorporate the exceptional $12 billion (in opposition to the $10.8 billion given by the CME and Inter-Agency Committee), $6 billion being horrible income earned by Nigerian Petroleum Development Company Limited NPDC, an auxiliary of the NNPC and $2 billion being installments to Third gatherings.
CBN Governor placed that NPDC being a backup of the NNPC must dispatch all its income to the Federation Account in accordance with the protected necessity in Section 162 (10) c.
He additionally scrutinized the lawfulness of NNPC gliding auxiliaries to work together and keep their trusts.
At last he doubted the appropriateness of the procedure of consolidating NPDC and the key Agreements it went into.
CBN Governor educated the Committee that he had looked for lawful conclusion from Senior Advocates of Nigeria before making his presentation.
Congressperson Makarfi decided that the Attorney General of the Federation and Minister of Justice be welcome to come and give lawful sentiment on the issue of whether NPDC could settle expenses of operations before dispatching net to the Federation Account; whether NNPC could coast an organization to work together and whether the procedure of gliding NPDC was fitting and if the key cooperation went into with Third gatherings emulated due methodology.
February 14, 2014
HMPR identifies with Makarfi-drove Committee on the reasons why lamp fuel sponsorship still subsists. HMPR educated the Committee that passing by the Act making the Corporation, at any change of items cost to be effected the Honorable Minister of Petroleum must have the new value paper. She noticed that the then Honorable Minister of Petroleum did not journal the choice to evacuate sponsorship on lamp oil. She likewise reviewed the responses of Nigerians to the endeavor by the Jonathan organization in 2012 to uproot endowment on PMS, as a prelude to evacuating sponsorship on lamp oil, taking note of that if Nigerians would not acknowledge PMS appropriation evacuation, how might they be able to acknowledge lamp oil sponsorship evacuation considering that it is the fuel utilized by most of the destitute individuals of the nation.
NNPC represents unremitted $10.8bn to Federation Account with accommodation of reports to Senate Committee on Finance. NNPC expressed that the important orgs had approved the endowment cases of the Corporation in the total of $8.7 billion and that archives supporting misfortunes from raw petroleum and items burglary, pipelines vandalism and support, security and upkeep of key stores and so forth are being submitted to the Senate Committee for confirmation.
Despite the fact that the CBN Governor had conceded that not all terrible income earned by NPDC is to be transmitted to the Federation Account, he didn't decide how a great part of the $6 billion is to be dispatched. Yet, his affirmation of unremitted $20 billion was comprised of every last one of horrible income of $6 billion from NPDC.
The Committee asked NNPC to clarify the basis behind vital partnerships in the middle of NPDC and its accomplices.
February 20, 2014
In light of the Senate Committee's enquiry Attorney General of the Federation illuminates Senate Committee that NNPC is legitimately enabled to settle expense of operations from its income. Besides he affirms that NNPC was engaged to buoy organizations to work together. On the third issue, in particular whether due methodology was followed in consenting to the key organization arrangements, he educated the Senate that he was yet to study the records he got on that as he got them on some way or another to the Senate.
February 24, 2014
Remarking on an inquiry concerning sponsorship on lamp oil amid a Media visit, President Jonathan affirmed NNPC's position that appropriation on lamp oil had not been evacuated by the Government.
February 25, 2014
Taking after media reports that NPDC denied accepting $6bn from NNPC, being NPDC's income amid the period under survey, the Managing Director of NPDC, Mr. Victor Briggs, issued a press explanation affirming that NNPC dispatched the said sum into the NNPC
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