WHERE IS THE MONEY? Reps order NNPC to remit N6.2 trillion revenue

Published:14 Feb, 2013

NNPC GMDThe House of Representatives on Wednesday directed the Nigerian National Petroleum Corporation to remit N6.2tn internally generated revenue to the Federal Government.

Its Committee on Finance also ordered the corporation to allow the Office of the Auditor-General of the Federation to take proper account of its IGR for the period 2009 to 2012.

The committee, which is headed by Mr. Abdulmumini Jibrin, observed that the NNPC breached the Fiscal Responsibility Act, 2007 by keeping its IGR and failing to remit operating surpluses for four years.

It was also accused of denying the AGF access to its books for scrutiny over the years.

Jibrin said the report of the investigation into un-remitted IGRs by government agencies showed that the corporation generated N2tn in 2009 and N2.1tn in 2010.

The lawmaker added that in 2011, NNPC’s IGR was N1.9tn, while as at July 2012, the corporation had generated N259bn.

“But, the NNPC kept all the money; not a single kobo was remitted to the government,” he said.

But, the Group Managing Director, NNPC, Mr. Andrew Yakubu, claimed that the corporation had been operating at a loss, a reason it could not remit any IGR.

Yakubu, who appeared before the committee in Abuja on Wednesday to answer questions on the non-remittance of revenues, told the lawmakers that the NNPC was not making profit.

The GMD claimed that the business climate was harsh for the corporation and had affected its ability to make profits.

He said, “For instance, we have to buy crude at commercial rates but have to sell at regulated prices. As such, it is difficult to generate profit and that is why we have difficulties in remitting to the Consolidated Revenue Fund.

“Also, the cost of generating the IGR is more than the IGR because we spend more to produce the products from where we generate the profits as we incur additional costs to produce those products. Also, we lose nothing less than N600m per week to vandalism, and that is also beyond our control.”

Yakubu added that the raging issue of fuel subsidy had become a burden on the NNPC, as it was the only agency supplying products at regulated prices during the fuel subsidy crisis in 2012.

He refuted the allegation that the NNPC was hiding its books from auditors.

However, lawmakers dismissed Yakubu’s excuses, saying it would be difficult for anyone to convince Nigerians that the NNPC was operating without making profits.

 

via Punch

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Destiny Onwudinjo, an acclaimed prophet of Heaven Divine Ministry, in Shasha, area of Lagos, has committed suicide inside the Kirikiri maximum Prison. Onwudinjo who was sentenced to seven years imprisonment without an option of fine for absconding from court to evade trial, decided to terminate his life inside the prison after he became dejected about his conviction and jail term. According to his co-inmates, he hit his head several times on the prison wall and broke his head. He later fell down and...

Gaddafi’s son sentenced to death

A Libyan court  has sentenced Muammar Gaddafi’s son, Saif al-Islam, and eight others including Gaddafi’s former head of intelligence -Abdullah al-Senussi, to death over war crimes linked to the 2011 revolution. More than 30 close associates of the deposed leader are also on trial for suppressing protests during the uprising.

Amaechi behind REC’s arrest, says family

The family of the arrested Rivers State Resident Electoral Commissioner, Gesila Khan, has accused former governor of Rivers State, Rotimi Amaechi, of being behind the arrest of Khan by the Department of State Services. Khan’s family, from Peretoru in Ekeremor Local Government Area of Bayelsa State, made the allegation in a statement on Tuesday in Yenagoa.

Senate: PDP mourns as Akpabio suffers first ever judicial defeat

... tribunal dismisses ex governor's  preliminary objection against Okori ...fear, anxiety grips Akpabio, PDP as witness testimony begins July 29 ...ruling a big setback for us - PDP As early as 9am the courtroom was filled to capacity. Counsels, APC supporters, journalists, tribunal staff all took their sit in preparation for the commencement of the days proceedings. The main agenda was the tribunals ruling on the two preliminary objection...

Lady Gaga’s Fiancée Bought Her $295,000 Worth of Alexander McQueen Shoes

Lady Gaga in a nude bodysuit with three pairs of Alexander McQueen armadillo boots. “Long Live McQueen. Look monsters, we got a sign of love from the beyond,” she wrote.  Aside from the models contractually obligated to wear Alexander McQueen’s Armadillo boots down the runway,Lady Gaga was one of the only women who was brave enough to take them for a spin in real life. Now, years after the shoes made their catwalk debut and their original designer passed...

Patience Jonathan was not denied access to the VIP lounge at PH airport – FAAN releases official statement

The Federal Airports Authority of Nigeria has denied reports that the wife of the former President, Dame Patience Jonathan, was denied access to the VIP lounge of the Port Harcourt International Airport. FAAN has said even though the former First Lady was not denied access, her convoy...

Why I Joined ISIS & Left After 3 Days, Former ISIS Militant Explains

A former Islamic State militant recently spoke with NBC news about his experience fighting with the group in Syria — and why he surrendered after just three days on the frontlines. The man, a 24-year-old single father and college dropout who traveled from New York back to his native Turkey, told NBC what has become a familiar story. Socially isolated and lacking meaning in his life, he was seduced by the jihadis' promise...

Fed High Court Clears Saraki To Constitute Senate Standing C’ttees

The Federal High Court in Abuja has refused to grant an ex-parte order seeking to stop the Senate President Bukola Saraki from constituting the senate standing committees . While ruling on Tuesday in an ex-parte motion filed and argued by Manman Osuman on behalf of five senators led by Senator Kabir Marafa, Justice Gabriel Kolawole held that there was nothing urgent in what the plaintiffs are asking for. Justice kolawole said that the senate standing...

Publish Jonathan’s Handover Notes, PDP Reps Charge PMB

The House of Representatives has asked President Muhammadu Buhari to publish the handover notes of former President Goodluck Jonathan in the official  gazette of the federation. The resolution,Tuesday, at resumption of plenary after a recess, followed a motion by Uzom Nkem-Abonta who observed that only officials of the presidency have access to the document at the moment. Mr. Abonta however noted that “some extant laws may place restrictions on the publication of the document” even...

Tinubu seeks 100 days of honeymoon for Buhari

An APC national leader, Asiwaju Bola Tinubu, on Tuesday, urged Nigerians who have been accusing President Muhammadu Buhari of being too slow to allow the President at least 100 days of honeymoon. Speaking with State House correspondents shortly after meeting behind closed-door with Buhari at the...

81 Senators Pass Vote of Confidence on Saraki

The Senate on Tuesday passed a Vote of Confidence on Senator Abubakar Bukola Saraki's presidency, putting to bed insinuations in some quarters that it is divided. The motion, which was moved by Senator Samuel Anyanwu (Imo east), had a wide range of support base and acceptance of majority of the Senate, as 81 Senators supported the motion. The passage of the Vote of Confidence on Saraki's leadership as President of the Senate has effectively laid to rest...

Khloe Kardasian Brings Sexy Back In Smoking Hot Photo Shoot

Khloe Kardashian has shared an unaltered photograph from a recent photoshoot after haters slammed the pictures online for being overly retouched. The Keeping Up With The Kardashians reality star is the cover story of Complex mag’s August/September edition in a sexy workout shoot.   Read More: uk.celebrity.yahoo.com

Yes! Eva Longoria Wears Glasses

She’s the face of a new campaign for Australian discount eyewear brand Specsavers, and Eva Longoria has been accused of faking her need for glasses just to get the gig. Jenna Clarke of the Sydney Morning Herald claimed, “Eva was in town representing a budget eyewear chain, but according to photographers that have been snapping her for close to 15 years, she doesn’t wear spectacles. I’ve only found two photos of her ever spotted wearing glasses outside the...

Robbery, Thuggery, Now Forgery: A Legislative Evolution By Gbolahan Yusuf

The legislature. Many see it as the most important leg in the tripod of governance, especially given its power as a supervisory arm over the almighty executive even while limiting the power of the judiciary over it. It is public knowledge that any democracy revolves around the people (of, by, and for the people), and so the powers of the legislature are easily justified seeing as it stands for the people in any government. Or well, it...

EFCC Forms Team For Saraki’s Wife, Yar’Adua’s Daughter

The Economic and Financial Crimes Commission (EFCC) yesterday raised a team of crack investigators to grill Senate President Bukola Saraki’s wife, Oluwatoyin and the late President Umaru Yar’Adua’s daughter, Hajiya Zainab Dakingari. Mrs. Saraki has written the EFCC seeking to appear today or tomorrow. Expressing her readiness to cooperate with the anti-graft commission, she had never received unlawful public funds. A source in the commission said: “We are ready for Mrs. Oluwatoyin Saraki and Hajiya Zainab...

Gbajabiamila emerges Reps Majority Leader

Representative of the Surulere Federal Constituency, Mr. Femi Gbajabiamila has emerged the Majority Leader of the House of Representatives. Details to come later...

Gbajabiamila Emerges Reps Majority Leader

The leadership crisis in the House of Representatives appears to have been resolved as the member, representing Surulere Federal Constituency of Lagos, Mr. Femi Gbajabiamila, has emerged the Majority Leader of the House. President Muhammadu Buhari on Monday met the representatives ahead of their resumption today but the federal lawmakers emerged from the meeting singing discordant tunes, suggesting that the meeting with the president had failed. Read More: punchng

Two Senior Pastors Continue Their Bloody Fight Over Who Will Be General Superintendent

The shameless leadership tussle in the Assemblies of God Church is getting out of hand. Reports suggest that there would have been another bloodbath recently but for the timely intervention of the police. Vanguard reports that factionalization of the church has resulted in crisis which has been brewing in the church as two senior Reverends, Professor Paul Emeka and Dr Chidi Okoroafor, have been at loggerheads, each laying claim to be the overall leader of...

APC Supports Buhari’s Probe Of Jonathan’s Administration

The All Progressives Congress, APC, has expressed strong support for President Muhammadu Buhari’s decision to probe the immediate past federal government, saying the revelations of mind-boggling corruption that are just beginning to emerge have made such a probe imperative. ”Some people have insinuated that the Buhari Administration should ignore the massive looting of our patrimony and move on. We say no responsible government can afford to do that, because it will amount to endorsing corruption and...

“Poverty Is Not An Excuse For Failure. Do Something!” – Auma Obama

Some inspiring quotes by President Obama's sister, Auma. "When Barack first came to Kenya he slept in a small camping bed in my flat" "I once drove Barack in my battered beetle here in Kenya. 27 years later he gave me a ride in the Beast. Poverty is not an excuse for failure. Everyone can succeed. Do something!" Credit- linda Ikeji

Boko Haram Fails In Another Attempt To Capture Home Town Of COAS

Boko Haram terrorists have failed in their latest attempt to capture Buratai, Borno State, the home town of Chief of Army Staff (COAS), Maj-Gen. Tukur Buratai and also the location of a military camp. The Director Army Public Relations (DAPR) Col. Sani Usman, who confirmed this in a short message Tuesday noted that this is about the fourth time since February 2014 the dreaded group has attacked Buratai. Usman said that the terrorist invaders had...

38 People Dead: Boko Haram Members On The Run, Chadian Forces In Pursuit

The Chadian army has launched a “major operation” to flush out Boko Haram jihadists from islands in Lake Chad, sparking violent clashes on Monday between soldiers and the Islamic State-affiliated group. Nigerian President Muhammadu Buhari will, meanwhile, travel to neighbouring Cameroon on Wednesday for talks on combating the regional threat posed by the extremist group, whose six-year insurgency has claimed 13,000 lives and caused about 1.5 million people to flee their homes. On Monday, “violent clashes” raged near...

PDP Spent N2.5bn, APC N728m During Election Campaigns – Report

A report by Compliance and Content Monitoring Ltd (CCM) has revealed that the Peoples Democratic Party (PDP) and the All Progressives Party (APC) spent a combined N3.23 billion on political campaign advertisements for this year’s general elections, according to a report at the weekend. According to the report PDP spent for about N2.5 billion (77 per cent) and APC spent N728 million (23 per cent). CCM said the media advertisements were placed on radio, television, press...

Bobby Brown will Not Get Any Part of the Fortune Whitney, Bobbi Kristina Left Behind

Bobbi Kristina was set to inherit at least $20 million when Whitney Houston died, but there were strings attached and it looks like most of that fortune will be determined by Whitney's wishes ... not her daughter's. Accordng to News We got from TMZ: We've seen a copy of Whitney's will, which established a trust in which Bobbi Kristina got 1/10 of Whitney's estate when she turned 21. Bobbi Kristina was set to get 1/6 of...

Court Refuses To Stop Probe Of Ekweremadu, Others

A Federal High Court in Abuja has refused to stop the police from continuing investigation of the Deputy Senate President, Senator Ike Ekweremadu and others over alleged forgery of the Senate 2015 Standing Rules. Justice Gabriel Kolawole yesterday refused an ex-parte application filed by Senator Prince Gilbert Emeka Nnaji which sought to restrain the police from proceeding with the investigation and making public the report of the inquiry. Nnaji requested interim orders to restrain the...

Gaddafi’s Son Sentenced To Death

A court in Libya has sentenced Saif al-Islam, the most prominent son of Libya's slain leader Muammar Gaddafi, to death by firing squad. He was sentenced in absentia on Tuesday by a court in the capital, Tripoli, along with eight other senior members of the former regime, which was overthrown in 2011. They were accused of war crimes and suppressing peaceful protests during the revolution, a state prosecutor said in early June. The trial...

PMB Seeks Senate’s Confirmation Of Newly Appointed Service Chiefs

The Senate on Tuesday announced the receipt of a letter from President Muhammadu Buhari, requesting the confirmation of Service Chiefs, recently appointed by him. President of the Senate, Bukola Saraki, read the letter at plenary as the Red Chamber resumed after five weeds recess. Saraki said that the letter for confirmation of the appointments was in accordance with the provisions of Section18 (1) of the Armed Forces Act, 2004. Read More: vanguardngr

House Crisis: Reps Adopt APC’s Zoning Formular

A make or mar meeting between opposing factions of All Progressives Congress members in the House of Representatives, ended early Tuesday with the two sides adopting an earlier directive from the APC leadership on the zoning of key leadership positions. The party had zoned the positions in a letter to the speaker, Yakubu Dogara, on June 23. In the letter, the party presented Femi Gbajabiamila (South-West) as the house leader; Ado Doguwa (North-West) as deputy...

Late Bobbi Kristina Had History of Falling Asleep Wasted in Bathtubs

Bobbi Kristina got extremely drunk the night before her mom died, fell asleep in a bathtub at the Beverly Hilton Hotel and flooded the room ... and it could be critical evidence in the homicide investigation. Law enforcement sources tell TMZ, Bobbi was partying with Whitney Houston at the Beverly Hilton bar and got drunk and unruly. Bobbi Kristina went up to her room, drew a bath and fell asleep in the tub ... intoxicated. By the time she...

Over 250,000 Barrels Of Oil Siphoned Daily, PMB Raises Alarm

President Muhammadu Buhari has raised the alarm that oil theft continues at the moment with an average of more than 250,000 barrels being siphoned daily. Speaking yesterday on the Nigeria Television Authority (NTA) programme tagged “Good Morning Nigeria”, Buhari promised  that he would soon ensure that those committing that crime against Nigeria are faced with facts and prosecuted. He said crude was  being illegally loaded from the country’s terminals by unpatriotic Nigerians that only...

Tyrese Blasts Urban Radio For Not Playing His Song

White radio will ONLY play R&B/Soul if it's performed by white guys ... so claims the black guy who has the #1 R&B/Soul album ... Tyrese. Tyrese does not mince words ... he says he can't get white radio DJ's to play his single "Shame" to save his life ... it's only played on black stations. He then ups the ante, claiming white radio would love "Shame" if it was performed by Justin Timberlake, Sam Smith or Robin Thicke.

Woman Who Accused Bill Clinton Of Sexual Harassment Launches Anti-Hillary Website

A woman who has claimed she was sexually assaulted by Bill Clinton during his presidency in 1993 is going after his wife with a website chronicling 'a scandal a day' – and she's looking for more sex-harassment victims. Kathleen Willey testified in a lawsuit brought by Paula Jones against the former president that he groped her and kissed her in a small room near the Oval Office. The Clintons and their lawyers disputed that claim. But...

Nick Gordon Learnt About Bobbi Kristina’s Death Over The Internet… Releases Press Statement

Bobbi Kristina Brown's boyfriend Nick Gordon learned of the 22-year-old's death over the internet, according to reports. An insider told Us Weekly that Nick learned of Bobbi's death "just like everyone else did, from the internet" as he was in Florida with his mother at the time the news broke. Nick had been banned from seeing Bobbi Kristina and earlier this month he was served with $10 million lawsuit, accusing him of being violent towards her...

Army To Establish Motorcycle Battalion To Combat Terrorism

The Nigerian Army is considering setting up of a special force that will use motorcycles to check the activities of terrorists. The new battalion, when established will complement efforts of the ground troops. It has been learnt that the Motorcycle Battalion will be a special unit out of the initiative of the army chief, Major General Tukur Buratai, in his efforts to wipe out Boko Haram within the shortest possible time. Reports say that the new...

Earthquake Hits Indonesia

The U.S. Geological Survey said a magnitude 7.0 earthquake hit Indonesia’s Papua region on Tuesday. It said the quake struck inland, some 244 kilometres west of the provincial capital of Jayapura. No tsunami warning was issued and there were no immediate reports of deaths or damage. Credit: NAN

More On Obama’s Speech During AU Visit

Closing a historic visit to Africa, President Barack Obama on Tuesday urged the continent's leaders to prioritize creating jobs and opportunity for the next generation of young people or risk sacrificing future economic potential to further instability and disorder. He said the "urgent task" of generating jobs for a population that is expected to double to...

Obama Addresses AU, Emphasizes On Human Rights

Barack Obama arrived at African Union headquarters Tuesday, where he will become the first US president to address the 54-member continental bloc, at the end of a tour focused on corruption, rights and security. In his speech, President Obama addresses climate change, security, food security, human rights and democracy. Details on his speech will be brought soon...