Reps Summon NNPC GMD, CBN Gov, EFCC Chair, NAPIMS & DPR MD’s, AGF Over Alleged Stolen $17bn

by Samuel Abasi Last updated on April 15th, 2017,

Reps Summon NNPC GMD, CBN Gov, EFCC Chair, NAPIMS & DPR MD’s, AGF Over Alleged Stolen $17bn. The Nigeria House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, the Accountant General of the Federation AGF, Mr Ahmed Idris, the Central Bank of Nigeria Governor, Mr Godwin Emefiele and the Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu over alleged stolen $17bn oil. Those summoned are to appear before the committee today.

The Chairman of the House of Representatives Ad hoc Committee investigating alleged $17bn stolen undeclared oil proceed, Rep. Abdulrazak Namdas, gave the indication yesterday, in Abuja at the opening of the investigation where all the invited stakeholders sent their subordinates to represent the committee. The committee has commenced investigation into alleged $17bn stolen from undeclared crude oil and liquefied natural gas exports to global destinations.

Also summoned by the ad hoc committee to appear before it is the Director-General of Nigerian Maritime Administration and Safety Agency, Mr Dakuku Peterside, the Group General Manager, National Petroleum Investment Management Services, Mr Stephen Sejebor; and Director of the Department of Petroleum Resources, Mr Modecai Ladan, in connection with the stolen fund.


Namdas, who is the spokesman of the House, noted that since the nation lived by oil proceeds, no fight against corruption could be meaningful without serious search-light on the industry. According to him, this is especially when the perpetrators are high and mighty who inexorably are the models the society look up to. He warned that the House would not hesitate to invoke its constitutional powers to compel the invited chief executives to appear if they default. He therefore turned back directors and other management staff who were sent as representatives of their respective organisations.

Earlier in his welcome remarks, Namdas said that reports had it that over 57 million barrels of crude oil were illegally exported and sold in the U.S. between January 2011 and December 2014. He said that the estimated revenue loss by the government of Nigeria “is around $12bn’’.

“At an exchange rate of N196 to a dollar, this translates to over N2tn. You could imagine what the value is now”.
According to him, the corruption in the oil industry distorts public policy, creates misappropriation and misapplication of resources. it vitiates private sector and private sector development and over and above all, it undermines good governance and ultimately hurts the poor most”.

The Speaker of the House, Mr Yakubu Dogara, represented by the Minority Whip, Rep. Yakubu Barde, said that the incidence of stolen and missing money at the NNPC and the entire oil industry was now an albatross to the development of the nation.

Dogara, while  declaring the public hearing open, lamented that if not for the constant theft in the oil industry, the nation would not have been in economic recession at the moment. He said that the country had received disturbing audit reports about the oil industry. He also disclosed that the report about the oil industry involving International Oil Companies (IOCs) was that $4.4bn was trapped somewhere instead of remitting it to the federation account.

“The incidence of money missing in the industry has become a recurrent decimal to the point that news items in the media are incomplete without mention of the ills of the industry. The reports of the media on the ills in oil industry clearly attest to the concern of the government to tackle corruption in the industry head on”.

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