Jonathan’s
administration begins reconciliation of crude oil records,
How Mandela predicted President-elect’s victory
How Mandela predicted President-elect’s victory
The victory of General Muhammadu
Buhari in the March 28 presidential election is already causing panic in the
Nigerian National Petroleum Corporation (NNPC) and other Federal
Government-owned companies in the oil/energy sector.
Officials of the companies, many
of whom did not anticipate President Goodluck Jonathan’s defeat, are now under
pressure to bring their accounts and oil receipts up to date for presentation
to the in-coming government.
Some of the information is even
expected to be made available during the transitional period in the coming
days.
President Jonathan yesterday
kick-started the transition by meeting with General Buhari at the State House,
Abuja, even as associates of the President-elect recalled how the late
President Nelson Madela of South Africa predicted,12 years ago, that Buhari
would one day return to lead Nigeria as a civilian president.
It was gathered that the outgoing
administration of President Goodluck Jonathan has commenced the reconciliation
of crude oil production records including royalties and other funds remitted
into government accounts and taxes paid to the Federal Inland Revenue Service
(FIRS).
Government expects oil records to
dominate discussion at the transition committee briefings since oil is
Nigeria’s financial back bone. It is a familiar terrain for Buhari who was
Commissioner (as the position was designated under the military) for Petroleum
Resources in the 1970s.
Lately, public interest in the
finances of the NNPC has soared, sparked by an allegation by the immediate past
governor of the Central Bank (CBN), Mallam Lamido Sanusi that $20 billion of
its funds was missing.
For instance, he told a Senate
Committee hearing on the allegation that NNPC officials were withholding large
amounts of money from crude oil exports from the Federation account.
He said that during the period
2012-2013, the NNPC sliced off 76% of crude oil proceeds – a total of N8
trillion ($48.9 billion).
Sanusi was later suspended and is
now the Emir of Kano.
His predecessor at the CBN, Prof.
Chukwuma Soludo, said in a different allegation that about N30tr was either
missing or unaccounted for by the Federal Government.
An audit report prepared by Price
Water House Coopers on NNPC finances showed that less than $2 billion was
missing.
Government asked the corporation
to pay the money forthwith into its account.
An oil/gas sector source said
yesterday that a major issue being addressed by the outgoing administration is
how to put oil records in proper perspective because the new government will be
interested.
“There is panic in the Ministry of Petroleum Resources, the Nigerian National
Petroleum Corporation (NNPC) and other subsidiaries on oil receipts,”the source
said.
“Already, officials of some of
these agencies have been working round the clock to reconcile oil records in
order to be able to face the Buhari transition team.
“Some of these agencies might
also meet with FIRS to make sure that the records tally. No one expected a
Buhari presidency but it has now come. This requires working round the clock to
give full account of oil production and revenue.”
Another source said: “Feelers
indicate that Nigerians would want cogent explanation on the controversial $20
billion.
“So, the development in the oil
sector is key to the work of the transition committee.”
Sources also said that some of
the international oil companies (IOCs) are prepared to make their records
available to Buhari.
“You can see that if any attempt
is made to pad the records by any agency, the IOCs will not be part of it. This
is why it is necessary for every official to be straightforward.
“Some of the IOCs are willing to
release the records in their care to assist the government to put things in
order in NNPC and other agencies.”
On Mandela’s prediction, Buhari’s
associates said it had been a massive motivation all these years.
One of the associates said that
shortly after losing the 2003 presidential poll to ex-President Olusegun
Obasanjo, Mandela had a one-hour engagement on the phone with Buhari.
Mandela asked Buhari not to lose
hope about ruling the country.
Mandela said: “I spent 27 years
in jail and came out to become South Africa’s President. You can still be
president.
“Since the election of Buhari,
what Mandela said 12 years ago has been resuscitated. We were all excited when we
saw a copy of the newspaper which reported Mandela’s advice to Buhari. Though
he is dead, his prediction has come to pass.
“This has confirmed his sage
status. His golden words were part of those behind the resilience of Buhari. We
are hopeful that the President-elect will serve the nation like Mandela did
because they share many things in common, especially selfless service.”
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