•Jonathan’s administration begins
reconciliation of crude oil records
•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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