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  1. Naija news on the 25th of June 2017
    June 25, 2017 @ 10:23 am

    For a way lengthy will the outlaw Nigerian Nationwide Petroleum Company
    (NNPC) proceed to mock Nigerians with its stubborn refusal
    to yield to official entreaties to return clear on its actions to its quite
    a few stakeholders? Not too way back, the company earned the unflattering sobriquet from a world physique – the
    Berne Declaration – as probably the most opaque nationwide oil company on earth.
    Since then, it has carried on with the identical arrogant
    air of defiance, impervious to motive, as if it doesn’t matter.

    We recall too that the company has additionally turned the month-to-month conferences of
    the Federation Account Allocations Committee right into a theatre of discord; greater than twice, the conferences of the physique couldn’t hold amidst allegations of
    below-remittance by the company into the federation account, with a staggering quantity concerned mentioned to be
    in excess of N150 billion. The governors physique, the Nigeria Governors Discussion board (NGF) has in current time,
    not solely lampooned the company over the bizarre accounting
    that runs foul of commonsense, but in addition for its persevering with intransigence over calls for to put naked
    the premise of its computation of income accruals into the federation account.

    Now, one other storm seems to be brewing over alleged discrepancies between the worth of oil gross sales and precise remittances to the federation account.
    The Home of Representatives has ordered a contemporary inquiry into the operations of the company over the identical set
    of points. That was after a member, Haruna Manu, intimated the
    Home of an alleged discrepancy of $thirteen.9bn representing the distinction between the
    $20.9bn mentioned to have been realised from oil gross
    sales between January and August, as in opposition to the $7bn really remitted into the federation account throughout the interval.
    Now, the investigation, to be performed by an advert hoc committee of the Home is
    to find out the “volume and worth of crude oil gross sales and remittances” by the company from January thus
    far, and is predicted to final 4 weeks.

    Given its legendary tradition of obduracy, the pure
    query is whether or not the newest probe will quantity to something, or if certainly, it will reveal something in regards to the outlawry of the company that isn’t already revealed in a single type or the opposite by both the Auditor-Normal
    of the Federation, AGF, the general public Accounts Committees, PAC, of the 2 chambers of the
    Nationwide Meeting, and even the Nigeria Extractive
    Industries Transparency Initiative, NEITI.

    Nonetheless, we consider the probe necessary for a number of causes.
    The primary is to insist on the obligation of the company to render the
    data of its operations to its stakeholders,
    in a passable method. Nigerians in fact count on the reconciliation of the conflicting figures
    if solely to put the on-going controversies to
    relaxation. We need to know what number of barrels of crude oil are
    offered day by day and for a way a lot. The time
    has come to finish the corporation’s tradition of muddling issues up.

    We additionally anticipate the probe to shed mild on why the company, aided by the petroleum ministry, has been so
    highly effective to the extent that it could routinely defy oversight our bodies
    just like the Nationwide Assembly’s Public Accounts Committee and the workplace of the AGF.

    We wish to know: does the NNPC or its officials get pleasure from
    immunity from scrutiny from the Financial and Monetary Crimes Fee (EFCC) and the Impartial Corrupt Practices
    and different associated Offences Fee?

    Nigerians eagerly anticipate the result of this newest spherical of probe.
    The shock although shall be when the probe lastly meets their expectations.


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