Monday, October 12, 2015

ANEEJ Happy with NNPC published Accounts


ANEEJ: NNPC Release of Financial records Welcome
Abuja, Nigeria, 12th October, 2015…On Sunday 11th October 2015, the Secretariat of the Africa Network for Environment and Economic Justice, ANEEJ, was pleased to note that the Nigerian National Petroleum Corporation, NNPC, has published its financial records from January to August, 2015.

According to NNPC spokesman, Ohi Alegbe, publication of the financial records of the NNPC was made to provide Nigerians an ‘overview’ of NNPC operations from January to August. The published NNPC financial report indicated that $607.8 million dollars have been paid so far to the Federation Accounts Allocation Committee, (FAAC) in the year 2015 from sales of export of oil and gas as dollar proceeds. It also highlighted details of oil lifting & utilization, refinery plant operations and federal crude oil & gas revenues. It acknowledged details of the JP Morgan foreign account as well as receipts of payments. A significant item in the financial report states that low oil price was responsible for cuts in dollar payments into the Federation Account in five months.

ANEEJ welcomes this publication. In the month of October 2014, ANEEJ engaged policy making institutions like the National Assembly to stop the obnoxious practice of swapping crude oil for already refined crude products. ‘It is an area riddled with sleaze, secrecy and corruption. Nobody knows who benefits from the deals and our struggle has been to bring to an end the rampant cases of impunity going on in the NNPC oil for refined crude deals’, Leo Atakpu, leader of the ANEEJ team that presented a position paper to the clerk of the National Assembly, Mallam Sidi Ibrahim, said. At the several meetings with the NASS, ANEEJ called on the House of Representatives to commit to leading Nigerian citizens to fight oil swap by pushing for investigations and prosecution of Nigerians that are involved in the oil deals. 

We recall that we offered to provide technical assistance through our contacts in Switzerland, to the Economic and Financial Crimes Commission, EFCC, and the DSS vide a press release of 8th June, 2015, to assist with the investigations and opening up of the account details of the NNPC. ANEEJ then went ahead to organize a stakeholders meeting on oil and gas reforms in Abuja, using two key reports, the BERN and Natural Resource Governance Initiative, NGRI, as focal points in the drive to engender probity, transparency and accountability in the oil and gas sectors. 

‘Our struggle to ensure that there is transparency and accountability in the accounts of the NNPC is finally paying off, and we are particularly pleased that a full financial report of the NNPC from January to August has finally seen the light of day’, David Ugolor, ANEEJ executive director said. 

‘Non-capacity utilization of the refineries has already cost Nigeria a whopping N13billion in two months. From 2009 and 2012, the Federal Government lost $966 million, nearly N200billion, to oil deals and sundry opaque deals. Government must cancel or renegotiate these deals in a manner which does not leave us at the shorter end of the financial stick. Government as well should as a matter of urgency consolidate on the gains from this publication and work to reduce Nigeria’s reliance on oil & gas as the sole income source of Nigeria. It can do that by expending funds from oil & gas into building institutions and technologies which support alternative sources of energy like RE’, Ugolor further said.

ABOUT ANEEJ: To contribute to the emergence of a just and equitable African society through socio-economic and environmental rights protection, institutional strengthening and people’s empowerment.
For more information please contact:
Bob MajiriOghene Etemiku
Communications Manager
Africa Network for Environment and Economic Justice, ANEEJ
39 Oyaide Street,
Off Benoni, GRA,
Benin City,
+2348156171133, +2348187674339
Visit and like our Facebook election updates: Nigeria2015electionupdates