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Missing $20b: How Nigerian Senate Report Indicted Diezani, NNPC

June 5, 2014

Mr. President, are all these Constitutional breaches not enough for you to sack Diezani, GMD NNPC, Mr. Andrew Yakubu, and MD PPMC, Prince Haruna Momoh?

Despite widely circulated misinformation and misinterpretations about the recently released report of the Senate Committee on Finance that investigated the alleged unremitted $20billion oil revenue by the Nigerian National Petroleum Corporation (NNPC), a cursory look at the report shows that the Minister of Petroleum, Mrs. Diezani Alison-Madueke and the NNPC still have not fully accounted for the missing funds.

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For example:

Money the NNPC was asked to refund                                 =         $262million

Total money unremitted by the NNPC                                =        $883.965million

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Illegal Kerosene subsidy for two years                               =         $6.578billion

Illegal subsidy deductions amounting to                                       =         $1.2billion

PPMC's staff salaries overstatement                                    =         $36.93million

Sharp increase in pipeline surveillance cost

Between 2012 and 2013                                                          =         $9.02billion


Unbudgeted fuel subsidy in 2012                                                     =         $585million

NNPC's Illegal expenses                                                            =         $1.059billion

Royalties and Taxes NPDC was asked to refund              =         $447.817million

TOTAL                                                                                             =    $20.064billion


The big question is: Where are the unremitted funds uncovered by the Senate Committee's report?

Sir, I make bold to say that the report of the Senate corroborated my assertions in previous open letters to you that Diezani is more financially reckless compared to Mallam Sanusi Lamido Sanusi who was suspended for alleged 'financial recklessness.'

Now that the Senate has reeled out these huge amounts that the NNPC illegally withheld or expended, permit me to use this medium to call on the Economic and Financial Crimes Commission (EFCC) and other security agencies to take over and prosecute those responsible for the gross abuse of office and national resources.

However, if the anti-graft agencies fail to do what is required of them by law, I am prepared to invoke all necessary legal instruments to compel them to prosecute those who failed to comply with extant constitutional provisions on this issue of missing/unremitted billions of dollars.

Again, I want to ask, Mr. President, are all these Constitutional breaches not enough for you to sack Diezani, GMD NNPC, Mr. Andrew Yakubu, and MD PPMC, Prince Haruna Momoh?

I wish to use this medium to urge the Senate to stand on the side of the masses when considering the report. Nigerians and the world are watching to see.

Senate's final resolution on these major constitutional breaches by the NNPC.

The call on the Senate to stand by the people has become necessary following online media reports that fronts for the NNPC are presently inducing some members of the Senate Committee with bribes to get them to endorse the interim report which was earlier hyped as having cleared the Minister and NNPC of any infractions.

I however pledge to continually update Nigerians as more facts emerge on this issue of missing $20billion.

Long Live Mr. President!
Long Live Federal Republic of Nigeria!!


Comrade Timi Frank

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