Proceeds Of 17.877mb Crude Oil Export Remitted To Federation Account –NNPC

The Nigerian National Petroleum Company Limited(NNPCL), has said, all crude oil transactions between 2016 to 2020 were sufficiently accounted for and proceed duly remitted into the federation account.

Chief corporate communications officer of NNPC Ltd, Garba Deen Muhammad, in a statement, yesterday denied an online publication, alleging that, the company exported 17.877 million barrels of crude oil without proper documentation in four years from 2016 to 2020.

According to Muhmmad, the Auditor General’s report in reference did mention 32 oil marketing companies involved in the non-completion of the NXP forms; but he, however, noted that does not in any way mean that the proceeds from the sale of the said crude were not repatriated into the coffers of NNPC and consequently into Federation Accounts for Federation related barrels.

He also emphasised that the NNPC does not appoint Inspection Agents as alleged, but rather, it is the sole responsibility of the Federal Ministry of Finance.

A report, quoting the former auditor-general of the federation (AuGF), had accused some exporters of shipping crude oil without completing the required Nigeria export proceeds (NXP) forms.

The AuGF was also said to have faulted NNPC Limited for appointing inspection agents in 2017, in flagrant disregard of a preceding directive by President Muhammadu Buhari.

“Our attention has been drawn to an online publication, alleging that NNPC Limited exported 17.877 million barrels of crude oil without proper documentation in four years (2016 to 2020),” the statement reads.

“The auditor-general’s report in reference did mention 32 oil marketing companies involved in the non-completion of the NXP forms but that does not in any way mean that the proceeds from the sale of the said crude were not repatriated into the coffers of NNPC Limited and consequently into the federation accounts for federation related barrels.

“It should also be noted that NNPC Limited does not appoint inspection agents as alleged, but rather, it is the sole responsibility of the federal ministry of finance.

Muhammad therefore urged the general public to  disregard the said malicious publication, and instead visit the relevant Auditor General’s website to see the full content of the audit report, and be guided accordingly.