https://www.accessbankplc.com/ https://www.accessbankplc.com/ https://www.accessbankplc.com/
ADVERTISEMENT
  • About Us
  • Privacy Policy
  • Contact Us
Tuesday, July 15, 2025
The Genius Media
  • Login
  • News
  • Politics
  • Business
  • Crime
  • Education
  • Health
  • Jobs
  • Sports
No Result
View All Result
  • News
  • Politics
  • Business
  • Crime
  • Education
  • Health
  • Jobs
  • Sports
No Result
View All Result
The Genius Media
No Result
View All Result
First Bank Ad First Bank Ad First Bank Ad

FALANA : $20.2bn missing from NNPC since 1999

Tgmedia by Tgmedia
November 16, 2017
in News
0

A Human rights lawyer Femi Falana SAN has accused the Nigerian National Petroleum Corporation (NNPC) of failing to remit over $20.2 billion from the return of democracy in 1999 to date, saying that “instead of piling up external loans, the Federal Government should be compelled by the Nigerian people to embark on the immediate recovery and repatriation of hundreds of billions of dollars from the NNPC.”

Falana was speaking on Wednesday in Lagos at a national seminar on “Promoting Transparency and Accountability in the Recovery of Stolen Asset in Nigeria: Agenda for Reform”, organised by Socio-Economic Rights and Accountability Project (SERAP) in collaboration with the Ford Foundation, United States of America.

According to Falana, “transparency and accountability are interconnected to the application of economic, political and administrative management of the affairs of a state. The exercise of these affairs is that they must be seen to be exercised by the citizens of a state. Where a government parastatal such as the Nigerian National Petroleum Corporation (NNPC) is said to have failed to remit oil revenue to the tune of $20 billion, issues of good transparency and governance becomes a crucial issue.”

In his paper, Falana said: “The Federal Government has to re-focus its recovery of stolen assets by vigorously pursuing recovery of assets from multinational corporations and not just the countries that illegally keeping the looted wealth of the country. The recovery of our looted wealth should also be extended to the few Nigerians who have been indicted in the Panama and Paradise papers. The EFCC (Economic and Financial Crimes Commission) and the Federal Inland Revenue Service should recover appropriate taxes from the offshore companies set up by such individuals.”

Falana called on the government of President Muhammadu Buhari to “comply with the order of the Federal High Court which has directed the Federal Government to account for the loot recovered since 1999.”

The seminar was attended by Eva Kouka, Senior Program Officer at Ford Foundation, Linda Ochiel also of Ford Foundation, Sonia Warner of the Department of International Development (DFID), Osai Ojigho, Director Amnesty International Nigeria, Adeniyi Kayode of Open Government Partnership, Obono Oblia, Senior Assistant on Prosecution to President Buhari and Oluseun Onigbinde of BudgIT, among others. Mr Abiodun Aikomo represented the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami SAN, and Bola Oyebamiji, Osun State Commissioner for Finance represented Governor Rauf Aregbesola.

Falana’s paper read in part “It is undoubtedly clear that the governments of western countries and the United Arab Emirates are not going to co-operate with Nigeria in the repatriation of the nation’s looted unless the Federal Government is prepared to adopt appropriate diplomatic and legal measures. In addition, the labour unions and other civil society organisations in the affected countries have to be mobilised to mount pressure on their governments to return our looted wealth.

“Upon the inauguration of the Mohammadu Buhari administration the governments of the United States, United Kingdom and Switzerland assured the federal government that stolen funds and assets stolen from Nigeria would be repatriated. Not only have these countries refused to cooperate with Nigeria they have also frustrated the efforts of the federal government to recover and repatriate such tainted funds and assets.

“In a display of sheer arrogance and hypocrisy in June last year the then British Prime Minister, Mr. David Cameron described Nigeria as ‘a fantastically corrupt country’. In his reaction to the embarrassing comment, President Buhari asked Mr. Cameron to return the stolen wealth of Nigeria in the United Kingdom.

“The government of the United States has filed copious objections to the suit filed by Nigeria in Jersey for the recovery of over $300 million of the (General Sani) Abacha loot. The gravamen of the objection is that the fund be released to the United States to manage on behalf of Nigeria.

“In the same vein, Switzerland has insisted that the sum of $321 million of the Abacha loot would not be repatriated to Nigeria unless the World Bank would be allowed to monitor the disbursement of the fund. Such patronizing attitudes of western governments which had cannot be justified having regard to the fact that they had connived with a few unpatriotic Nigerian public officials in the grand looting of the treasury of Nigeria.

“Transparency and accountability in political office imply that elected government officials are conscientious and accountable for their decisions and actions and imbibe integrity, selflessness and neutrality in order to ensure probity in service. Transparency and accountability in public services create confidence in the citizenry in terms of implementing governmental processes to promote the public good.

“Capital flight, illegal exportation of profits, tax evasion through shell companies, currency devaluation and dollarisation of the economy are promoted by the Central Bank under the peripheral capitalist system operated by the Federal Government. The point I am struggling to make is that the limited gains recorded by the Buhari administration in the fight against corruption are a tip of the iceberg view of the massive capital flight that is legitimized by market forces.

“Convinced that the federal government was chasing the shadow in the fight against corruption I have had cause to petition the Economic and Financial Crimes Commission to open the allegations of corruption which border on crimes against humanity. In the said petition I alleged as follows:

“From five cycles of independent audit reports covering 1999-2012 the National Extractive Industries Transparency Initiative revealed that the Nigerian National Petroleum Corporation, some oil companies and certain agencies of the Federal Government have withheld $20.2 billion from the Federation Account.

“In 2006, the Central Bank of Nigeria removed $7 billion from the nation’s external reserves and placed same as deposit in 14 Nigerian banks. In 2008, the Bank gave a bailout of N600 billion ($4 billion) to the same banks. Up till now the CBN has failed to recover the said sum of $11 billion from the banks.

“On September 6, 2016 the Nigerian National Petroleum Corporation (NNPC) announced that arrangements had been concluded to recover the sum of $9.6 billion in over-deducted tax benefits from joint venture partners on major capital projects and oil swap contracts. The NNPC is said to have recovered the said sum of $9.6 billion but has not same remitted same into the Federation Account.”

Share this:

  • WhatsApp
  • Email
  • Tweet
  • Telegram

Like this:

Like Loading...
Previous Post

Chevron says it will push for Myanmar human rights….foster a good business environment.

Next Post

No movement on Niger Bridge – Delta police boss

Related Posts

News

Nigerian military Set To Release 155 Ex-Boko Haram Sect Into Society [FULL REASON]

November 25, 2018
News

VIDEO: Dwarf Beaten Mercilessly Over Missing Penis In Enugu State

September 15, 2019
Lifestyle

THE 2018 GTBANK FOOD AND DRINK FAIR…….Set to hold for 3 Days

April 10, 2018
Next Post

No movement on Niger Bridge - Delta police boss

ADVERTISEMENT

About Us

Thegenius Media.com.ng is an Online Nigerian NEWS HUB with good coverage and reportage of Exclusive Stories, Daily News Updates, Politics, Entertainment, Crime, Lifestyle, Relationship Tips and Sports.

RELEVANT PAGES

  • About Us
  • Privacy Policy
  • Contact Us

Alert Us

Important Press Releases, Breaking Stories, Special Investigations: thegeniusmedia1@gmail.com

Office Address

No 26 Oroleye Crescent off Abel Oreniyi Street.
Off Salvation Road, Opebi
Ikeja, Lagos

Tel:

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News
  • Politics
  • Business
  • Crime
  • Education
  • Health
  • Jobs
  • Sports

© TheGeniusMedia.com,ng

%d bloggers like this: