$20bn Oil Revenue: NNPC Denies Sanusi’s Claims

The Nigerian National Petroleum Corporation (NNPC) has denied allegations by the governor of the Central Bank of Nigeria (CBN), Lamido Sanusi Lamido, over alleged missing $20 billion unaccounted for by the corporation.

The group managing director of the NNPC, Mr Andrew Yakubu, said that Sanusi misrepresented facts in alleging that NNPC violated the presidential directive on kerosene subsidy.

A document obtained by LEADERSHIP which Yakubu would present to the committee today, however, states the actual position with regard to the politics of the kerosene subsidy.

According to Yakubu, the late President Yar’Adua actually issued a directive on the deregulation of kerosene, but the administrative procedure for implementation was not concluded before his demise . “As a matter of fact, the presidential directive contained conflicting provisions that required further clarification to warrant implementation.

“The NNPC attempted through several correspondences to seek clarifications on the conflicting clause in the directive without any positive response. it would appear that Sanusi ran into the same difficulty encountered by NNPC in interpreting the controversial presidential directive when he suppressed facts in his submission before your distinguished committee by quoting item (i) of the directive in abridged manner on page 6, paragraph 4 of his submission.”