Published On: Wed, Dec 11th, 2013
Africa | By NewsRescue
IMPEACHABLE: Jonathan, Diezani, Okonjo-Iweala Culpable in Diversion of $50bn Oil Funds
Jonathan-Diezani-Okonjo-Iweala

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Dec. 10, 2013

PREMIUMTIMES

President Goodluck Jonathan and two of his top ministers may be attempting a cover-up on what clearly competes as Nigeria’s biggest fraud ever, involving the illegal diversion, or theft, of over N8 trillion crude oil sales proceeds.

In a frantic and unusual memo to the president on September 25, 2013, Central Bank governor, Sanusi Lamido Sanusi, detailed how government-owned oil firm, the Nigerian National Petroleum Corporation, NNPC, systematically diverted the huge sum, being sales proceeds between January 2012 and July 2013.

The CBN governor said for all crude oil sales within the period, the NNPC paid only 24 percent proceeds into the federation account, and diverted or stole the remaining 76 percent-totalling N8 trillion.

As the CBN calculated, the NNPC sold at least 594 million barrels of oil within the period, and should have paid N10.3 trillion (USD65.3 billion) into the federation account. But the corporation paid only N2.5 trillion (USD15.5 billion), Mr. Sanusi said, citing documentation from pre-shipment inspectors.

The whereabouts of the huge balance is unknown.


If I were living in this corrupt country, I would worry less about
about gay rights else where and concern myself with corruption and starving millions in my own country. JMHO.