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Nigeria: NNPC Diverts N17 Billion Govt Revenue
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Vanguard (Lagos)
12 January 2008
Posted to the web 14 January 2008
Tordue Salem
THE Nigerian National Petroleum Corporation (NNPC) has diverted over N16 billion of revenue it generated for government in the sale of African Petroleum shares to a "Call" Account serviced by the NNPC Pension Fund Limited, it has been revealed.In a letter it wrote the House of Representatives Committee on Privatisation and Commercialisation, dated January 7, 2008, upon the Committee's "request for statement of account in respect of AP Plc shares transactions", one Mrs. V.D. George who signed the letter, made available to Saturday Vanguard, on behalf of the Managing Director NNPC Pension Fund Limited, states that "Your letter dated 17th December 2007 and 3rd January 2008 on the subject matter refers. Please find enclosed here in photocopies of Zenith Bank Plc, cheques Nos. 00138955 and 00139350.
"Cheque No. 00138955 for N14,172,749,181,00, was paid into Zenith Bank Plc, Maitama Abuja. Cheque no: 00139350 for N2,409,789,725.00 was paid into Zenith Bank Plc, Wuse Branch Abuja." The letter enclosed copies of placement letters dated 3rd May 2007 and 8th May for the amounts respectively.
Another letter responding to a request by the House Committee from Zenith Bank on the Accounts, entitled: "Re: NNPC Pension Fund-Lodgment of N14,172,749,181", stated that "We refer to the above and forward herewith a Zenith Bank Cheque on Cheque No. 00138955 for N14,172,749,181 to be placed on Call under the following terms and conditions:
Amount -N14,172,749,181.00 2. Tenor-Call 3. Interest Rate-10%, signed on behalf of NNPC Pension Fund Limited by one Mr. A.I. Ahmed, the Managing Director.
A separate letter to the Committee also signed by Ahmed, and obtained by the reporter, Zenith Bank specifies that the second lodgment is "N2,409,789,725.00, to be placed on investment under the following terms and conditions: Tenor-90 days, while "interest rate-(is) 10% p.a."
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A copy of N2 billion cheque, broadly prints "Manager's cheque," and is manually signed by one Vivian Akpalaba, who Saturday Vanguard learnt is a staff of the Bank at its Wuse branch.
A source at the House Committee on Privatisation who made available reproduced copies of the letters and cheques issued, said the "House would take a swift action against the NNPC for defrauding the country of such huge sum of money that could have been ploughed into the budget. The constitution does not recognise any Special Account or call Account as regards monies generated by an agency of government. All revenue from NNPC ought to have gone to the Federation Account, because African Petroleum is government property and as such anything generated from the sale of its shares, must go to the Federation Account".
But NNPC spokesman, Dr. Livy Ajuonoma, in his response Thursday, said "I do not work in the accounts department, so how am I supposed to know all these things, but that the AP shares is part of the pensions fund, but if it is true that it is still in Zenith Bank, that means the money is still there.
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