USA Africa Dialogue Series - Fw: "Between Presidents Obasanjo, Yar'Adua and Jonathan ?16 Trillion was Stolen" – Investigation Reveals

A message from the cause For a Corruption-Free Nigeria! New message about "Between Presidents Obasanjo, Yar'Adua and Jonathan ?16 Trillion was Stolen" – Investigation Reveals Posted by Elombah Perspective (cause founder) Tell your friends about this SHARE THIS NOTE FRAUD and other infractions in Nigeria's critical oil and gas industry are enough to derail any stable economy, going by the report of the Petroleum Revenue Special Task Force by a former chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu. The findings, which President Goodluck Jonathan has ordered to be submitted to him by next Friday, show that the nation has lost over N16 trillion revenue in the last 10 years, from avoidable deficits and criminal poaching of material resources in the industry. In the official report, N10 trillion was lost to crude oil theft, from a yearly loss of 250,000 barrels per day or N1 trillion yearly, from computations made by the international oil companies and government officials. In the period under review, N178 billion worth of refined petroleum products was stolen from the pipelines, through vandalism orchestrated by thieves. The task force also discovered $5 billion (N785 billion) short-payment from sale of domestic crude oil to the Nigerian National Petroleum Corporation (NNPC), while the latter also recorded a deficit of N298 billion from the accounts of its 16 subsidiaries. Also, $183 million (N28.7 billion) remained outstanding from signature bonuses. The Department of Petroleum Resources (DPR) recorded another $2.9 million (N455 million) outstanding from its various concessionaires. A total amount of $3.027 billion (N475.2 billion) was recorded by the task force as outstanding royalties, with Addax Petroleum alone defaulting by $1.5 billion in 2003 fiscal regime. In the gas industry, the nation lost $29 billion (N4.55 trillion) to deficit payment from the sale of Liquefied Natural Gas (LNG), while $115 million (N18 billion) outstanding was discovered unreconciled from the amount of penalties for gas flaring. And even $58 million (N9 billion) remained uncollected from the companies that were penalized. LIKE OUR NEW PAGE ON FACEBOOK @ http://links.causes.com/s/clEXa4?r=S27d Download the entire Ribadu report @ http://links.causes.com/s/clEXbw?r=S27d Want to get involved? See this note on Causes Address: Causes, 88 Kearny St, Suite 2100, San Francisco, CA 94108 United States | Privacy Policy To stop receiving emails from this cause, unsubscribe.