$17bn missing crude: Reps fault $2.7b deposited in CBN

The House of RepresentativesAdhoc Committee probing the $17 billion dollars allegedlystolen from undeclared crude oil and liquefied gas sale sold in the global market yesterday, queried the$2.749 billion depositpaid into the Central Bank of Nigeria (CBN) on behalf of some oil marketers involved in the lifting of crude oil and Liquified Natural Gas (LNG).Some of the representatives of the International Oil Companies (OICs) and Deposit Banks who made an appearance before the committee said they were unaware of the payment or the purpose as contained in the bank statements presented to them.Dissatisfied by this, the chairman of the committee, Hon. Abdurazak Namdas directed the Managing Directors of Addax Petroleum, Sahara Energy, Total Nigeria Plc, Eterna Energy, Chevron and Standard Chattered Bank to appear before the committee onThursday, 13th April, 2017.Namdas who addressed the press immediately after Wednesdays hearing, informed that the Committee may be forced to invoke relevant sections of the Constitution against heads of various agencies and parastatals who failed to appear before it.The lawmaker noted that some of the oil marketers only paid Education Tax but failed to remit other requisite taxes including Nigerian Maritime Administration and Safety Agency (NIMASA) levy, the Niger-Delta Development Commission (NDDC) levy, among others.In the course of our investigations, we realised that most of the companies that made these payments into the CBN account even when you confront them with the payments, they made themselves and we showed them the payments, they are not in the position to tell you an outright yes. That they are not sure but will get back to you.So we expect that if you are in the oil and gas (sector) for several years and you have made some payments within a period of time and you are shown a document, you should be in a position to at least, confirm.Though some confirmed that yes, this is from them, but they dont know what these payments stand for and that is why we are investigating some payments made.For example, they will tell you, they paid for Petroleum Profit Tax and Federal Inland Revenue Service will tell you that, look from their own records these companies have not paid, the committee chairman said.
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