Committee frowns at failure of oil marketers to explain payments of $2.749billion to PPT/FIRS account

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Committee frowns at failure of oil marketers to explain payments of $2.749billion to PPT/FIRS account

Some of the representatives of the International Oil Companies (OICs) and Deposit Banks who
> appeared before the Honourable  Abdurazak led House Ad-hoc Committee investigating the $17
> billion undeclared crude exported to global destinations, declined
> knowledge of the purposes of the payments  their organisations made as contained in the bank statements presented to them.

The Committee had on Wednesday launched fresh investigation into over $2.749 billion paid by a deposit
> bank into the Central Bank of Nigeria (CBN) on behalf of
> some oil marketers involved in the lifting of crude oil and
> Liquefied Natural Gas (LNG).
> The responses of various individuals who appeared before the Committee exposed their shear ignorance of the subject matter and the development prompted the Committee Chairman, Honourable  Namdas  direct Managing Directors of Addax Petroleum, Sahara
> Energy, Total Nigeria Plc, Eterna Energy, Chevron and Standard Chartered Bank to appear before the committee on Thursday, 13th April, 2017.
>For instance one of the documents showed that total sum of $748,759,496.69 was paid through  various domestic banks into the CBN’s Petroleum Profit Tax,/ Federal Inland Revenue Service( PPT FIRS) accounts between 4th January, 2012 and 28th February, 2012 which could not be explained .
> The lawmakers specifically demanded for details
> of the $2 billion paid through Standard Chartered Bank into CBN on behalf of some major oil marketers.
> Representatives of Nigerian National Petroleum Corporation (NNPC) had on Tuesday, 11th
> April, 2012 denied knowledge of the CBN Petroleum Profit Tax /FIRS account.
>In his briefing on the outcome of the investigative public hearing so far, Namdas explained that the Committee might be compelled to invoke relevant sections of the Constitution against erring heads of various agencies and parastatals who failed to honour the invitation of the Ad-hoc Committee.
>He stated that some of the oil marketers only paid Education Tax but failed to pay
> other requisite taxes including NIMASA levy, NDDC levy,among others.
> Namdas who described the exercise as “good
> but a tough one,” disclosed that over 80 companies were invited to testify before the Adhoc Committee.
> “In the course of our investigation s, 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 say yes. “But that they are not sure but will get
> back to you. So we expect that if you are in the oil and gas
> 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 say at least, confirm.
> “Though some confirmed that yes, this is
> from them but they don’t know what these payments stand for and that is why we are investigating them.
> “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 they have not paid,”.
> To this end, he emphasized the need for all the Ministers and heads of various agencies as well as
> Corporate Organizations involved in the crude oil lifting and Liquified Natural Gas to appear in person as from Thursday, 13th April, 2017.


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