Buhari silent over crisis of missing US$759.39m oil money in DPR

President Muhammadu Buhari is yet to take effective action over the controversy of on alleged missing oil money in the Department of Petroleum Resources (DPR).

National Daily learned that an audit by the Office of the Auditor General for the Federation (OAGF) for the period of January 1, 2014 to December 31, 2017, exposes that about US$759, 387,755.10, (N273,379, 591,837.00) was illegally withdrawn from the Signature Bonus Accounts of the Department of Petroleum Resources (DPR).

National Daily, however, learned that the DPR has refuted being a signatory to government accounts; the Department, therefore, forwarded the audit query to the office of the Accountant General of the Federation identified to be responsible for managing funds on behalf of the Federal Government.

The DPR was said to be responsible for collecting revenue on behalf of the Federal Government of Nigeria on oil royalty, gas royalty, gas flared penalty, concession rentals, as well as miscellaneous oil revenue.

It was noted that while revenues accruing from these sources, which run into billions, are expected to be paid into the Federation Account, the audit report indicated that details of the utilisation of the N273 billion withdrawn from the Signature Bonus Account of the DPR could not be ascertained.

The single paragraph report with reference number: OAuGF/GEN.CORR./AuGF, dated February 8, 2019, indicated that the sum of US$469,387,755.10 (N168, 979,591, 836) was withdrawn from the Signature Bonus Account domiciled with JP Morgan Chase Bank between April 10 and April 30, 2015 to an account titled “CBN Autonomous FEM Account, Garki, Abuja, Nigeria.”

National Daily further learned that the second withdrawal, according to the report titled: “Periodic Checks Report on DPR for the period of January 2014 to December 2017,” amounted to US$290,000.000.00 (N104, 400,000,000.00), was made from the Signature Bonus Account domiciled with JP Morgan Chase Bank in three tranches.

It was highlighted that the first tranche of US$ 100,000,000.00 (N36 billion) was made on July 7, 2014 while the second trench amounting to US$40,000,000.00 (N14, 400, 000,000.00) was made on February 19, 2015.

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The report also indicated that the third tranche which was in the sum of US$150,000,000.00 (N54 billion), was made on May 8, 2015 via the Standard Chartered Bank to First Bank, Nigeria, in favour of the Petroleum Technology Development Fund (PTDF).

It was observed that rather than being swept to the Federation Account, the transactions bore the description, “Being funds released to PTDF for execution of critical project.”

“No explanation was provided on these withdrawals as the DPR claimed that it had no control over withdrawal from the Signature Bonus Account; though, it accounts for such withdrawals in its cash book,” the report indicated.

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The Periodic Checks Report signed by the Auditor General for the Federation (AGF), A.M. Ayine, was disclosed to have requested the Director of the DPR to provide explanation on how withdrawals from the Signature Bonus Account are recognised in the books of the organisation. It was gathered that the Accountant General of the Federation, the Minister of Finance, and the Governor of the Central Bank of Nigeria (CBN) were requested to produce the authority to transfer funds from the Signature Bonus Account to any other account rather than to the Federation Account.

“Furthermore, the Accountant General of the Federation and the Minister of Finance should provide details of the utilisation of the US$759, 387,755.10 withdrawn from the Signature Bonus Account,” the report also indicated.

The Economic and Financial Crimes Commission (EFCC) is yet to intervene or commence investigations, while the President has not issued any executive order on the alleged missing oil money.