Energy

CACOL calls for comprehensive audit of NNPC accounts

Published

8 years ago

June 7, 2018

The Centre for Anti-Corruption and Open leadership (CACOL), has called for a comprehensive audit into the monies previously remitted by the Nigerian National Petroleum Corporation (NNPC) to the federal confers to ensure that there were no irregularities.

CACOL made this call in a statement made available to National Daily on Thursday.

Executive Chairman of CACOL, Mr. Debo Adeniran in the statement stated that the body frowned at the NNPC’s refusal to abide by the extant laws while remitting revenue to the federation account.

He cited a media report in which the Department of Petroleum Resources (DPR) stated that the NNPC, contrary to the governing laws of the petroleum industry, has been remitting lump sums as revenue into the federation account without separating such payments from royalties and petroleum profit tax (PPT).

The CACOL boss further noted that remitting monies contrary to the stipulated format creates room for sharp practices and looting of revenue that should be paid into the federation account.

Adeniran asked: “Is it not ridiculous that institutions that are supposed to show examples to others by adhering to the laws and regulations are the ones violating them?”

He further stated, “It is preposterous that a corporation as huge as NNPC, whose activities determine the state of the nation’s economy, will in its dealings make it difficult for the Government to determine its profit or loss margin after investment.

“CACOL therefore calls on the DRP to initiate a comprehensive audit into the monies previously remitted to the federal coffers to ensure there are no irregularities.”