CACOL FROWNS AT NNPC’S ANTICS

The Centre for Anti-Corruption and Open Leadership, CACOL, has frowned at the Nigerian National Petroleum Corporation’s (NNPC) refusal to abide by the extant laws while remitting revenue to the federation account.

The CACOL’s Executive Chairman, Mr. Debo Adeniran, 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.”

Aghagbobi Ikenna
Ag. Media Officer, CACOL
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cacolc@yahoo.com,cacol@thehumanitycentre.com