Missing $49.8bn: Why Alison-Madueke, Others Were Not Indicted – Makarfi

Former Chairman of the Senate Committee on Finance, Alhaji Ahmed Makarfi, has explained why the immediate past Minister of Petroleum Resources, Diezani Alison-Madueke or any other individual was not indicted in the infamous missing $49.8 billion proceeds to federation account.

Makarfi told finance journalists in Abuja on Wednesday that Alison-Madueke was not indicted by the committee that investigated the unremitted $49.8bn revenue by the Nigerian National Petroleum Corporation, NNPC

Makarfi who served as former governor of Kaduna state was the chairman of the committee that was set up by the seventh senate to investigate the $48.9bn unremitted oil revenue following allegations raised by the then Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi.

According to Makarfi, “some people expected us to indict Diezani, she must have committed some other offences but when you come to the issue of the revenue we were probing as regards that period, the NNPC never presented any document she tampered with or approved anything.

 Everything the NNPC did, they said they were the ones responsible and they are the ones accounting.”

He then questioned that “on what basis will you go to an individual to indict that person. Nobody presented any memo, internal or whatever to show that for the period our probe covered, she gave any instruction as regards the missing revenue.”

Specifically, Makarfi gave reporters the copy of the report and it was recommended that “NNPC should refund and remit to the federation account the sum of $262 million being expenses it could not satisfactorily defend.”

He dismissed claims in some quarters that the committee was compromised since it did not indict any official of government as a result of the unremitted revenue.

Brandishing the copy of the report before journalists, Makarfi noted that “we were given an assignment that was very specific, which was that $48.9 billion was not remitted into the federation account and in the course of doing our job, we were given additional task to find out how N700 million was being spent daily to subsidize kerosene.”

According to him “these were the two specific assignments given to us. For the first one we were to determine the amount that entered the federation account within a specified period of time and it didn’t have to do with so many aspects of NNPC operations such as strategic alliances, contracts and allocation of blocks.”

Makarfi then disclosed that “at the end of the day we came out with findings that there was no certainty as to the amount not being remitted, as the CBN was not even sure how much was not remitted. As to the issue of indicating anybody, we didn’t indicate anybody because forensic audit was yet to be conducted then.”

He explained further that “we had understanding with Auditor-General for the Federation that he will conduct a forensic audit which would be forwarded to our committee and we indicated this in our report to the Senate that when we receive the forensic audit report we will make specific recommendations on matters that have to do with individuals.

“Maybe because we were leaving government, all our communications to the auditor general were ignored and we communicated to the senate that we were unable to get this audit report from the auditor general and our hands were tied.”

Defending the integrity of his committee’s report, Makarfi noted that “when the National Economic Council appointed Price Water House to do the same audit but with a wider scope, their report and our own was not far apart. Mind you they had longer terms of reference and longer period to cover.”

“He arranged it and I asked specific questions whether he was aware that subsidy on kerosene was being paid and he confirmed in the affirmative.”


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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