Senate probes alleged missing $49.8 billion

*Missing fund must not be swept under carpet–APC senators warn
*Insist “we ‘ll follow probe to the latter

The Nigerian Senate at plenary on Wednesday, directed its finance commitee to commence a full-scale probe into the alleged missing $49.8 billion from the nation’s treasury. Senate also mandated the committee to conclude its findings and report back to it in less than seven days.

Senate directive followed a Point Of Order 42 of the Senate standing rules raised under Matter of Urgent National Importance by Senator Olubunmi Adetunbi (APC Ekiti North), not only to draw the attention of the upper legislative chamber to the allegation but request that it carry out an indebt probe of the missing fund.

The alleged missing fund is said to be the value of crude oil export and proceeds from the Nigeria National Petroleum Corporation, NNPC, expected to be lodged in the Central Bank of Nigeria, CBN.

Senator Adetunbi who is the Vice Chairman, Senate Committee on Planning and Budgeting, at the plenary, said: “There has been a raging debate on the issue of missing money from the coffers of the Federal Government of Nigeria. Today, all papers carried the report on $49.8 billion that has not been remitted to the federation account.”


Adetumbi explained further that the nation’s apex bank, the Central Bank of Nigeria, CBN, had written on the account from January 2012 to July 2013, urging the Senate to carry out a holistic investigation on the matter.

“Mr President, as a parliament, this is a very grave issue. The parliament owes a duty or responsibility to the public to ensure that we get to the bottom of this issue for purposes of public information and for purposes of integrity of this parliament, because appropriation and revenue is the major responsibility of this parliament,” he said.

Senate President, David Mark, who presided over the session where the issue came up, said the matter cannot be instantly treated because according to him, there was no detailed information before the Senate yet. Besides, he said the allegation which Senator Adetunbi was relying on was a newspaper report just as he said he had earlier in a meeting with the senator on the issue, promised that the Senate Committee on Finance would handle the matter.

“You have come under Order 42, you know what you showed to me was the newspaper report and I also told you that on the basis of that, since you don’t have all the details, that I will refer it to the committee and the committee will get all the details and bring their report here.

“You know that was my discussion with you. So, this new dimension of a letter coming from Central Bank was not discussed with me. But whatever it is, I think rather that because we don’t have the details at this point, we cannot go into any further detailed discussion.

“So, I will refer it to the committee on finance. I am just saying what you have discussed with me and that is what I am going to do, because the newspaper is what you brought to me, so you will lay the newspaper on the table and then I will refer the matter to the committee. I want the details, ”he said.

Mark’s position that the issue be handled by the committee on finance attracted resistance from some members of the All Progressives Congress, APC, who suggested that rather than the committee on finance, the issue be directed to the Senate Committee on Public Account. But Mark stood his ground, saying: “Please, there is no expenditure involved yet. This is money that we have not found, so there is no public account yet. The public account will come in when the money is spent. But whatever it is, please lay it on the table before we see who values it.”

Mark directed the Deputy Senate Committee on Finance, Joshua Dariye (LP Plateau Central) to ensure that the report gets back to Senate in less than seven days. “I will refer this to the finance committee and I want it back within seven days but I will want it in the earliest possible days because this is a matter that requires urgent attention,” he said.

Meanwhile, the All Progressives Congress, APC senators have warned that the probe must not be swept under the carpet even as they assured that they would follow the probe to logical end. The senators, led by Senate Minority Leader, George Akume, at a press Conference shortly after plenary, said there was no cause to doubt the authenticity of the alleged missing fund, because according, the report came from a very authentic source.

“We have been told and we have every cause to believe that this money is missing. This document is coming from the Central Bank of Nigeria. It is an authentic source,” Senator Akume who read a prepared speech before newsmen said.

He added: “This matter cannot be swept under the carpet. We are determined to follow it to the fullest and we want you to join us in doing so. One of our responsibilities is to as much as possible identify with the people by ensuring that those of us who are charged with higher responsibility conform with very high standard expected of people in public office.

“We have invited you on an issue which is very grave and central to good governance in our country. You are already aware of the missing $49billion. Now this money is the value of crude oil export and proceeds from the NNPC. Section 162 is very clear on where federally collected revenue are supposed to be lodged. For clarity and emphasis I quote this section.

“We have every cause to believe that this money is missing. This document here is from the Central Bank of Nigeria. This is a very authentic source. It is a very authentic document.

The issue is who actually authorized the lodging of this money elsewhere if at the money is not missing then who gave authorization for opening of this account where these monies are paid contrary to section 162 of the Constitution of the Federal Republic of Nigeria?”