Reps summon DPR over missing $1.2bn signature bonus.

From JAMES OJO, Abuja
Tuesday, July 7, 2009

Photo: The Sun Publishing

Following claims and counter claims about the actual amount collected as signature bonus by the Petroleum Technology Development Fund (PTDF), the Office of the Accountant General of the Federation, Office of the Auditor General of the Federation, as well as the Central Bank of Nigeria (CBN), the House of Representatives yesterday summoned the Department of Petroleum Resources (DPR) to come and regularise the accounts.

The agencies have been rolling out different figures collected from 44 oil companies as signature bonus for government between 2005 to date and what was actually released to the PTDF as statutory as demanded by the House’s Public Accounts Committee.

In one breath, PTDF claimed that it was supposed to have drawn $1.2 billion from signature bonuses on oil blocs awarded in the 2005 bid round, while in another breath, the Office of the Accountant General of the Federation claimed it was supposed to be $1.071 billion.

To add to the confusion, the Central Bank of Nigeria said a total of $450 million was released to the PTDF on the advice of the Office of the Accountant General of the Federation, while the latter claims that the amount that was released was $840 million.

Confused by the claims and counter claims, the Public Accounts Committee concluded that the only way out of the logjam was to invite the DPR and Friday, July 9, 2009 was fixed as the date for DPR to appear.
Executive Secretary of PTDF, Engineer Muttagha Rabe Darma, in his testimony admitted that the fund received stood at $533 million USD since 2005, which he said came in two installments, one in foreign denomination ($450 million USD) and N10 billion ($83 million) in local currency.

But the Deputy Director, (Revenue) in the Office of the Accountant General of the Federation, Mr. Mohammed Dikwa, disclosed that apart from the release of a hundred million dollars ($100 million USD) to PTDF and sundry bank charges, there has not been much transactions on the signature bonus account, particularly in the last one year.

Acting Chairman of the Committee, Hon. Labaran Dambatta, observed that the conflicting claims cannot be resolved, unless the Department of Petroleum Resources, which is the statutory organ for conducting oil bid rounds and allocation of oil blocs was invited to shed some light on the controversy.
“It appeared that some persons in positions of authority were not prepared to let the PTDF have access to its statutory funds, such persons might need to amend the law setting up the fund before such cut in its finances could be affected,” he stated.

The committee also asked the CBN to furnish it with the statement of account from JP Morgan who manages the dollar accounts of the DPR in New York, United States of America in order to ascertain the exact amount that has been received by the DPR.


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