NEITI clears PPPRA … confirms remittance of N4.4b to CBN

THE Nigeria Extractive Industries Transparency Initiative (NEITI) has absolved the Petroleum Products Pricing Regulatory Agency (PPPRA) over the refund of N4.423 billion over-recovery fund.

In a joint meeting at the instance of Secretary to the Government of the Federation (SGF), Pius Anyim, in Abuja Tuesday, the two agencies said the 'missing' fund has indeed been deposited in the Petroleum Support Fund (PSF) domiciled with the Central Bank of Nigeria (CBN).

A statement, which was jointly signed by the Executive Secretary of PPPRA, Mr. Reginald Stanley and his NEITI counterpart, Mrs. Zainab Ahmed, added: 'Following the sustained media engagement between PPPRA and the NEITI over the recently released 2009-2011 Industry Audit in the Oil and Gas Sector, and the findings as they affect PPPRA, a joint meeting between the two agencies was held today (yesterday) in Abuja, with the managements of the two agencies in attendance.

'The Joint Reconciliation meeting, after exhaustive and useful deliberations, resolved that the sum of N4.423 billion in dispute has been reconciled and traced to the PSF account domiciled with the Central Bank of Nigeria (CBN).'

The statement also added that there is nothing outstanding against the PPPRA on the said account.

The meeting also said the two organisations have devised strategies aimed at addressing other matters arising from the NEITI 2009 to 2011 audit report using the instrumentality of the Inter-Ministerial Task Team (IMTT) set up by President Goodluck Jonathan to address remedial issues arising from the audit report.

Consequently, as a way of checkmating future misrepresentations, the two organisations also resolved to ensure effective communication network between the two agencies for effective inter-agency cooperation in pursuit of their mandates.