* Oil revenue accounts for 80 pct of gov't revenues
* Probes have found state-oil firm to lack transparency
* Nigeria is Africa's 2nd largest economy, top oil producer
By Joe Brock
ABUJA, Dec 10 (Reuters) - Nigeria's state-energy companyNNPC hasn't accounted for nearly $50 billion in revenue from thesale of crude oil which should have been paid into governmentaccounts under law, the central bank (CBN) has said.
CBN Governor Lamido Sanusi said in a letter dated Sept. 25 to President Goodluck Jonathan that NNPC earned $65.3 billionfrom crude oil sales between January 2012 and July 2013 but onlyremitted 24 percent of this to the federation account and $49.8billion was still outstanding.
"I am constrained to formally write your Excellency,documenting serious concerns of the CBN on the continued failureof the NNPC to repatriate significant proportions of theproceeds of crude oil shipments it made in gross violation ofthe law," the letter seen by Reuters said.
NNPC has been criticised for lacking transparency and fordiverting funds in several investigations in recent years butthe central bank governor appears to be one of the mosthigh-profile figures to have brought up the issue with Jonathan.
CBN sources confirmed the letter was genuine. The CBNspokesman said he could not comment on private correspondenceand Sanusi did not respond when contacted for comment.
A senior source at the presidency told Reuters Jonathan hadreceived the letter and had asked the head of NNPC to give himan explanation. The presidency spokesman did not respond.
"The allegation is borne out of misunderstanding of theworkings of the oil and gas industry and the modality forremitting crude oil sales revenue into the Federation Account,"said an NNPC statement issued in response on Tuesday.
NNPC said it had remitted its oil sale proceeds but themissing funds should come from other government departments whoare responsible for petroleum tax and royalties, while otherfunds will have been spent on field development.
MISSING FUNDS
Sanusi's letter says the missing $49.8 billion is from thevalue of oil NNPC sold and makes a distinction with taxes. Itsays under law NNPC must submit all oil export proceeds.
"As an indicator of how bad this situation has become,please note that in 2012 alone, the Federation Account received$28.51 billion in Petroleum Profits and related taxes but only$10.31 billion from crude oil proceeds," the letter said.
NNPC sold 46 percent of Nigeria's oil between January2012-July 2013 but its remittance amounted to only one-third ofthe taxes paid by oil companies that exported the other 54percent, the letter claimed.
NNPC exports Nigeria's share of around 2-2.5 million barrelsper day of oil the country produces, mostly in joint ventureswith oil majors like Royal Dutch Shell, Exxon Mobil, Italy's Eni and Chevron.
Crude exports and taxes earned from these oil majors account for around 80 percent of government revenues in Africa'ssecond largest economy and top oil producer.
A probe last year by the former head of Nigeria'santi-corruption body, Nuhu Ribadu, recommended an overhaul ofNNPC because it lacked transparency in the way it sold oil,wielded too much power and was a vehicle for corruption.
Jonathan set-up a committee to investigate the findings ofthe probe but the panel's report was never made public. OilMinister Diezani Alison-Madueke denied at the time that therewas a problem with corruption within NNPC.
A report in 2011 by Transparency International and RevenueWatch found NNPC to have the poorest transparency record out of44 national and international energy companies it evaluated.
