Seven of Sahara Energy Resources’ cargoes carry a ledger line that contradicts the ledger itself. Against each of the seven, together valued at $395,293,066 and belonging to the Federal Inland Revenue Service and the Nigerian Upstream Petroleum Regulatory Commission, the transit entry records the money as remitted in dollars to a designated account, yet the dollar payment column against every one of the seven stands empty. They are the sharpest entries in a book of 64 cargoes valued at $3,638,222,681, across which dollar payments are recorded on 13 cargoes only, leaving 51 cargoes valued at $3,448,591,483, representing 94.8 per cent of the total value, with no dollar payment recorded against them.
The 2023 tax oil cargoes recorded against designated dollar accounts without any dollar payment entered in the ledger begin on 29 January 2023 aboard Sonangol Cazenga with 950,876 barrels of Erha crude belonging to the Federal Inland Revenue Service for $79,528,416, and continue aboard the same vessel on 25 February 2023 with 631,291 barrels of Erha crude for $53,804,932 and on 4 March 2023 with 364,273 barrels of Erha crude for $31,111,464.
The tax oil run continues on 6 April 2023 aboard Sonangol Huila with 923,821 barrels of Bonga crude belonging to the Federal Inland Revenue Service for $82,560,959, on 9 July 2023 aboard Sonangol Cabinda with 660,000 barrels of Erha crude belonging to the Federal Inland Revenue Service for $52,930,020 alongside 201,374 barrels of Erha crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $16,149,591 on the same vessel and date, and on 27 August 2023 aboard Aura M with 888,347 barrels of Erha crude belonging to the Federal Inland Revenue Service for $79,207,684.
The unrecorded position divides by owner into 21 Federation cargoes valued at $1,711,818,478, 16 cargoes belonging to the Federal Inland Revenue Service valued at $929,582,062, nine cargoes belonging to the Nigerian Upstream Petroleum Regulatory Commission valued at $419,216,941, and five cargoes belonging to NNPC Ltd itself valued at $387,974,002, and the findings by SecretsReporters trace every one of those 51 cargoes through the ledger line by line.
The 2022 Federation cargoes open on 14 January 2022 with Front Cosmos lifting 949,289 barrels of Forcados crude for $85,440,756, followed on 31 January 2022 by Aegean Marathon lifting 989,203 barrels of Bonny crude for $89,954,164, on 25 February 2022 by Monte Urbasa lifting 948,787 barrels of Escravos crude for $122,218,946, and on 5 March 2022 by Ithaki Warrior lifting 948,585 barrels of Amenam crude for $106,544,119, each recorded as remitted in naira less under-recovery through Group Treasury.
The Federation run continues on 10 April 2022 with Front Silkborg lifting 934,565 barrels of Escravos crude for $99,377,904, on 6 May 2022 with Eleni lifting 948,296 barrels of Forcados crude for $104,839,813, on 31 July 2022 with Advantage Sun lifting 649,530 barrels of Amenam crude for $69,671,835, on 17 August 2022 with Tianlong Spirit lifting 650,096 barrels of Cawthorne Channel Blend crude for $66,746,657, and on 15 September 2022 with Navigare Tolero lifting 650,057 barrels of Cawthorne Channel Blend crude for $61,852,273.
The closing Federation cargoes of 2022 fall on 11 December 2022 with Front Loki lifting 945,663 barrels of Escravos crude for $78,282,929, on 23 December 2022 with Aegean Vision lifting 955,693 barrels of Egina crude for $80,230,427, and on 24 December 2022 with Seaways San Saba lifting 949,004 barrels of Escravos crude for $78,435,181.
The paired tax oil and royalty oil cargoes of 2022 begin on 26 March 2022 aboard Saturn Moon, which carried 457,947 barrels of Egina crude belonging to the Federal Inland Revenue Service for $48,892,254 and 497,500 barrels of Egina crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $53,115,090 on the same sailing, each recorded as remitted in naira through Group Treasury.
The same paired pattern repeats on 17 April 2022 aboard Nave Buena Suerte with 502,686 barrels of Erha crude belonging to the Federal Inland Revenue Service for $54,003,054 and 450,000 barrels of Erha crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $48,343,050, and again on 8 May 2022 aboard Ellinis with 499,018 barrels of Egina crude belonging to the Federal Inland Revenue Service for $55,299,179 and 497,500 barrels of Egina crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $55,130,960.
The June 2022 pairings fall on 15 June 2022 aboard Delta Aigaion with 450,000 barrels of Bonga crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $55,853,550 and 499,091 barrels of Bonga crude belonging to the Federal Inland Revenue Service for $61,946,676, and on 23 June 2022 aboard Pinnacle Spirit with 450,000 barrels of Erha crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $53,896,050 and 502,614 barrels of Erha crude belonging to the Federal Inland Revenue Service for $60,197,576.
The August 2022 pairing falls on 7 August 2022 aboard Ithaki with 501,808 barrels of Erha crude belonging to the Federal Inland Revenue Service for $52,619,587 and 450,000 barrels of Erha crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $47,187,000, while the single largest tax oil cargo of 2022 falls on 13 November 2022 aboard Kriti Energy with 892,668 barrels of Erha crude belonging to the Federal Inland Revenue Service for $85,955,002.
The December 2022 tax and royalty pairings fall on 9 December 2022 aboard Andaman with 550,000 barrels of Bonga crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $45,414,050 and 400,223 barrels of Bonga crude belonging to the Federal Inland Revenue Service for $33,046,813, and on 30 December 2022 aboard Fairway with 338,545 barrels of Erha crude belonging to the Federal Inland Revenue Service for $27,162,142 and 550,000 barrels of Erha crude belonging to the Nigerian Upstream Petroleum Regulatory Commission for $44,127,600.
The sole NNPC Ltd cargo among the unrecorded 2022 entries falls on 30 May 2022 aboard Runner with 948,251 barrels of Antan crude for $122,819,366, recorded as remitted in naira less under-recovery through Group Treasury, and it stands as the largest single unrecorded cargo of that year in the Sahara ledger.
The 2023 Federation cargoes open on 29 January 2023 with Maran Helen lifting 998,525 barrels of Egina crude for $84,412,308 and on 18 February 2023 with Maran Antares lifting 997,206 barrels of Egina crude for $84,060,477, each recorded as remitted in naira less under-recovery to the NNPC Upstream Investment Management Services account.
The Federation run continues on 26 March 2023 with Montestena lifting 997,970 barrels of Erha crude for $79,350,591, on 20 April 2023 with Nissos Keros lifting 995,322 barrels of Egina crude for $78,618,494, on 12 May 2023 with Pinnacle Spirit lifting 998,480 barrels of Egina crude for $77,351,247, and on 27 June 2023 with Nissos Anafi lifting 997,225 barrels of Egina crude for $76,098,240.
The closing Federation entries of 2023 fall on 6 July 2023 with London Spirit lifting 251,600 barrels of Bonga crude for $20,132,026, on 21 July 2023 with Crude Zephyrus lifting 997,387 barrels of Egina crude for $85,366,353, and on 14 November 2023 with Almi Explorer lifting 949,460 barrels of Bonga crude for $82,833,739.
The 2023 NNPC Ltd cargoes fall on 25 March 2023 aboard Brightway with 948,442 barrels of Forcados crude for $75,403,036, on 16 June 2023 aboard Maran Plato with 951,433 barrels of Qua Iboe crude for $70,665,783, on 11 July 2023 aboard London Spirit with 449,122 barrels of Forcados crude for $35,867,781, and on 27 October 2023 aboard Seabliss with 953,690 barrels of Bonny crude for $83,218,036, each recorded as remitted in naira less under-recovery to the NNPC Upstream Investment Management Services account.
The final unrecorded cargo falls on 29 October 2023 aboard Lord Byron 21 with 801,586 barrels of Erha crude belonging to the Federal Inland Revenue Service for $71,316,305, recorded as remitted in naira less under-recovery to the Federal Inland Revenue Service.
Across the 51 unrecorded cargoes the ledger transit entries divide into 17 cargoes valued at $882,189,633 recorded as remitted in naira through Group Treasury, 13 cargoes valued at $1,166,414,370 recorded as remitted in naira less under-recovery through Group Treasury, 13 cargoes valued at $933,378,110 recorded as remitted in naira less under-recovery to the NNPC Upstream Investment Management Services account, five cargoes valued at $299,935,791 and one cargo valued at $79,207,684 recorded against a designated Federal Inland Revenue Service dollar account, one cargo valued at $71,316,305 recorded as remitted in naira less under-recovery to the Federal Inland Revenue Service, and one cargo valued at $16,149,591 recorded against a designated Nigerian Upstream Petroleum Regulatory Commission dollar account, with no dollar payment entered against any of them.
The 13 cargoes settled in full in dollars stand in contrast across the same ledger and total $189,631,197, the largest of them the Cap Victor Amenam cargoes of 3 November 2022, five cargoes of 263,000 barrels for $26,360,490, 101,863 barrels for $10,209,728, 257,000 barrels for $25,759,110, 267,000 barrels for $26,761,410 and 60,839 barrels for $6,097,893, alongside three Advantage Sun Amenam cargoes of 31 July 2022 of 135,373 barrels for $14,520,785, 98,885 barrels for $10,606,900 and 165,742 barrels for $17,778,316, a Delta Aigain Bonga cargo of 15 June 2022 of 100,000 barrels for $12,411,900, a Kriti Energy Erha cargo of 13 November 2022 of 100,000 barrels for $9,629,000, a Fairway Erha cargo of 30 December 2022 of 100,000 barrels for $8,405,500, and two January 2023 Forcados cargoes aboard Patriotic of 60,000 barrels for $5,086,380 and 188,784 barrels for $16,003,786, each entered in the ledger as paid in full.
The year split in the ledger records 41 cargoes in 2022 valued at $2,217,145,034 with $168,541,031 paid and $2,048,604,003 unrecorded in dollars, and 23 cargoes in 2023 valued at $1,421,077,646 with $21,090,166 paid and $1,399,987,480 unrecorded in dollars.
The cargoes in this report moved under the Federal Government domestic crude allocation operated through the Direct Sale Direct Purchase programme, and on the face of the ledger the position they establish is a reconciliation and debt position and not a proven theft, because crude was supplied against product deliveries and naira remittances netted for under-recovery through government accounts, and the ledger records the gross dollar value of each cargo without recording any dollar settlement against the 51 cargoes set out in this report.
Section 162(1) of the Constitution of the Federal Republic of Nigeria 1999 requires all revenues collected by the Government of the Federation to be paid into the Federation Account, and section 64(m) of the Petroleum Industry Act 2021 makes NNPC Ltd the supplier of last resort for petroleum products with the associated costs borne by the Federation, which is the basis on which under-recovery was netted at source in the entries recorded in this ledger, and money belonging to the Federation, the Federal Inland Revenue Service and the Nigerian Upstream Petroleum Regulatory Commission slices follows the same duty.
If it were established that any cargo or its proceeds were diverted, or obtained by false pretence, the conduct would engage section 419 of the Criminal Code, which treats obtaining by false pretences as a felony carrying three years imprisonment, and section 1 of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, which carries imprisonment of not less than seven years and not more than twenty years without the option of a fine, and investigation by the Economic and Financial Crimes Commission under the Economic and Financial Crimes Commission (Establishment) Act 2004, and the records alone do not prove diversion or false pretence against Sahara Energy Resources, and what they prove is the unrecorded position itself, which Sahara Energy Resources and NNPC Ltd must reconcile.
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