Abuja - Barely a day after the Nigerian National Petroleum Corporation(NNPC) debunked claims that it connived with Swiss oil companies to defraud Nigeria, another government owned agency, the Nigerian Extractive Industries Transparency Initiative (NEITI) has faulted the NNPC’s claim.
NEITI has discovered that the sum of $22.8 billion was not disclosed by the corporation in its audited financial statements through alternative funding arrangement with its joint venture partners, reports Vanguard.
Zainab Shamsuna Ahmed, the Executive Secretary of NEITI, said the amount was not captured in the NEITI audit report of 2009 to 2011.
She also said the country lost N98.3 billion from 2009 to 2011 to NNPC in exchange rates compared to Central Bank of Nigeria (CBN) official exchange rate during this period.
Read more at Vanguard.
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