Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


$20b ‘missing’ oil cash uncovered

30 May 2016, 16:47

Abuja - The EFCC has traced the $20b missing oil cash to the 2015 electioneering campaign of the PDP.

According to The Nation, The Economic and Financial Crimes Commission (EFCC) traced a substantial part of the missing $20billion oil cash.

The anti-graft agency discovered how the cash was transferred and wired into secret accounts for political purposes.

Former Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi (now Emir of Kano Muhammadu Sanusi II) raised the alarm that there was an estimated $20bn shortfall in oil revenues due to the treasury from the state oil company which might have been spent illegally.

Also read: Nigeria beefs up security after oil installation attacks

A source close to the investigator, said: “We have tracked a substantial part of the missing $20billion about which the former CBN Governor raised the alarm.

“From our findings, the oil money was diverted. We will soon make the details available.

“As for those being invited for interrogation on campaign funds, we have been able to establish that the amounts in question were strictly government funds.

According to the Wall Street Journal, last year, there were 800,000 barrels of oil a day unaccounted for by the International Energy Agency, the energy monitor that puts together data on crude supply and demand.

- News24 Nigeria

Tags efcc abuja

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...