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'NNPC is refunding unremitted $1.48bn'

23 April 2015, 12:55

Abuja - The Minister of Petroleum Resources Diezani Alison-Madueke, disclosed that the Nigerian National Petroleum Corporation has started refunding the $1.48bn unremitted fund into the Federation Account, Punch reports.

Alison-Madueke who spoke with State House correspondents at the end of the weekly meeting of Federal Executive Council said the PriceWaterHouse Coopers forensic audit that was done few weeks ago in its recommendation mentioned that $1.48bn was owed by the NPDC for a block that had hitherto been assigned from the NNPC to the NPDC which is its subsidiary.

Also read: NNPC fires back at Sanusi over missing $20bn

PriceWaterHouse Coopers had in the report of its forensic audit report of the corporation recommended that the NNPC should refund the amount to the Federation Account.

It will be recalled the Federation Account Allocation Committee had on Monday night constituted a committee to find out the reasons for the delay in the refund of the sum.

She said that the sum was not missing but transferred by the NNPC to the NPDC.

Read more at Punch

- News 24


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