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NNPC withheld $16.2 bn in 2014 - audit

16 March 2016, 06:36

Abuja - The Nigerian National Petroleum Corporation (NNPC) withheld some 3.2 trillion naira from the sale of crude oil in 2014, according to a government report from auditor-general Samuel Ukura.

"From the examination of NNPC mandates to (the) CBN (Central Bank of Nigeria) on Domestic Crude Oil sales... (the) amount not remitted to FACC (Federation Account Allocation Committee) was N3,234,577,666,791.35," the report read.

A total of $235.7 million made from gas sales was also not paid to the Federal Government but "transferred to some undisclosed Escrow Accounts", said the audit, which was presented to parliament on Monday.

Non-remittance of crude oil revenue from the NNPC caused a scandal in February 2014 when the former CBN governor Lamido Sanusi said $20 billion had not been sent to the bank from January 2012 to mid-2013.

Also read: Nigeria oil industry problems 'far from over'

Sanusi was suspended just months away from leaving office in what was seen as a political move by then-president Goodluck Jonathan to silence an arch critic and cover up endemic fraud.

Jonathan disputed the figure.

The NNPC has long been seen as corrupt and opaque but President Muhammadu Buhari has embarked on a clean-up campaign, sacking the entire board and calling for greater transparency.


Tags cbn nnpc

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