“Nigeria’s NNPC hasn’t accounted for $50 bln in oil sales”

According to the Nigerian central bank (CBN), Nigeria’s state-energy company NNPC has not accounted for nearly $50 billion in revenue from the sale of crude oil which should have been paid into government accounts under law.

In a letter to Nigeria’s President Goodluck Jonathan, CNB governor, Lamido Sanusi, revealed that NNPC earned $65.3 billion from crude oil sales between January 2012 and July 2013 but only remitted 24 percent of this to the federation account and $49.8 billion was still outstanding.

According to Reuters, NNPC has been criticised in the past for lacking transparency and for diverting funds in several investigation. However, the central bank governor appears to be one of the most high profile figures to have brought up the issue with Nigeria’s president.

The NNPC refuted the claims, saying the allegation was borne out of a misunderstanding of the oil and gas industry. It also said that it had remitted its oil sale proceeds but the missing funds should come from other government departments who are responsible for petroleum tax and royalties, while other funds will have been spent on field development.

Sanusi’s letter says the missing $49.8 billion is from the value of oil NNPC sold and makes a distinction with taxes. It says under law NNPC must submit all oil export proceeds.

Read the full story at: http://www.reuters.com/article/2013/12/11/nigeria-oil-fraud-idUSL6N0JQ16620131211

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