OIL MONEY: $13.7bn Stolen Under NNPC

On Wednesday Hajiya Zainab Shamsuna-Ahmed, who is the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI) stated that  between 2009 and 2012, about 160 million barrels of oil valued at $13.7bn was stolen under the watch of the national oil giant, Nigerian National Petroleum Corporation (NNPC). 

Shamsuna-Ahmed said that subsidy payment from 2005 to 2012 indicated that $11.63bn had been paid to the NNPC but that there is no evidence of the money being remitted to the federation account.

READ ALSO: NNPC Missing Money Traced To A Top Bank

The secretary stated this on Wednesday during a courtesy call on Nasir el-Rufai at Sir Kashim Ibrahim Government House in Kaduna.

The Punch notes that El-Rufai is among the four governors appointed by the National Economic Council to scrutinise the accounts of the NNPC and the Excess Crude Account managed by the administration of Goodluck Jonathan.

The source also explained that part of the terms of reference was to unravel the N3.8trn not remitted to the Federation Account by the national oil giant between 2012 and May 2015, as well as $2.1bn said to have been deducted from the Excess Crude Account.

READ ALSO: NNPC Yet To Remit N2.32trn

The NEITI boss said: “Crude product swap of $866m was lost from 2009 to 2011 and $8243m in 2012. Total amount expended in subsidy payment from 2005 to 2012 as captured $11.63bn have been paid to the NNPC. However, there is no evidence that these amounts were remitted to the Federation Account”.

In his turn the governor announced that since he called for the scrap of the NNPC, the corporation has being sponsoring articles in the media to attack him to fight on till NNPC will be killed.

El-Rufai stated: “NNPC has become a monster that is too powerful. I will continue to fight NNPC till it dies for Nigeria to survive. It is either Nigerians kill NNPC or NNPC will kill Nigeria.Since, I called for the death of NNPC, the corporation has sponsored articles attacking me, but I am telling them my skin is thicker than an elephant.”

The post OIL MONEY: $13.7bn Stolen Under NNPC appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.

Add Comment