Maintenance. We are currently updating the site. Please check back shortly
Members login
  • TrustLaw
  • Members Portal
Subscribe

Nigeria Senate orders probe into NNPC oil sales

Source: Wed, 11 Dec 2013 05:29 PM
Author: Reuters
cor-gov
Tweet Recommend Google + LinkedIn Bookmark Email Print
Leave us a comment

ABUJA, Dec 11 (Reuters) - Nigeria's Senate launched an investigation on Wednesday into a letter written by the central bank (CBN) which said that the state-oil firm NNPC failed to pay $50 billion of revenue from oil sales into government accounts.

NNPC earned $65.3 billion from crude oil sales between January 2012 and July 2013 but only remitted 24 percent of this to the government's account and $49.8 billion was still outstanding, according to a letter from the CBN Governor Lamido Sanusi to President Goodluck Jonathan seen by Reuters.

NNPC sold 46 percent of Nigeria's oil in the 18-month period but its remittance amounted to only one-third of the taxes paid by private oil companies, like Royal Dutch Shell RDSa.L and Exxon Mobil XOM.N, which exported the other 54 percent, the letter claimed. (Full Story)

NNPC says the CBN has misunderstood the figures.

"The matter will be investigated by the Senate finance committee headed by Ahmed Markafi and (it is) to report back as quickly as possible but certainly not more than one week," Senate President David Mark said.

NNPC has been criticised for lacking transparency and for diverting funds in several investigations in recent years but the central bank governor appears to be one of the most high-profile figures to have brought up the issue with Jonathan.

OPEC-member Nigeria is Africa's second largest economy and top oil producer, pumping around 2-2.5 million barrels per day. Oil revenues make up 80 percent of government revenues.

(Reporting by Camillus Eboh; writing by Joe Brock; editing by Keiron Henderson)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of the Thomson Reuters Foundation. For more information see our Acceptable Use Policy.

comments powered by Disqus
TOPICAL CONTENT
Topical content
LATEST SLIDESHOW

Latest slideshow

See allSee all
FEATURED JOBS
Featured jobs