Nigeria uncovers fresh N2.23trillion fraud in NNPC

Nigeria uncovers fresh N2.23trillion fraud in NNPC

The Nigeria oil and gas as well as the solid minerals sectors Nigerian Extractive Industries Transparency Initiative NEITI audit report for 2013 has been published.

The Minister of Solid Minerals and Chairman of the NEITI Board, Kayode Fayemi, said the audit, which focused on all aspects of the extractive industries, showed that total revenue flows into the Federation Account from the oil and gas sector in 2013 was about $58.07 billion.

The figure represented about eight per cent decline when compared to the $62.9 billion realised in 2012.

Mr. Fayemi said the decline was attributed to the drop in oil and gas sales following divestment of federation equity in some oil mining leases, OMLs, crude oil losses as a result of destruction of production facilities, pipelines vandalism and crude oil theft.

Details of the report revealed that the Nigerian National Petroleum Corporation, NNPC and its sub-units during the year either lost or refused to remit a total of N2.23 trillion, consisting
$9.75 billion and N378.67 billion, to the federation account as earnings from various aspects its operations in 2013.

Source: PremiumTimes