Senate to Probe NNPC, NPDC For Unremitted $3.47bn

NNPCThe Nigerian National Petroleum Corporation (NNPC) Tower
  • Senate to Probe NNPC, NPDC For Unremitted $3.47bn

The Senate has criticised the Nigerian National Petroleum Corporation for failing to remit $3.47bn to the federation and account.

The Senate also, following a motion by Sen. Dino Melaye, directed its Committee of Finance to probe both agencies for withholding the said amount.

Melaye had accused both agencies of “a satanic collabo”, arguing that “there is a case of unlawful misappropriation and criminal withholding of public revenue by NNPC and NPDC from 2013 to date to of about $4bn”.

He accused the agencies of lacking transparency in crude oil lifting, adding that the NPDC had lifted crude from their oil wells OML 65, OML 111, OML 119 to the tune of $1.8bn, but only remitted $100m.

The Senate leader, Ali Ndume, backed Melaye and called for seriousness in investigating the matter.

He added that Melaye could not have made the figure public without doing his research.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

Be the first to comment on "Senate to Probe NNPC, NPDC For Unremitted $3.47bn"

Leave a comment

Your email address will not be published.


*