Nigeria: Auditor finds NNPC withheld $16bn in 2014


Issue 320 - 24 Mar 2016 | 1 minute read

Nigeria National Petroleum Corporation (NNPC) withheld N3.2trn ($16bn) in revenue from the federal government in 2014, according to a report by the auditor-general echoing accusations by former Central Bank of Nigeria (CBN) governor Lamido Sanusi. The report by auditor-general Samuel Ukura said the findings were based on an “examination of NNPC mandates to CBN on Domestic Crude Oil Sales and Reconciliation Statement of Technical Sub-committee of Federation Account Allocation Committee (FAAC) meeting held in January 2014”. It put the amount not remitted to the FAAC at N3,234,577,666,791.35.

Tagged with:

Pin Strategy & risk

Pin Nigeria

Want to read more?

Subscribe to African Energy

View subscription options

Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles, set up news alerts, search our African Energy Live Data power projects database and view project locations on our interactive map

Register