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.
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