NNPC Can’t Account For Missing $22.7 Billion – Report

A report has claimed the Nigerian National Petroleum Corporation, NNPC, failed to account for allegedly missing $22.7 billion in the organisation. The report by Bloomberg, which quoted Nigerian Extractive Industries Transparency Initiative, NEITI, said the missing money was NNPC’s earnings from the sale of oil licenses and in dividends from its stake in Nigerian Liquified and Natural Gas over a 15-year period. NEITI said while energy producers cooperated with it and complied with requirements to publish payments, the NNPC did not.

Waziri Adio, the executive secretary of NEITI, said though the oil and gas sector “is no longer the black hole that it once was, but we can still use more transparency”. “Things are opening up. There could be more in the area of contracts, ownership and expenditure transparency, but definitely there is some progress,” he said.

However, Ndu Ughamadu, NNPC spokesman, reportedly didn’t respond to inquiry on the said missing revenue.

Neiti was set up in 2004 after Nigeria acceded to the Extractive Industries Transparency Initiative, which requires international energy companies and governments involved in mining to publish all their payments.

Sign up for our Newsletter

Enter your email and stay on top of things,

Subscribe!