Senate to probe NNPC over N3.2 trillion alleged fraud

NNPC Tower

NNPC Tower

The Senate yesterday vowed to probe all alleged financial misdeeds associated with the nation’s 2014 audit report and recommend appropriate sanctions for erring agencies, departments and parastatals of government.

Specifically, it is to investigate the Nigerian National Petroleum Corporation (NNPC) for alleged failure to remit N3, 234,577,666,791.35 trillion domestic crude oil receipts to the Federation Account.

The Auditor General of the‎ Federation, Samuel Ukura, had on Monday presented the report where the national oil agency was indicted.

“From the examination of NNPC mandates to CBN on Domestic Crude Oil Sales and Reconciliation statement of the technical sub-committee of the Federation Allocation Account Committee meeting held in January, 2014, amount not remitted to FAAC was N3,234,577,666 791.35,” the report read in part.

According to the document, some $235,685,861.31, representing money realised from gas sale, was diverted from the escrow account.

“Review of state profile on Sale of Gas to the Nigeria Liquefied Natural Gas (NLNG) was not paid to the Federation Account but transferred to some undisclosed ‎escrow accounts. Relevant documents were not made available for verification.

“Sales profile on gas in respect of gas export sales due to the federation were stated to have been paid and received through the NGL funding accounts, no statements or documents were made available to confirm the receipts as well as the utilisation of these payments made through the named account,” the report further stated.

It was also alleged in the document that a total payment, amounting to N73,547,759,436, was made within the period in breach of established purpose of the funds.

Addressing reporters yesterday in Abuja, Senate spokesman, Aliu Saabi Abdullahi, said the queries against various government agencies, particularly the Nigerian National Petroleum Corporation (NNPC) on alleged mismanagement of national revenues, were too grave to be overlooked.

According to him, the Public Accounts committees of the two chambers of the National Assembly will soon swing into action by investigating the accounts of agencies concerned, for the purposes of establishing facts inherent in the queries and recommending appropriate sanctions against affected agencies and public officers.

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  • bobo

    And who’s going to probe the senate? Criminals do’t probe criminals. They’re just going to ask for their cut.

  • Prof.Ralphizzle

    3 trillion wow! I see another Dasuki gate saga coming up.

  • abodes_124

    Is this different from Sanusi’s missing $20 billion ?


    Senate probe indeed, another way to collect Kickback from those accused. The petroleum marketers probe bribe
    Scandal is still very fresh in our mind.

  • Rotimi Seye Awoyomi

    kindly withdraw my earlier post

  • tonia

    God is watching