Home People & Power Crude oil sales: How NNPC, CBN swindled Nigerians- Reps

Crude oil sales: How NNPC, CBN swindled Nigerians- Reps


An Ad-hoc Committee of the House of Representatives investigating $17 billion stolen from sale of crude oil and natural gas has uncovered monumental fraud by the Nigeria National Petroleum Corporation (NNPC) and Central Bank of Nigeria (CBN) in the transaction.

The Committee had discovered that only $7 billion out of $47.2 billion made from crude sales from January 2011 – December 2014 was remitted to government by the NNPC.

The Abdulrazak Namdas led Committee also noted and querried why the CBN was collecting and making deposits from government agencies into the Federal Reserve Bank in New York against extant banking regulations.

The Committee’s investigation of the apex bank further revealed that only N35 billion out of $47.2 billion was remitted into the Excess Crude Account ECA managed by the CBN by the NNPC.

The lawmakers had queried why only $7 billion out of $47.2 billion got from crude oil sales was made available for the three tiers of government for sharing noting that both NNPC and CBN shortchanged Nigerians.

The lawmakers said that the ongoing probe had shown that more than $17 billion was stolen from the transaction by the NNPC between January 2011 and December 2014.The Committee Chairman who threatened the apex bank with a damping report said that the responsibility of opening and managing revenue account rests with the CBN.

However, while fielding questions a representative of the CBN Governor Mr. Jack Pitecu told the Committee that the apex bank is not interested in who opens what account, rather it is concerned with regulations.

He had told the lawmakers that the apex bank does no keep audit of accounts of government agencies and explained that it is the responsibility of such agencies

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