Nigeria's central bank governor says $20b oil money missing

"Out of the $67 billion that the NNPC shipped, $47 billion had been repatriated to the CBN," said Central Bank of Nigeria (CBN) Governor Lamido Sanusi.

Nigeria's central bank governor says $20b oil money missing

World Bulletin / News Desk

Central Bank of Nigeria (CBN) Governor Lamido Sanusi asserted on Tuesday that the state-owned Nigeria National Petroleum Corporation (NNPC) was failing to account for $20 billion of its $67 billion oil proceeds.

"Out of the $67 billion that the NNPC shipped, $47 billion had been repatriated to the CBN," Sanusi told the Nigerian Senate Committee on Finance.

"What we are talking about is the balance of the $20bn and no proper explanations had been given," he asserted.

In a letter leaked to the media last December, Sanusi had accused the state-owned oil regulatory body of not remitting accurate funds proportionate to crude oil sale to the government purse.

Testifying before the Senate Committee on Finance, which is probing claims of missing funds, Sanusi said record exists that the NNPC sold crude oil worth $67 billion on behalf of the government but had only repatriated $47 billion.

The NNPC denied any missing fund, insisting that Sanusi does not understand the technicalities involved in the oil business.

"Let me make this point very clear that the CBN is a banking outfit, not a petroleum outfit," NNPC spokesman Omar Farouk Ibrahim told the Senate Committee.

"It is therefore understandable that they keep making unsubstantiated claims which a little understanding of the oil industry would have saved them from making," he said.

"The CBN is not an audit company but what it is doing now is auditing," Ibrahim suggested.

Part of the NNPC defense is that some of the crude oil sold did not belong to the federal government and so money made from such sale cannot be remitted thereto.

Nigeria is one of the world’s largest exporters of crude oil.

Last Mod: 05 Şubat 2014, 10:19
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