Senate Demands Answers From NNPC Boss, Over Missing N102 Billion Worth of Crude Oil Deliveries
- NNPC has been unable to account for over N102 billion worth of crude oil sales according to a recent audit report
- The missing crude oil lifted and delivered to Warri, Kaduna Refineries were recorded in the auditor general report released for 2016
- The Senate has begun a probe and wants NNPC to provide records on the crude oil it lifted and supplied to the two refineries
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In 2016, the Auditor General released a report indicating that the Nigerian National Petroleum Corporation Limited (NNPCL) was unable to account for crude oil deliveries worth over $376,655,589 (N102.6 billion) to the Warri and Kaduna refineries.
Recently, the Senate Committee on Public Accounts, led by Senator Matthew Urhoghide, reviewed the report and determined NNPCL must provide a detailed account of the crude oil lifted and supplied to the two refineries.
All 109 senators representing the 36 states of Nigeria unanimously agreed upon the findings of the committee on Wednesday, April 7, 2023.
Source: Twitter
These queries are part of a larger investigation into 37 Ministries, Departments, and Agencies (MDAs).
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Senators demand answers
The Senate wants Mele Kyari, the group managing director of NNPCL, to provide details of the crude oil lifted from Escravos Terminal and the associated finances.
The query of the Senate reads:
“From the review and examination of domestic Crude Oil Lifting sales profile presented for audit verification, it was noted that several deliveries were stated to be jointly lifted by or delivered to Warri Refinery and Petrochemical Company (WRPC) and Kaduna refinery and Petrochemical Company without necessary details or breakdown of what was delivered to respective companies.
“From the examination carried out a total oil lifting of 8,399,017; bbls with a total sales value of $376.6 (N102.6 billion) was stated to have been lifted jointly by these two companies.
“The failure to properly separate these deliveries and charge directly to each company makes it difficult to reconcile and account for each lifting."
This is not the first time that the NNPC has come under scrutiny for its financial practices.
Legit.ng had earlier reported that NNPC failed to account for 104.48 million barrels of domestic crude oil it lifted in 2019.
Also, there is a ongoing court with the Ogun state government.
Nigeria sold N21tn worth of crude oil in 2022
Meanwhile, in another report, it has been revealed that Nigeria sold N21.09 trillion worth of crude oil in 2022.
The sales recorded a 46.41% increase compared to N14.41 trillion in 2021.
NBS captured the sales in its fourth quarter foreign trade report obtained by Legit.ng from its website.
Source: Legit.ng
