Senate committee says NNPC amount probed has doubled to $2.2 bln

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Camillus Eboh

ABUJA, Nov 15 – A probe by the Nigerian Senate into whether state oil firm NNPC improperly withdrew money has expanded with the amount under investigation doubling to over $2.2 billion, a committee said on Wednesday.

The Senate last week voted to probe withdrawals of $1.05 billion by Nigerian National Petroleum Corporation (NNPC), from NLNG, a venture owned by the state oil firm and foreign energy companies, without approval.

The committee led by Senator Bassey Akpan, chairman of Senate committee on gas, said on Wednesday it had found more withdrawals in excess of what it set out to investigate.

Akpan asked NNPC and central bank officials to provide documents to back up the withdrawals, carried out at various periods between 2016 to 2018.

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NNPC officials said documents were being assembled ahead of next hearing due on Nov 22 and declined to comment further.

Nigeria’s Premium Times newspaper reported last week that NNPC had used the portion of NLNG earnings that should have been passed to local and federal state authorities to fund the state oil firm’s fuel purchases and subsidies during a shortage in late 2017 and early 2018.

The shortages left people queuing for hours at filling stations and saw NNPC spend at least $5.8 billion on fuel imports.

NLNG, which produces liquefied natural gas (LNG) for export, is a joint venture company owned by NNPC and foreign energy firms Royal Dutch Shell Plc, Total SA and ENI.

Writing by Chijioke Ohuocha; Editing by Lisa Shumaker

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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