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NEITI reveals how NNPC conspired with Swiss firms to defraud Nigeria of $6.8billion

  


Contrary to the claims by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu that the corporation did not team up with some Swiss oil dealers to defraud the country of $6.8, the Executive Secretary of the Nigerian Extractive Industries Transparency Initiative, NEITI, Mrs. Zainab Ahmed has said his claim was untrue.
According to Ahmed, the corporation did not disclose the sum of $22.8 in its audited financial statements through alternative funding arrangement with its joint venture partners.
Nigeria had reportedly lost about $6.8billion as of 2013 to the connivance, which the ‘Bernes Declaration’ said involved the sale of Nigeria’s crude oil below international prices.
While testifying before the House of Representatives Joint Committees on Petroleum Resources, Upstream and Downstream, probing the allegation, Ahmed alleged that the country lost N98.3 billion to NNPC in exchange rates compared to Central Bank of Nigeria, CBN official exchange rate between the period.


Speaking further, Ahmed also frowned at the allocation of 445,000 barrels per day for local refineries through the NNPC saying that, “the 445,000 barrels per day allocation should be reviewed to the actual refining capacity of the refineries”
she said that the Managing Director of the Pipelines and Product Marketing Company (PPMC), Mr Haruna Momoh told the Committee that Nigeria was not losing $8 billion annually through swap arrangement of crude oil between NNPC and some foreign oil companies.
Committee Chairman, Honourable Ajibola Muraina while ruling on the issue adjourned the investigative hearing till March 25.
He also directed the Minister of Petroleum Resources, Director, Department of Petroleum Resources, DPR, Chairman of Economic and Financial Crimes Commission, EFCC, Acting Governor of Central Bank of Nigeria, Executive Secretary of Petroleum Products Pricing Regulatory Agency, PPPRA among others to appear before the Committee on March 25.

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