Nigeria’s oil revenues of US$16 billion missing – in massive scam

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(BBC) Nigeria’s state-owned oil firm failed to transfer US$16bn to the treasury in 2014, the government says.

An audit of the Nigeria National Petroleum Corporation (NNPC) showed the amount was withheld without any explanation. This could be the biggest fraud discovery yet. The NNPC is yet to react to the allegation.

A similar allegation made two years ago by then-central bank governor Sanusi Lamido Sanusi led to him being sacked by the former government.

He had accused the oil company of failing to remit US$20bn, higher than the present amount.

Nigeria is Africa's biggest oil producer
Nigeria is Africa’s biggest oil producer

Nigeria’s oil exports are worth about US$77bn annually, according to oil producers’ group Opec.

But there are allegations some of the funds are diverted to private pockets. Development in Africa’s biggest oil producer and largest economy has been stunted by decades of corruption and mismanagement.

The government’s anti-corruption fight now seems to be shifting to the oil sector.

It started with investigations into the alleged diversion of US$2.1bn meant for weapons to fight the Islamist insurgency in northeast Nigeria.

High profile politicians and some top military officers linked to the alleged arms fraud have been arrested and are being prosecuted.

President Muhammadu Buhari took power after winning elections last year, vowing to fight corruption.

3 COMMENTS

  1. Nigeria’s oil revenues of US$16 billion missing – in massive scam.
    Well American and Canada says they will take care and be watchmen for Guyana oil funds..
    People will now know why America installed PNC to rule Guyanese again.
    Americans are not stupid people. Americans look out for their business community people.l To hell with all other– you get our left over scraps.
    American knows there are none in PNC circles that knows economics.
    America also know how easy it is to hook the already bored noses of PNC people and tug them in America direction.
    Americans know how this business is run. A top man- American- a middle man-PNC and the 3rd man the population.
    Top man {{ American }} skim off the hog of the money- middle man {{ PNC }} skim off his piece of what the top man {{ American }} left- then whats left if any is then trickled down to the masses.

  2. Oh no this is not true all these people are innocent they took a little to buy a few luxury items but not that much– so whats the big deal? Some one used the wrong formula to do the calculations and added a few more zeros.This movie will be coming to our neighborhood soon so stay tuned..

  3. The exact sentiments I expressed at the meeting held in Georgia at the meeting that was held at the GAOG two Sunday’s ago, led by Messers Archer and Blackman. What are the contractual safeguards to be put in place to prevent massive theft and corruption with regard to Guyana’s oil exploration? All preventative measured must be taken to prevent the GOG from falling into a similar pitfall. It will require expert negotiating skills which I am certain members of the current administration possess. Can corruption and theft be prevented when such obscene amounts of money are within reach of mere humans? Let us hope that poor and middle class Guyanese will be given the opportunity to elevate themselves via training and education, and benefit from the new found oil.

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