How NNPC Connived With Swiss Firms To Defraud Nigeria – NEITI

The Nigerian Extractive Industries Transparency Initiative, NEITI,has faulted claims by the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) that the corporation did not connive with some Swiss oil dealers to short change the country to the tune of $6.8 Billion.

Testifying before the House Of Representatives Joint Committees on Petroleum Resources, Upstream, Petroleum Resources Downstream and Justice Wednesday Mrs. Zainab Ahmed NEITI’s Executive Secretary alleged that the sum of $22.8 billion was not disclosed by NNPC in its audited financial statements through alternative funding arrangement with its joint venture partners.

The NEITI Boss based her allegation on the 2009 2011 audited report of her organization and Nigeria has lost N98.3 billion to NNPC in exchange rates compared to Central Bank of Nigeria, CBN official exchange rate between the period.

She also insisted at the probe hearing Bernes revelation on NNPC was true. “There is similarity in NEITI audit report and the Bernes Declaration report”, stressing that, “the report (Bernes Declaration report) has a lot of substance in it”.

She further faulted the allocation of 445, 000 barrels per day for local refineries through NNPC saying that, “the 445,000 barrels per day allocation should be reviewed to the actual refining capacity of the refineries”

Ruling on the issues, the Committee Chairman, Honourable Ajibola Muraina adjourned the investigative hearing till March 25.

He also mandated 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 the date.