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UPDATE 1-Nigeria's oil company says cleared over missing $20 bln
February 5, 2015 / 7:08 PM / in 3 years

UPDATE 1-Nigeria's oil company says cleared over missing $20 bln

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ABUJA, Feb 5 (Reuters) - Nigeria’s state oil company said on Thursday that a forensic audit conducted by PriceWaterhouseCoopers has cleared it of the allegation that it failed to remit $20 billion owed to the state.

President Goodluck Jonathan ordered an audit of the national energy company in early 2014 after former central bank governor Lamido Sanusi said an estimated $20 billion in oil revenues had been withheld from the Federation Account.

NNPC added that the audit said $1.48 billion should be sent to the government by the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) but that this amount was not part of the missing crude revenues.

It said the delay in the NPDC remittance was due to the reconciliation processes between the Department of Petroleum Resources (DPR) and the NNPC. (Reporting By Julia Payne; Editing by Greg Mahlich)

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