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Nigeria's NNPC accused of withholding oil revenue

The Central Bank of Nigeria says the withheld revenues total almost $50 billion

The state-owned Nigerian National Petroleum Corporation (NNPC) has failed to pass on to the government oil revenues totalling $49.8 billion over 18 months, the Central Bank of Nigeria has alleged. In a letter seen by Reuters news agency, the bank's governor, Mallam Sanusi Lamido Sanusi, says NNPC earned $65.3bn from crude oil sales between January 2012 and July 2013, but only paid $15.5bn into the government's account. NNPC sold 46% of Nigeria's oil output over the 18 months but the sum it paid into the government's account was only one-third of the taxes paid by oil companies on the other 54%, the letter claimed. In a statement to the press, NNPC said the allegation resulted from a 'misun

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