Related Articles
Forward article link
Share PDF with colleagues

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

Also in this section
Venezuela going for broke
16 January 2018
The Maduro government wants a new deal on its debt. Things are going to get messy
Iraqi Kurdistan sinking fast
11 January 2018
The future of the KRI's oil sector is uncertain, with the federal government determined to bring all the country's production and exports back under its wing
Iraqi Kurdistan's wrong turn
11 January 2018
Burdened by political and economic crises at home, the autonomous region faces difficult talks with a newly confident federal government in Baghdad