Reps Wants NNPC To Account For Missing Crude Oil Worth $15bn

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Nigeria Records N7trn Revenue From Crude Oil Exports

The House of Representatives on Monday called on the Nigerian National Petroleum Corporation (NNPC) to account for the crude oil worth $15bn that went missing in the report submitted for its 2011 to 2014 transactions.

This is coming on the back of investigation by an ad hoc committee of the House into the alleged theft of $17bn crude oil and gas resources from the country within the period.

The committee is chaired by a member of the All Progressives Congress from Adamawa State, Mr. Abdulrazak Namdas.

At the opening of a public hearing on the alleged ‘undeclared’ exports in Abuja, the committee confronted the NNPC with the tabulated details of the exports and noted that crude worth $15bn was missing in the report of the corporation, which it submitted to the House.

According to the head of the committee, “We wrote you to provide information on the crude for the period under review.

“You replied by giving a monthly breakdown, but you did not provide the total.”

It is understood that in 2011, the committee observed that crude details in the value of $4.2bn were missing while in 2012, the value of missing details was $5.5bn, while in 2013, it was $2.5bn.

For 2014, the committee disclosed that the missing crude was worth $2.8bn, bringing the total to about $15bn.

Reacting to this, the NNPC, represented by its Chief Operating Officer (Upstream), Mr. Bello Rabiu, admitted the missing details but clarified that the corporation had all the information and would forward it to the committee immediately.

He said: “We will give you all the details. We admit that the details are not complete, but we will provide everything to the committee.”

He argued that the corporation had nothing to hide because its accounts were regularly audited by auditing parastatals including the Office of the Auditor-General of the Federation; the Nigerian Extractive Industries Transparency Initiative; and external auditors.

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