$21.7 Billion Crude Oil Proceeds Not Remitted.

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The Nigerian National Petroleum Corporation (NNPC) continues to withhold billions of dollars in oil sale revenues from the treasury.

This was revealed by the  Nigeria Extractive Industries Transparency Initiative (NEITI) Executive Secretary, Mr. Waziri Adio.

Mr waziri was testifying before the Mr. Abdulrazak Namdas led ad-hoc committee probing how $17 billion was allegedly stolen between 2011 and 2014.

He further alleged that the country lost an additional sum of $15.9 billion due to the illegal activities of pipeline vandals, crude oil thieves and inefficient practices in the oil and gas sector.

He enjoined the authorities to emulate Saudi Arabia’s oil company, Aramco which installed its first Production Operations Surveillance Hub (POSH) to avert incidences of vandalism and oil theft.

 

 

 

 

 

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