Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

UPDATE: Senate commences another investigation into NNPC affairs

Emmanuel Abara Benson by Emmanuel Abara Benson
November 15, 2018
in Business News, Company News, Politics
Nigerian National Petroleum Corporation, Ndu Ughamadu

NNPC

Share on FacebookShare on TwitterShare on Linkedin

Nigerian lawmakers on Wednesday disclosed that they are now trying to establish whether or not the management of state-owned oil company — the Nigerian National Petroleum Commission (NNPC)  — improperly withdrew the total sum of $2.2 billion from NLNG.

Based on this latest disclosure, it is apparent that the Senate Committee in charge of the probe has considerably expanded the scope of the investigation from the initial sum of $1.05 billion to now $2.2 billion.

It was just last week when senators in Nigeria’s upper legislative chamber decided to investigate NNPC’s alleged improper withdrawals from the coffers of NLNG.

RelatedPosts

CAF increases Africa Women Cup of Nations prize money for winner to $500,000

Lagos says 3.9km Opebi-Ojota link bridge to be ready by June 2023

Note that the NLNG is NNPC’s joint venture with a number of foreign oil companies including ENI, Royal Dutch Shell Plc and Total SA. The company produces liquified natural gas for exportation purposes.

Withdrawals were made without approval

At the heart of this controversy is the allegation that the management of the Nigerian National Petroleum Commission withdrew billions of dollars from NLNG without following due process. In other words, they acted solely without obtaining the necessary approvals from the appropriate quarters.

The man in charge of the probe, Senator Bassey Akpan, had asked officials from both the NNPC and the Central Bank of Nigeria to provide documents detailing the various withdrawals which were supposedly made between 2016 and 2018.

Although Akpan’s Committee had initially surmised that the total amount withdrawn by the NNPC during that period stands at $1.05 billion, he said Wednesday that new findings indicate that it is actually more than that.

In the meantime, this information is coming out now ahead of a hearing into the matter which has been slated for November 22nd, 2018.

Why did the NNPC withdraw the money?

The Nigerian National Petroleum Commission (NNPC) used parts of the NLNG funds for the purpose of fuel importation. This was done, even though the NNPC knew fully well that the NLNG fund was specially dedicated to be passed down to state and local authorities.

The upper chamber had last month commenced an inquiry into a $3.5 billion fund that was supposedly expended by the Nigerian National Petroleum Corporation for the purpose of petrol importation. The corporati

Related

Tags: Fuel ImportationNLNGNNPCNNPC probe

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • KongaPay at House of Lords, London, signs historic partnership with Bibimoney
    • US Equities: Weekly Round up
    • Top Crypto: UST Classic leads weekly gainers of top 100

    Follow us on social media:

    Recent News

    KongaPay at House of Lords, London, signs historic partnership with Bibimoney

    KongaPay at House of Lords, London, signs historic partnership with Bibimoney

    July 3, 2022
    U.S Stocks set to surge higher, on hopes of a stimulus package deal, What Does The Circuit Breaker Tell Us

    US Equities: Weekly Round up

    July 3, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com