Nigeria Records 164 Crude Oil Theft Incidents In One Week

Senate Queries NNPC Over Missing N102.6 billion Oil Sales

1 min read

The Senate has disclosed that the Nigerian National Petroleum Corporation (NNPC) Limited failed to account for the N102.6 billion crude oil lifted to two refineries in Nigeria.

According to the Senate Committee on Public Accounts, 8,399,017 barrels of crude oil were delivered to refineries in Warri and Kaduna. 

However, there are no reports detailing the movement and sales of the crude sent to the two refineries. This was first reported by the Auditor General in 2016. 

The Senate Committee on Public Accounts said the detailed reports on the lifted crude oil must be made available by the NNPC.

It was learnt that the crude oil was lifted from Escravos Terminal, and the Group Managing Director of NNPC Limited, Mele Kyari, has been directed to ensure he provides details of the crude sold. 

READ ALSO  AfDB, FSDH Partner For $20M Trade Finance Boost To Nigerian SMEs

Prime Business Africa understands that the report of the Auditor General had been reviewed by the Senate Committee on Public Accounts, with findings submitted to the Senate on Wednesday, 5 April 2023. 

The findings of the Senate Committee on Public Accounts, led by Senator Matthew Urhoghide, was unanimously accepted by the 109 senators of the upper chamber. 

Following the findings, the Senate queried the NNPC, stating: “From the review and examination of the domestic Crude Oil Lifting sales profile presented for audit verification, it was noted that several deliveries were stated to be jointly lifted by or delivered to Warri Refinery and Petrochemical Company (WRPC) and Kaduna refinery and Petrochemical Company without necessary details or breakdown of what was delivered to respective companies. 

READ ALSO  Moodys Upgrades Nigeria's Credit Outlook To Positive Amid Inflation Rate Of 27.33%

“From the examination carried out a total oil lifting of 8,399,017 bbls with a total sales value of $376.6 (N102.6 billion) was stated to have been lifted jointly by these two companies. 

“The failure to properly separate these deliveries and charge directly to each company makes it difficult to reconcile and account for each lifting.”

Support Investigative Journalism and Mentorship

Courageous Journalism of Truth,Transparency and Development is in the DNA of Prime Business Africa; By donating as little as N1000 or $1 today, you are helping to keep credible journalism and life-changing information free for all.

READ ALSO  Cooking Gas Price To Crash As FG Lifts VAT, Import Duty On LPG
+ posts