Where is Nigeria's money? NEITI insists NNPC failed to remit $15.8bn into federation account

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– Nigeria Extractive Industries Transparency insisted that the Nigerian National Petroleum Corporation failed to remit $15.8bn to the federation account

– The unremitted $15.8bn is dividends the NNPC received from the Nigeria Liquefied Natural Gas company (NLNG)

– The dividends spanned 15 years between 2000 and 2014

NEITI, the Nigeria Extractive Industries Transparency has once again lambasted the Nigerian National Petroleum Corporation, accusing it of not remitting to the federation account the sum of $15.8bn dividend it received from the Nigeria Liquefied Natural Gas company (NLNG).

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Punch reports that NEITI, during a recent public hearing before the House of Representatives Ad Hoc Committee on the alleged $17bn undeclared crude oil and liquefied natural gas exports insisted that the NNPC who received the funds from NLNG on behalf of the country failed to remit it to the federation account.

The unremitted $15.8bn is dividends the NNPC received from the Nigeria Liquefied Natural Gas company (NLNG)

According to the report, NEITI said that the NNPC who also stands as the custodian of Nigeria’s shares in the NLNG received $15.8bn which was the dividends for 15 years between 2000 and 2014.

According to NEITI, the said proceed was a loss to the country.

“From the presentation, the NLNG paid the dividends to NNPC but NEITI has no evidence that the NNPC remitted the funds to the Federation Account,” Dr. Ogbonnaya Orji, Director of Communications NEITI said in a statement issued in Abuja.

“It is, therefore, incorrect to report, as some publications did, that the NLNG owes the federation,” he added.

ZENITHBLOG.com had reported that NNPC, Nigerian National Petroleum Corporation(NNPC) has again been involved in another scandal this time, the corporation is being accused of withholding $12.9billion revenue.

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Making the revelation, the executive secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Waziri Adio, said the revenue came from the Nigeria Liquefied Natural Gas between 2005 and 2013.

“The 2013 Oil and Gas Audit Report revealed that some government agencies like NNPC and its subsidiaries withheld $3.8billion and N358billion. Another revelation is that $12.9 billion was withheld by NNPC from NLNG between 2005 and 2013.”

Watch a former NNPC GMD Andrew Yakubu being arraigned in court for corruption by the EFCC:

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