NNPC ‘owes Nigerian coffers $8bn’ - report

The Nigerian National Petroleum Corp owes state coffers over $8 billion from oil sales during a recent three-year period and should pay up “promptly”, an independent audit of the country’s industry has said.

31 January 2013 16:12 GMT Updated 31 January 2013 16:12 GMT

By Eoin O'Cinneide

The report, commissioned by the Nigeria Extractive IndustriesTransparency Initiative (NEITI), also hit out at some oil companies who refusedto cooperate with the audit and recommended sanction measures be taken.

The audit, ‘An Independent Report Assessing and ReconcilingFinancial Flows within Nigeria’s Oil and Gas Industry – 2009-2011’, was carriedout by accountancy firm Sada Idris & Co and recommended some changes to theway the country’s staple industry is run.

The

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NNPC ‘owes Nigerian coffers $8bn’ - report