The Nigerian National Petroleum Corporation (NNPC) has been dragged into fresh controversy after an audit revealed that the state run oil corporation failed to remit $16 billion to the Federal Government in 2014.
Nigeria’s auditor General told the National Assembly that no explanation was provided for failure to remit the funds which are the proceeds from the sale of oil. It is the second time in the space of three years that the organisation has been dragged into allegations of fraud since Sanusi Lamido Sanusi alleged that the NNPC had failed to remit $20 billion.
Although Nigeria derives most of its revenue from crude oil, the NNPC has always been shrouded in an air of secrecy and has defied several attempts to make it transparent, the latest of which is a recent restructuring.
The NNPC is yet to respond to the Auditor General’s claims.