Nigeria: Senate Investigates Widespread Fraud in Oil & Gas Industry

7 Mar 2017   Nigeria

The Joint Senate Committee on Petroleum (Downstream, Upstream) and Gas at the weekend said it had uncovered a large-scale fraud of about N10 trillion allegedly perpetrated by officials of the Nigerian National Petroleum Corporation (NNPC) and its allies between 2006 and 2016. The committee said during a press briefing in the nation’s capital, Abuja, that the fraud was allegedly perpetrated by NNPC officials in connivance with some independent marketers and other key players in the petroleum industry. The committee, therefore, said it had secured the strong support of President Muhammadu Buhari and the leadership of the Senate to carry out a holistic investigation of the fraud with a view to bringing perpetrators to book. The committee argued that the whopping sum was huge enough to finance the country’s budget for two consecutive fiscal years as it threatened that with the support of the federal government and […]

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