Where Will It Come From: NNPC, Others To Refund $1.48bn Missing Oil Funds

An audit ordered by the Federal Government has revealed that a minimum sum of $1.48bn is due to the federation account from the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Petroleum Development Company (NPDC).

The NNPC and the NPDC have been indicted by the report, which was ordered by Finance Minister, Ngozi Okonjo-Iweala after allegations of misappropriation were made by the former Central bank Governor, Sanusi Lamido Sanusi.

The major contents of the report were revealed on Thursday, February 5, by the Auditor General for the Federation,Samuel Ukura, in Abuja.


The report was carried out by accounting firm,PriceWaterHouseCooper which asked both companies to refund to “a minimum of $1.48bn” to the federation account.

Sanusi had first alleged that the sum of $10.8 billion was missing before changing the figure to $12 billion and then $20 billion.

The firm presented the report to President Goodluck Jonathan on Tuesday, February 3, in Abuja.