Nigeria’s Senate Uncovers Alleged N10trn Fraud in NNPC

Nigeria’s Senate Uncovers Alleged N10trn Fraud in NNPC

Three joint committees of the senate to investigate alleged ten trillion Naira in the Nigeria national petroleum corporation, NNPC and other stakeholders in the petroleum sector between 2006 and 2016.

The chairman senate committee on petroleum downstream, Senator Kabir Marafa announced this while briefing senate correspondents in Abuja.

The joint committees comprise the senate committees on petroleum upstream, downstream as well as that of gas.

The committee also said it had the support of President Muhammadu Buhari and the Senate leadership to carry out a thorough and holistic investigation on the alleged fraud and bring to book the perpetrators, stressing that the amount involved was huge enough to finance the country’s budget for two consecutive years.

Addressing journalists, weekend, on the alleged scam, Senator Kabiru Marafa, Chairman, Senate Committee on Petroleum Downstream, who spoke for chairmen of the committees, said of the N10 trillion fraud, NNPC alone would account for N5.2 trillion it collected as subsidy from the Federal Government for importation of petroleum products, particularly Premium Motor Spirit, PMS, otherwise known as petrol between 2006 and 2016.

They were mandated by the senate in plenary to investigate the NNPC and affected companies, heads of government agencies and Parastatals as part of attempts to reform the operations of the NNPC.

Senator Kabir Marafa at the well attended news conference announced that the investigation became imperative because of the huge amount which the NNPC failed to remit to the federation account.

Kabiru Marafa clarified that henceforth a pragmatic approach should be presented by the NNPC for better understanding of its commercial activities and choosing counterparts of awarding contracts.

The Chairman, Senate Committee on Petroleum (upstream), Senator Tayo Alasoadura and his counterpart in the Committee on Gas, Senator Albert Bassey alleged that records before the committees showed that during the period under investigation, NNPC imported fuel into the country that was more than 40 per-cent of the nation’s local consumption.

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