• Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
Sunday, August 17, 2025
Emerald News Nigeria
  • Home
  • Inside Delta
  • Health
  • Politics
  • Crime
  • Economy
  • Education
  • Relationship
  • Special Report
No Result
View All Result
  • Home
  • Inside Delta
  • Health
  • Politics
  • Crime
  • Economy
  • Education
  • Relationship
  • Special Report
No Result
View All Result
Emerald News Nigeria
No Result
View All Result

CONTROVERSY as NNPC Can’t Account for N663bn, 107m Barrels of Crude Oil

by Emerald Nigeria
March 16, 2022
in Economy
ShareTweetShareShare

The Office of the Auditor-General of the Federation has accused the former Nigerian National Petroleum Corporation, now known as Nigerian National Petroleum Company Limited, of failing to account for approximately 107,239,436 barrels of crude oil lifted for domestic use in 2019.

According to Punch, the office made the accusation in its 2019 six audit queries issued against the NNPC, which are now being evaluated by the Senate and House Committees on Public Accounts.

The report says about 22,929.84 litres of petrol valued at N7.06 billion and pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) in June and July 2019 were not received by the depots.

The investigation identified disparities between the amount reported by the NNPC as a transfer to the federation account and the amount reported by the Office of the Accountant-General of the Federation.

While the NNPC’s records indicated that it transferred N1,272,606,864,000, the Accountant-General of the Federation said it transferred N608,710,292,773.44, creating a shortfall of N663,896,567,227.58.

As a result, the Auditor-General said the NNPC’s Group Managing Director should be compelled to explain the gap between the two numbers and return the balance of N663,896,567,227.58 to the federation account or face penalties.

Also Read:

Crude Oil Theft: Akpabio, Nwoko push for tougher penalties, digital monitoring as senate moves for sweeping reforms

BREAKING: NNPC sacks Warri, Kaduna, Port Harcourt refineries MDs, others thrown out of office

Senator Nwoko’s ad-hoc committee on crude oil theft set to hold public hearing, invites govt agencies, financial institutions, host communities, oil firms, others

JUST IN: President Tinubu sacks NNPC GMD Mele Kyari, dissolves board, appoints new 11-man board

NNPC sent N519,922,433,918.46 to the federation account in accordance with transfer directives.

As a result, the Auditor-General ordered that the NNPC provide “reconciliation statement for the difference of N88,787,862,853.96 between AGF’s figure of N608,710,296,772.42 and NNPC’s figure per transfer mandate of N519,922,433,918.46”.

“Audit observed that 107,239,436.00 barrels of crude oil were lifted as domestic crude, while the allocation of crude oil to refineries for a billing date of 9th January to 29th May 2019 was 2,764,267.00 barrels valued at N55,891,009,960.63,” said the Auditor-General.

“Information on the sale of un-utilised crude oil by refineries for 2019 was not provided, and information on crude oil allocations from 30th May to 31st December 2019 was not provided for scrutiny.”

The office cited probable diversion of domestic oil, diversion of unutilized petroleum, and revenue loss from the federation account, alleging that the NNPC’s management refused to answer to the audit enquiry.

“The Group Managing Director of NNPC is requested to provide a complete schedule of crude oil allocation to refineries from 1st January to 31st December, 2019, to detail the sale of un-utilized crude oil and reconcile it with the total domestic crude oil lifted in 2019 of 107,239,436.00 barrels, and to remit the proceeds from the sale of un-utilized crude oil to the Federation Account,” the query states.

Citing Section 162(1) of the 1999 Constitution, the Auditor-General said the NNPC spent $6.410 million (N1.955 billion at N305/$1) on Joint Venture Cash Calls and other federally-funded upstream projects, such as gas infrastructure development, Brass LNG, crude oil pre-export inspection agency expenses, frontier exploration services, EGTL operating expenses, and the NESS fee; and another N55.157 billion on pipeline security and maintenance without first depositing the funds into the federation account.

Source: PUNCH NEWSPAPER
Tags: crude oilfuelNNPCoil and gas
ShareTweetShareSend
Previous Post

IT’S GETTING INTERESTING: TROUBLE LOOMS RUSSIA! ‘We’ll Rise AGAINST You’, – Captured Russian Soldiers REBEL AGAINST Putin

Next Post

Comrade Bolum joins states chairmen of ASCSN in Dubai for executive training

Related Posts

I asked Grok one of most powerful AI tools to give me the wealthiest tribe in Nigeria, the tribe it mentioned with reasons will shock you

I asked Grok one of most powerful AI tools to give me the wealthiest tribe in Nigeria, the tribe it mentioned with reasons will shock you

August 14, 2025
What Actually Happened – Ibom Air Explains Disturbing Encounter With Unruly Passenger

What Actually Happened – Ibom Air Explains Disturbing Encounter With Unruly Passenger

August 11, 2025
COVID-19: Read reactions as Senator expresses fear over call for resumption of schools

You Won’t Believe This!! Shehu Sani predicts 15 powerful things AI, technology will do to the world system in next 75 years (A Must Read)

July 31, 2025
Delta CARES Holds 2-Day Training for Management Staff,  Strengthens Implementers Capacity Ahead of NG-CARES 2.0 Rollout

Delta CARES Holds 2-Day Training for Management Staff, Strengthens Implementers Capacity Ahead of NG-CARES 2.0 Rollout

July 22, 2025
Delta Rich in Resources, Poor in Vision — Mulade Demands Bold Economic Moves from Oborevwori

Delta Rich in Resources, Poor in Vision — Mulade Demands Bold Economic Moves from Oborevwori

July 9, 2025
Strategic Representation: Senator Nwoko Secures Federal Appointments Across Key Sectors for Constituents

Strategic Representation: Senator Nwoko Secures Federal Appointments Across Key Sectors for Constituents

July 1, 2025
Next Post
Comrade Bolum joins states chairmen of ASCSN in Dubai for executive training

Comrade Bolum joins states chairmen of ASCSN in Dubai for executive training

Trending

  • BREAKING: Governor Oborevwori’s Aide Offers Comfort Emmanson N500k job, All-Expense-Paid Trip to Asaba, Five Star Hotel Accommodation

    BREAKING: Governor Oborevwori’s Aide Offers Comfort Emmanson N500k job, All-Expense-Paid Trip to Asaba, Five Star Hotel Accommodation

    0 shares
    Share 0 Tweet 0
  • What Actually Happened – Ibom Air Explains Disturbing Encounter With Unruly Passenger

    0 shares
    Share 0 Tweet 0
  • BREAKING: Enough is Enough! House of Assembly Begins Probe of Former Governor

    0 shares
    Share 0 Tweet 0
  • I asked Grok one of most powerful AI tools to give me the wealthiest tribe in Nigeria, the tribe it mentioned with reasons will shock you

    0 shares
    Share 0 Tweet 0
  • JUST IN: Passenger who assaulted Ibom Air Hostess Remanded in Kirikiri Prison

    0 shares
    Share 0 Tweet 0
  • This pentecostal pastor messed up, what he did is disgusting to Christianity, And what happened thereafter will shock you

    0 shares
    Share 0 Tweet 0
  • (Watch Video): Leaked S3x tape of another Nigerian celebrity is shared online, victim reacts as her video goes viral

    0 shares
    Share 0 Tweet 0
  • Delta North APC Endorsement of Senator Nwoko Irrevocable – Chief Eboh Fires Back at Critics

    0 shares
    Share 0 Tweet 0
  • Delta Court Issues Certificate Of Land Possession To Obi Of Ogwashi-Uku, Unauthorised Trespassers, Land Buyers To Face Prosecution

    0 shares
    Share 0 Tweet 0
  • One Year Without Trial: Dafinone Leads Efforts to Free Detained Okuama Leaders

    0 shares
    Share 0 Tweet 0

Latest Stories

Delta Land Grab Case: CDHR President Urges Attorney General to Ensure Unbiased Investigation

August 16, 2025

Senator Ned Nwoko Celebrates Delta APC Chairman, Elder Omeni Sobotie on His Birthday

August 16, 2025

Okumagba Felicitates Delta APC Chairman Omeni Sobotie on birthday anniversary

August 16, 2025

You’re a dynamic and committed leader, Senator Dafinone eulogises Delta APC chairman on birthday

August 16, 2025

From ICT Centres to Sapele Port: Senator Dafinone Sets Development Target for Delta Central

August 16, 2025

Anioma and the Igbo Question: Setting the Records Straight Against Basil Okoh’s Misinformation

August 16, 2025

Ossai’s Offer That Broke The Internet: Check The Right Reasons We Fail To Understand

August 15, 2025

Senator Ned Nwoko will remain major stakeholder in driving Governor Oborevwori’s MORE Agenda – APC Chieftain

August 14, 2025

Delta Court Issues Certificate Of Land Possession To Obi Of Ogwashi-Uku, Unauthorised Trespassers, Land Buyers To Face Prosecution

August 14, 2025

Niger Delta Peace Advocate and Activist, Mulade Sheriff, Honoured with Ph.D. in International Relations

August 14, 2025
  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms and Conditions

© 2024 Emerald News Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Emerald News Nigeria
  • Inside Delta
    • Niger Delta
  • Politics
  • Economy
  • Crime
  • Education
  • Health
  • Entertainment
  • Relationship
  • Special Report

© 2024 Emerald News Nigeria.