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NNPC

Nigerian Senate expands NOC fund probe

ABUJA, November 15, 2018 – Nigeria’s Senate has expanded its investigation into whether Nigerian National Petroleum Corporation (NNPC) misused Nigeria LNG (NLNG) funds, international media reported Thursday.

 

The Senate doubled the figure under investigation to USD 2.2 billion after finding more withdrawals, Reuters reported.

The Senate voted to investigate claims that the NOC withdrew USD 1.05 billion from NLNG last week, following local media reports that NNPC had spent NLNG earnings that should have gone to local and state governments on fuel purchases and subsidies.

NNPC has said the funds obtained from NLNG were a loan.

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