NNPC misses 2014 payment

Nigeria

ABUJA , March 15, 2016 – Nigeria National Petroleum Corporation has failed to pay the Nigerian government USD 16 billion worth in 2014 revenues, the country’s auditor general told the National Assembly on Tuesday.

NNPC has faced similar allegations in the past. In 2013, then-central bank governor Lamido Sanusi claimed the company had withheld billions in proceeds of oil shipments, claims he repeated in 2014 and which subsequently led to his dismissal from the post.

NNPC, subject of a major restructuring campaign that rattled the country earlier this month, has yet to comment on the allegations.

In related news, President Muhammadu Buhari on Tuesday announced plans to begin producing from new fields in the Lake Chad Basin and coastal provinces such as Lagos in an effort to restore the country’s output to around 2.8 million bopd.

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