Relevant agencies do not verify NNPC crude oil claims – Reps

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June 8,2017

It emerged Monday that revenue agencies do not bother to investigate and confirm claims on crude oil production and sale by the Nigerian National Petroleum Corporation ((NNPC), ThisDay reports.

At the resumed hearing of the ad-hoc committee investigating the $17 billion undeclared oil and gas proceeds between 2011 to 2014, which is chaired by Hon. Abdulrazak Namdas, the committee was baffled by revelations that none of the agencies including the Central Bank of Nigeria (CBN), Nigeria Customs Service (NCS) and the Federal Inland Revenue Service (FIRS) deemed it necessary to verify NNPC’s revenue remittances against actual crude oil lifting and sale.

Namdas said depending on the NNPC’s information on lifting was not helpful as there are discrepancies in the corporation’s account compared to that of the Nigerian Navy and customs. It was temporarily concluded that the agencies lacked the guts to hold NNPC for actual crude liftings and sale.