NNPC has not explained missing $22.7bn – NEITI

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The Nigeria Extractive Industries Transparency Initiative, an agency tasked with cleaning up the country’s oil industry, has said even though financial accountability has improved, the Nigerian National Petroleum Corporation still has not explained billions of dollars of missing revenue.

While energy producers had cooperated and complied with requirements to publish payments, NEITI had struggled with the NNPC, the Executive Secretary of the agency, Waziri Adio, was quoted by Bloomberg to have said in a March 7 interview in Abuja.

He said the state oil company had not explained what it did with at least $22.7bn earned from the sale of oil licences and in dividends from its stake in Nigeria LNG Limited over a 15-year period.

“The sector is no longer the black hole that it once was, but we can still use more transparency. Things are opening up. There could be more in the area of contracts, ownership and expenditure transparency, but definitely there is some progress,” Adio stated.

The NNPC had said in the past that it had the authority of the government for its actions.

Royal Dutch Shell Plc, ExxonMobil Corporation, Chevron Corporation, Total and Eni operate joint ventures with the NNPC accounting for about 90 per cent of the output of Nigeria.

President Muhammadu Buhari, who pledged during his 2015 election campaign to fight widespread graft in the oil and gas industry, appointed Adio in February 2016 to head NEITI.

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