Oil Coys Indicted of $19bn Scam, Buhari Urged to Take Action

Oil and Gas companies operating in the country were yesterday indicted by the Nigeria Extractive Industries Transparency Initiative (NEITI), of defrauding the country to the tune of $19.1 billion in the past couple of months, VANGUARD reports.

NEITI, in a statement in Abuja, disclosed that the amount represents clear cases of underpayments, under-assessments of taxes, royalties, rents, among others, revealed in its several independent audit reports which have not been adequately addressed in the past.

The body called on President Muhammadu Buhari to ensure the recovery of the money from the companies.

It also said oil sales by the NNPC, and Nigerian Petroleum Development Company in recent times lack transparency and called for a full investigation into the sale.

The body also noted that $11.6 billion, which represents outstanding total dividends arising from loans and interest repayments from Federal Government’s investment in Liquefied Natural Gas (LNG) also needs to be recovered into government coffers. 



Posted by Ike Onwubuya