Unaccounted N2trn assets: Reps demand external audit of NNPCL

The House of Representatives has demanded an external audit of the Nigerian National Petroleum Company Limited to uncover its unaccounted N2 trillion assets.

The House’s Ad Hoc Committee on the company’s assets and liabilities disclosed this in its report on Tuesday.

According to the House, the audit has become necessary due to the metamorphosis of the Nigerian National Petroleum Corporation into a limited liability company.

The Committee claimed that its findings showed that an asset worth $64 (about N28 trillion) billion was unveiled by the immediate past president Muhammadu Buhari, however, only $58.8 billion(N26 trillion) was transferred, leaving a balance of N2 trillion.

It recommended that NNPCL should re-assess its accounting system.

The Committee stated that NNPCL should consider outsourcing the maintenance and operations of the Kaduna, Port Harcourt and Warri refineries to reputable international oil companies for efficiency.

It added that NNPLC should suspend the oil swap arrangement, remove subsidies on petrol and deregulate the sector to spur competitiveness and growth.

In his reaction to the development, the NNPCL spokesperson, Garba-deen Muhammad said the company had nothing to hide.

He noted that NNPLC was willing to oblige any form of scrutiny by the legislators regarding its current and past dealings.

Share this:

TV360 Nigeria

Nigeria's first exclusive online television news channel. We strongly uphold journalistic principles of TRUTH, BALANCE & FAIRNESS in our reportage & we believe there is no one side to a story.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *