IslamicFinance.de

A forensic audit of Nigeria’s state oil firm released on Monday confirmed the accusation by Emir Muhammed Sanusi that the NNPC withheld about $20 billion that it ought to have remitted to the national treasury. The report ordered released by President Goodluck Jonathan, more than two months after it was submitted by PriceWaterHouseCoopers confirmed that the NNPC illegally expended $18.53 billion on operational costs, kerosene and petrol subsidies, without authorisation from the National Assembly. Part of the money was also withheld by an NNPC subsidiary, without National Assembly authorisation.