Nigerian senate to investigate management of NNPC over $1.05 billion…

Senate has mandated its committee on gas resources to investigate the circumstances that led the management of the Nigeria National Petroleum Corporation (NNPC) to utilise the sum of $1.05 billion from its Nigeria Liquefied Natural Gas dividend to defray shortfall in fuel landing cost.

This was sequel to a motion by Sen Albert Akpan who said the revelation that the country’s top oil company uses its NLNG dividend for the purpose of settling an aspect of petroleum landing cost was disturbing.

NNPC, through its Group Managing Director Maikanti Kachalla Baru, had last week told a Senate ad hoc panel that there was no any form of subsidy going on, but that the corporation used $1.05bn from its NLNG dividend to defray the differential of the landing cost.

After Senate President Bukola Saraki ruled that the committee should probe the matter.

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