Over $37bn crude oil proceeds lost in Four years - NIETI

Updated Thursday 8 June 2017 12:46

This was disclosed yesterday by the Executive Secretary of NIETI, Waziri Adio, at the ongoing probe by the House of Representatives ad-hoc panel investigating alleged losses of $17bn oil proceeds.

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Chairman of the committee, Hon. Abdulrazak Namdas who put the executive Secretary on the spot, demanded to know the facts of things.

He said: “The country is losing huge revenue to oil theft. There are many things that must be looked into with a view of taking adequate measures.

“NLNG got $15.9b as dividends as Nigeria’s returns for its 49 percent equity in NLNG. The dividend was collected by the NLNG but was not found in the Federation Account. Certainly we need to ask questions,” he said.

The lawmaker lamented the absence of a comprehensive mechanism for monitoring and evaluating actual oil lifted on the loading platforms in the country.

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