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Nigerian oil firm under investigation for withdrawing money without approval

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LNG Industry,

According to Reuters, an investigation by the Nigerian Senate looking at whether Nigerian National Petroleum Corp. (NNPC), the state oil firm, had improperly withdrawn money has doubled the amount under investigation to more than US$2.2 billion.

Reuters reports that the Senate initially voted to probe withdrawals of US$1.05 billion by NNPC from NLNG without approval. NLNG produces LNG ready for export, and is a joint venture owned by NNPC, Shell, Total and ENI.

According to Reuters, Nigeria’s Premium Times newspaper reported just last week that the state oil firm had used part of the earnings from NLNG to fund its fuel purchases and subsidies throughout a shortage lasting from late 2017 to early this year. These earnings should have been passed onto local and federal state authorities. Reuters reports that these shortages caused long wait-times at filling stations, and led to NNPC spending a minimum of US$5.8 billion on fuel imports.

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