News Column

Unremitted Oil Funds - I Want the Whole Truth, Says Okonjo-Iweala

February 26, 2014



The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has demanded to know the whole truth about the alleged $20 billion, which the suspended Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, said had not been remitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

A statement yesterday from the finance ministry to the British Broadcasting Corporation (BBC), said the minister, "Asked for urgent action with regard to an independent forensic audit of conflicting claims of unaccounted funds made by the NNPC and Sanusi."

Okonjo Iweala said: "My position on this has been clear from the start. The ministry of finance's reconciliation showed a shortfall of $10.8 billion in NNPC remittances to the Federation Account. After this, the conflicting claims continued with new figures such as $20 billion being mentioned. So since 13th February I have called for an independent forensic audit.

"President Goodluck Jonathan indeed announced last night that there will be an investigation into whether there are any funds missing from NNPC. He also indicated that the correct process needs to be followed in this investigation and I understand that the entity that has the proper authority to initiate such an investigation is the Auditor General of the Federation."


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: AllAfrica


Story Tools