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Nigerian apex bank accuses company of not remitting $20m oil money

February 4, 2014

The Central Bank of Nigeria (CBN) again on Tuesday accused the Nigeria National Petroleum Corporation (NNPC) of not remitting the US$20 billion oil money to the federation account.The Governor of the Bank, Sanusi Lamido Sanusi, told the Senate Committee on Finance in Abuja that out of the $67 billion crude oil sale that was supposed to be remitted to the federation account only US$47 billion has been reconciled between corporation and the Bank. He said that the balance of $20billion was unaccounted for. ``All we have said as CBN to which there is no disagreement is that NNPC shipped US$67 billion worth of crude, they have repatriated or we have established that US$47billion has come back to the federation. ``There is a US$20 billion that has not come back to us. The burden of proof is on NNPC. The CBN governor had in January accused the corporation of impropriety and wrote to the presidency that NNPC had yet to remit US$49 billion to the federation account. The furore generated by the accusation had yet to settle as the President Goodluck Jonathan was not happy with Sanusi for such brazen allegation and sought the resignation of the governor. Sanusi's latest allegation Tuesday put the corporation again on the defensive as the spokesperson has accused the CBN governor for not being in tune with the happenings in the oil industry.

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Source: Agence de Presse Africaine

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