Company to refund more than $1.48bn - APC

The All Progressives Congress (APC) has said that the Nigerian National Petroleum Corporation, (NNPC) is due to refund more than $1.48 billion to the Federation Account.

However, the Head of the Policy, Research and Strategy Directorate of the APC Presidential Campaign, Kayode Fayemi, told Bloomberg that the party had gathered that the amount due was more than $1.48 billion.

“I have a figure that is more than $1.5 billion that had been talked about. We have seen credible information that what PwC says is more than that. We will release the report. We will make it available to Nigerians as soon as we have full information on this,” Fayemi said.

He also stated that the incoming administration of President-elect, Muhammadu Buhari would publish the full audit report and possibly reorganize the NNPC.

The subject of missing oil funds came into contention after former Central Bank Governor, Sanusi Lamido Sanusi alleged that the NNPC failed to remit the sum of $ 20 billion.