Transparency agency says $13.7bn was stolen from Oil Corporation

About 160 million barrels of crude oil, valued at $13.7bn were stolen under the watch of the Nigerian National Petroleum Corporation, the Nigerian Extractive Industries Transparency Initiative, NEITI has revealed.

Read: ‘Our audit report not reliable,’ PriceWaterhouseCooper says

The declaration was made by the Executive Secretary of the NEITI, Hajiya Zainab Shamsuna-Ahmed, on Wednesday, July 30, 2015 during his visit to Governor Nasir el-Rufai of Kaduna State at Sir Kashim Ibrahim Government House, Kaduna.

In a report by The Punch, the NEITI boss, who called on the Federal Government to privatise the refineries, stated further that 'Crude product swap of $866m was lost from 2009 to 2011 and $82.43m in 2012.'

Read: ‘Nigeria’s 4 refineries to resume operations in July,’ Corporation says

In her words, Shamsuna-Ahmed said, “Crude product swap of $866m was lost from 2009 to 2011 and $82.43m in 2012. Total amount expended on subsidy payment from 2005 to 2012 as captured, $11.631m have been paid to the NNPC,. However, there is no evidence this amount was remitted to the federation account.”

In his words, 'NNPC has become a monster and too powerful. I will continue to fight NNPC till it dies  for Nigeria to survive. Its either Nigerians kill NNPC or NNPC will kill Nigeria.

'Since I called for the death of NNPC, the corporation sponsored articles attacking me, but I am telling them my skin is ticker than that of an elephant. The NNPC can’t bribe us, the four governors,' he opened up.

El-Rufai is among the four governors, appointed by the National Economic Council  to scrutinise the accounts of the NNPC and the Excess Crude Account managed by the administration of former President Goodluck Jonathan.

El-Rufai is joined by governors of Akwa-Ibom, Edo and Gombe states are members of the panel.