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NEITI uncovers fresh N2.33tn fraud at NNPC

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A latest audit of the NNPC by the Nigeria Extractive Industries and Transparency Initiative, NEITI, has revealed a fresh fraud of about N2.33 trillion.

The report was presented by the Chairman of NEITI, Kayode Fayemi, at a media briefing on Monday in Abuja.
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According to the report, the total outstanding revenue from NNPC and its subunits from the 2013 Oil And Gas Industry Audit stood at $3.8 billion (about N640bn) and N358.3bn.

It also noted that the total losses to the Federation due to Offshore Processing Arrangement (OPA), Crude Swap, Crude Theft e.t.c. came to about $5.96bn (N1.19bn) and N20.4bn.

Total under-assessment and underpayment by companies due to contested pricing methodology amounted to $599.8m in 2013.

Read the full report here

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