Wednesday, 7 November 2018

Senate Sets Up Panel To Probe Diversion Of $1.05bn NLNG Dividends By NNPC


The senate has set up an ad hoc committee to probe the Nigerian National Petroleum Corporation’s (NNPC) alleged diversion of dividends from the Nigerian Liquefied Natural Gas (NLNG) to fund petroleum subsidy.

The senate made this known after resuming plenary on Tuesday.

Senate president Bukola Saraki had vowed to investigate the alleged diversion, after Maikanti Baru, NNPC group managing director, said the funds were used to avert a crisis in the petroleum sector.

Bassey Akpan, a senator representing Akwa Ibom north-east, was said to have drawn the senate’s attention to a public outcry regarding the alleged diversion.

An online report had surfaced,  revealing documents of how the federal government allegedly diverted $1.05 billion to fund subsidy payment on petroleum products.


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Akpan requested that the senate committee on gas probe the allegations.

“Senator Bassey Akpan cites Orders 43 & 95 and brings the attention of the Senate to various emails and complaints from the general public on the unauthorized withdrawal of $3.5 billion by NNPC from the NLNG Account,” 

Dividends from the NLNG should be shared by all tiers of government and paid into federal government’s consolidated revenue account.

A related investigation into a $3.5 billion “subsidy recovery fund” said to be managed by the NNPC GMD and the corporation’s finance director is currently ongoing.

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