The Senate has indicted the Nigeria National Petroleum Corporation (NNPC) of allegedly operating a N42. 005 billion illegal account. The account, according to Senator Dino Melaye, (APC Kogi West), who raised the alarm through a point of order is being operated by NNPC and some expatriates in the oil industry under the name of a registered company called Brass NLG Limited with the Federal Government controlling the account. Senate President, Bukola Saraki ruled that the substantive motion on the alleged fraud would be deliberated upon today.Also yesterday, the Senate asked the NNPC to carry out immediate forensic audit of the controversial $16.3 billion Egina oil project. Currently performing far below capacity, the feasibility of private funding of the refineries is expected to improve output and reduce importation of refined crude into the country and boost petroleum products supply as well as distribution in the nation.

Source: The Guardian January 24, 2018 04:52 UTC