Billions Of Petrodollars Missing In Nigeria

Fri, 02/14/2014 - 2:15pm
Associated Press

ABUJA, Nigeria (AP) — Nigeria's Senate is ordering a forensic audit to track down billions of missing petrodollars.

The Central Bank last year reported nearly $50 billion worth of oil sold by the state oil corporation had not been paid to the government. In December the Finance Ministry reported it had accounted for all but $10.8 billion.

The Senate Committee on Finance heard Thursday that the unaccounted amount has grown to $20 billion. Finance Minister Ngozi Okonjo-Iweala told senators the Nigerian National Petroleum Corp. has produced receipts to account for the $10.8 billion.

Committee chairman Sen. Ahmed Makarfi concluded they did not have the expertise to unravel the mystery and said senators are ordering an audit by legal experts. Corruption and mismanagement are rife in Africa's biggest oil producer.


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