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Senate Okays Probe of NNPC’s $1bn Diversion from NLNG Dividend


Nigerian Senate

The upper chamber of the National Assembly has begun an investigation into the $1.05bn diversion from the ‎Nigerian Liquefied Natural Gas (NLNG) dividend alleged to augment the shortfalls between the landing costs and pump price of Petrol.

According to the Punch, the Senate President, Dr. Bukola Saraki, ruled that the committee should go ahead with the probe after Senator Bassey Akpan, the Chairman of the Senate Committee on Petroleum (Gas) raised a point of order at the plenary on Tuesday to urge the lawmakers to probe the ‎transaction claim by NNPC boss.

The Senate had set up an ad hoc committee headed by the Majority Leader, Senator Ahmad Lawan, to investigate an alleged $3.5bn account kept by NNPC for petrol subsidy payment.

The Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, while appearing before the committee last week, said NNPC had spent $1.05bn from the NLNG dividend account to pay for the cost of “under-recovery” in fuel importation.

On Monday‎, the President of the Senate Dr Saraki said the Senate would investigate the claims by Baru, on why and how the corporation was diverting the dividends from NLNG.

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Written by Prince Simeon

Goldenchyld is the Head Publicist and Blogger at Hypestation Nigeria. He has interest that cuts across lifestle, tech, music and other things that affect everyday living. Follow him on Twitter @goldenchylduno and @goldenchyld_ on Instagram

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