Senate to conduct thorough investigation of N10trillion fraud in the petroleum industry

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The Senate said it has uncovered an alleged fraud of N10 trillion carried out by staff of Nigerian National Petroleum Corporation (NNPC) in connivance with officials of some of the Independent Marketers and other key players in the Petroleum Industry for ten years between 2006 and 2016.

Against this backdrop, the Senate joint committees on Petroleum (upstream and downstream) and that of Gas, will this week begin a probe of the affected companies, agencies of government and heads of these agencies and parastatals of government.

According to the Committee, it has the support of President Muhammadu Buhari and the Senate Leadership to carry out a thorough and holistic investigation on the alleged fraud and bring to book, the perpetrators, just as it said that the amount involved was big enough to finance the country’s budget for two consecutive years.

Addressing journalists during the weekend on the alleged scam, Chairmen of the Committees led by Senator Kabiru Marafa (Chairman, Senate Committee on Petroleum Downstream) said that out of the N10trillion fraud, NNPC alone would account for N5.2trillion it collected as subsidy from the federal government of Nigeria for importation of Petroleum Products particularly Premium Motor Spirit (PMS) otherwise known as petrol or fuel between 2006 and 2016.

According to Senator Marafa, the NNPC will also account for the 445,000 barrels of crude oil allocated to it on yearly basis for the Nation’s refineries for local consumption.

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