$17bn undeclared crude: 47m barrels of oil unaccounted for – Reps


The House of Representatives  Adhoc Committee investigating $17 billion allegedly stolen from undeclared crude oil and liquefied gas sale in the international market has demanded for a proper explanation on the sale of 47,366,887 barrels between January 2011 and December 2014, The Sun reports.

The Abdulrazak Namdas-led committee expressed dissatisfaction over the differential in the documents submitted to the committee by Nigerian National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR), Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Navy on the crude lifted within the said period. 

According to the documents submitted to the committee, 13 oil companies over lifted 7,423,266 barrels of crude in 2011 while 18 companies over lifted 20,367,803 barrels of crude in 2012. Also, the committee, as part of its investigation, asked the NNPC to provide it with details of all the accounts it operated before the introduction of the Treasury Single Account (TSA).