NEITI chief asks Reps to probe $15.9bn NLNG dividend loss

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Executive Secretary of the Nigerian Extractive Industry Transparency Initiative (NEITI), Waziri Adio, has called on the House of Representatives to investigate the loss of $15.9 billion dividend from Federal Government’s 49 per cent equity in the Nigerian Liquefied Natural Gas (NLNG), The Sun reports.

Adio who appeared before the Abdulrazak Namdas-led House Adhoc Committee investigating $17 billion undeclared proceeds of crude oil and liquefied gas sale between 2011 and 2014, alleged that the money was received by NLNG but cannot be found in the Federation Account.

He further advised that the committee has to spend more time in looking into the $15.9 billion lost to theft and vandalism as it could likely be part of the $17 billion lost to undeclared crude and gas sale being investigated.

He also told the committee of another $21 billion confirmed crude oil sale that was not remitted to the Federation Account by the Nigerian National Petroleum Corporation (NNPC) between 2011 and 2014.