President Muhammadu Buhari, last week, almost lost his cool when it was brought to his attention that a whopping $16 billion of the nation's crude oil revenue loss could be traced to some sharp practices by some individuals in Nigeria’s oil and gas sector, Vanguard reports.
At the official exchange rate of N196, this comes to N3.136 trillion; while, with the parallel market rate of N315, it comes to a whopping N5.04trillion).
One of the arrow heads of the crude oil lifting scam, who has been invited and interrogated by the Economic and Financial Crimes Commission, EFCC, at least twice before, has been granted administrative bail, and “who is alleged to be warehousing a sizable chunk of the money, drew the ire of Mr. President”, an Aso Rock Presidential Villa source disclosed.
Once the revelations were made to Buhari, he ordered that EFCC must ensure that the looted funds are recovered., Vanguard reports.
Insiders said the funds were “supposed to be proceeds from some of the crude oil sold on behalf of the Federal Government of Nigeria by these people and for which they were said not to have made the necessary returns to the coffers of the country”.
No comments:
Post a Comment