Vanguard
6 February 2011
Abuja — The Nigerian Extractive Industries Transparency Initiative, NEITI, has recommended a drastic restructuring of the Nigerian National Petroleum Corporation, NNPC, in order to ensure greater transparency and credibility of certain oil sector payments and receipts in the national oil and gas behemoth.
NEITI's recommendation was made in its latest reconciliation report, which covered the period of 2006 to 2008 and published on the website of the extractive industries watch-dog, also disclosed several discrepancies in the operations of the conglomerate, especially with regards to its crude liftings and payments made into the Federation account by the NNPC.
According to the report, there is a "conflict of interest" in the buying and selling of crude by the corporation on behalf of the Federal Government, and the concomitant financial corruption in the process, and called for a review of the system.
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