Project Insights

Nigerian Senate to probe NNPC over gas funds

Nigeria’s Senate has voted to probe NNPC's alleged withdrawal of funds from Nigera LNG.
By Staff reporter 8 November 2018 Middle East & Africa / Companies & Finance 0 33219

Nigeria’s Senate has voted to probe Nigerian National Petroleum Corp.’s (NNPC’s) alleged withdrawal of $1.05 billion from Nigeria LNG (NLNG), a gas subsidiary partly owned by the state oil company and IOCs, Reuters has reported.

NNPC has been accused of using NLNG’s earnings to fund its own fuel purchases and subsidies during a shortage in 2017 and 2018.

The investigation could scupper NLNG’s plans to take an FID on the construction of a seventh train at its Bonny Island LNG plant...