Audit report alleges rip-off of govt by NNPC

An independent audit of Nigeria’s oil sale payments has come with a damning verdict: The country’s crude oil sector is not only crude, but also oily. It confirmed that the  Nigerian National Petroleum Corporation (NNPC) used its unique trading position to make profits at the expense of the government between 2006 and 2008. The report, released this week, according to Reuters, said NNPC waited to analyse oil market movements before choosing the most favourable pricing option to buy Nigeria’s crude ...
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Added February 04, 2011
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