![nnpc: Image: Associated Press]({"default":"http://db2.stb.s-msn.com/i/6d/9fb18d159f24fb82332c496cecb42/_h353_w628_m6_otrue_lfalse.jpg"})
Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria (CBN), has reportedly uncovered a fraud scheme by the Nigerian National Petroleum Corporation (NNPC) worth almost $50 billion.
Reuters reports that the governor wrote to President Goodluck Jonathan in September to inform him of $49.8 billion in crude oil sales earned between January 2012 and July 2013 which was still outstanding.
According to the letter, the NNPC had earned $65.3 billion but only remitted 24 percent of the total amount.
"I am constrained to formally write your Excellency, documenting serious concerns of the CBN on the continued failure of the NNPC to repatriate significant proportions of the proceeds of crude oil shipments it made in gross violation of the law," the letter, which has been seen by Reuters, said.
The NNPC has denied the governor's claims.
AllAfrica reports that the NNPC spokesman Omar Farouk Ibrahim said "the allegation is borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account".
According to the letter, the NNPC had earned $65.3 billion but only remitted 24 percent of the total amount.
"I am constrained to formally write your Excellency, documenting serious concerns of the CBN on the continued failure of the NNPC to repatriate significant proportions of the proceeds of crude oil shipments it made in gross violation of the law," the letter, which has been seen by Reuters, said.
The NNPC has denied the governor's claims.
AllAfrica reports that the NNPC spokesman Omar Farouk Ibrahim said "the allegation is borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account".
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