Nigerian NNPC oil sales under scrutiny

摘要

Nigerian president Muhammadu Buhari has more ammunition to carry out wholesale reform at state-owned NNPC, after an independent study outlined deep-seated problems with the firm’s crude marketing operations. The study, by New York-based Natural Resource Governance Institute (NRGI), shows how NNPC’s marketing of 1mn b/d of crude and its role in crude-for-refined-products swaps has cost the government billions of dollars in potential revenue. “NNPC’s approach to oil sales suffers from high corruption risks and fails to maximise returns for the nation,” NRGI says. “These shortcomings characterise NNPC as a whole.”