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An account reconciliation activity for crude oil transactions found gaps in the corporation’s reporting and remittances to the Federation Account for the month of October 2017.
The ensuing investigation and reconciliation uncovered the sum of N58.369 billion in unremitted funds and forced the state-owned company to issue fresh payment mandates to the Central Bank of Nigeria (CBN) to fund the Federation Account as well as the joint venture production (JVP) Account by the same amount.
The Guardian learnt that N30 billion of the N58.369 billion meant for remittance was allegedly withheld, as it could not be traced in the Federation Account.
Get more: Nigeria Business News
An account reconciliation activity for crude oil transactions found gaps in the corporation’s reporting and remittances to the Federation Account for the month of October 2017.
The ensuing investigation and reconciliation uncovered the sum of N58.369 billion in unremitted funds and forced the state-owned company to issue fresh payment mandates to the Central Bank of Nigeria (CBN) to fund the Federation Account as well as the joint venture production (JVP) Account by the same amount.
The Guardian learnt that N30 billion of the N58.369 billion meant for remittance was allegedly withheld, as it could not be traced in the Federation Account.
Get more: Nigeria Business News
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