Oil Fraud: Senate Orders Probe Of Missing $49.8bn

The Senate on Wednesday mandated its committee on Finance to investigate alleged missing $49.8 billion crude oil funds. 

Senate President, David Mark, urged the Finance Committee to turn in report of the investigation as soon as possible, because this issue requires urgent attention.
The resolution to probe the alleged missing money followed a Point of Order raised by Senator Olubunmi Adetunmbi (Ekiti North) on the development.
Relying on Order 42 which deals with matter of urgent public attention, Adetunmbi drew attention of the Senate to a newspaper publication of “$49.8 billion ‘missing’ oil money.”
According to him, the matter of how the economy is being managed and the issue of oil revenue were raised at a Public Account Committee meeting. During the said meeting they determined to seek answers to certain questions raised by the Central Bank of Nigeria (CBN).
Adetunmbi also mentioned that the CBN Governor, Sanusi Lamido Sanusi, graciously responded to all the inquiries of the committee and offered information and detailed value of crude oil exports and proceeds repatriations.
Moreover, the lawmaker noted that the CBN Governor’s response showed clearly the proceeds of crude oil sales which should have accrued to the Federation Account.


The Nation