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Reps frustrate NNPC’s effort to cover finances of 16 subsidiaries

By on March 19, 2013

The House of Representatives, yesterday, frustrated efforts by Nigerian National Petroleum Corporation, NNPC, to cover the financial records of its 16 subsidiaries.

This was disclosed by Chairman of the House Committee on Finance, Abdulmumuni Jibrin, during an investigative hearing in Abuja.

He further disclosed that “none of the subsidiaries  of  NNPC that appeared at the session yesterday could present before  the Committee  the requested financial details of their various companies.”

Their representatives claimed that the invitation got to them late.

The House had earlier revealed that NNPC made N6 trillion between 2009 and 2012 as internally generated revenue but refused to remit N142 billion to the Consolidated Revenue Fund (CRF) as required by the Fiscal Responsibility Act, FRA, 2007.