Minister of Petroleum Resources Mrs. Diezani Alison-Madueke has revealed that Nigerian National Petroleum Corporation has started refunding the unremitted $1.48bn to Federation Account.
Alison-Madueke who spoke with State House correspondents at the end of the weekly meeting of Federal Executive Council said “The PriceWaterHouse Coopers forensic audit that was done few weeks ago in his recommendation mentioned that $1.48bn was owed by the NPDC for a block that had hitherto been assigned from the NNPC to the NPDC which is its subsidiary.
“They felt that the right process would be that the NPDC will refund that money to the Federation Account. The NPDC has apparently started those refunds and it is also in discussion with the NNPC and the DPR on same. So the refund has actually began.”