NNPC has started refunding unremitted $1.48bn –Alison-Madueke

The Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, on Wednesday disclosed that the Nigerian National Petroleum Corporation has started refunding the $1.48bn unremitted fund into the Federation Account as recommended by an audit firm, PriceWaterHouse Coopers.

She 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.”