Unic Press UK: The Senate of the Federal Republic of Nigeria has resolved to investigate what has happened in respect of the sum of $3.5 billion (₦1.6 trillion), which the country’s oil company the Nigerian National Petroleum Corporation (NNPC) might have spent under a so-called ‘Subsidy Recovery Fund’ in the light of media reports.
The resolution was passed Tuesday at plenary after the Deputy Minority Leader, Senator Abiodun Olujimi (PDP – Ekiti South), had expressed shock at the reports that only two persons – the NNPC’s managing director, Maikanti Baru and the Executive Director of Finance – are managing such a huge amount.
Reacting to the allegations, the NNPC’s Group General Manager Ndu Ughamadu denied the reports in circulation that two individuals are responsible for managing the $3.5 billion, saying that the fund managers included the NNPC, the Central Bank of Nigeria and the Ministry of Finance.
