Panic in NNPC as FG probes crude oil swap contracts

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An investigation has commenced into how the Federal Government has been allegedly short-changed by the Nigerian National Petroleum Corporation (NNPC) in swapping crude for refined products.
Nigeria is feared to be losing money through opaque contracts in which crude oil worth billions of dollars is given to traders in exchange for refined imports, mainly gasoline, international and domestic watchdogs have said.
The anti-corruption agency, Economic and Financial Crimes Commission (EFCC) and the Directorate of Security Services (DSS) launched the investigation last month.
A security source with knowledge of the matter said the DSS wanted to find out how the value of the …Read More

Source:: New Mail