The Nigerian National Petroleum Corporation, NNPC, has faulted the claims by the governor of the Central Bank of Nigeria, Lamido Sanusi, alleging non-remittance of $49.8billion (aboutN7.769trillion), representing 76 per cent of the total crude oil revenues from January 2012 to July 2013.
The corporation's General Manager, Media Relations, Omar Farouk, said the allegation was "borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account."
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