Nigeria: Trafigura, Televeras, Aiteo, Ontario Named in Oil Swaps

18 December 2013

As the public continues to digest the revelation by the Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, that the Nigerian National Petroleum Corporation (NNPC) has failed to remit an estimated $49.8 billion to the Federation Account over a 19-month period, it has emerged that part of the revenue shortfalls arising from the oil sector have been traced to the crude-for-products swap deals.

However, NNPC has dismissed the notion that billions are being siphoned through the crude oil swaps, stating that there is a misconception of the current Offshore Processing Arrangement (OPA) it has in place with overseas refiners, which it stated has saved the corporation and country billions of naira.

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