Nigeria’s House of Reps to investigate massive oil fraud

Nigeria’s lower house of parliament, the House of Representatives, is planning to set up a committee to look into allegations that $17bn (£13bn) worth of crude oil had been stolen during the last administration, Elombah.com has learnt.

Reuters news agency quotes parliamentarian Johnson Agbonayinma, who said there was an “urgent need to investigate” the issue.

He added that most of the allegedly stolen oil found its way to the US, China and Norway.

Nigeria’s oil sector has long been plagued by allegations of corruption, and President Muhammadu Buhari has made a point or trying to tackle graft.

The lawmakers resolved to investigate allegations that over $17 billion undeclared crude oil and liquefied natural gas exports is yet to be recovered despite the involved companies being identified.

The motion, sponsored by a member of the Reps, Johnson Agbonayinma, observed that according to a presidential report on the matter, the funds are recoverable.

It is expected that the findings of this investigation would help improve the finances of the federal government and help fund the implementation of the 2016 budget.