Senate Declares Trillions Of Naira Stolen From Buhari’s Office

The President Bukola Saraki-led Senate, has said that the President Muhammadu Buhari-led Nigeria National Petroleum Corporation, NNPC, is unable to account for N5.1 trillion oil subsidy fund.

Recall, that Buhari is the Minister of Petroleum Resources, which has the NNPC as its agency.

The Senate, noted that during the subsidy regime, the country paid a total of N9.93 trillion as subsidy. Of this amount, the NNPC got N5.1 trillion, and Independent Marketers were paid N3.83 trillion.

The Upper Chamber has therefore, decided to launch an investigation, to find out how the corporation used this huge amount of money.

EFCC detains ex-Finance Minister, Yuguda

The Economic and Financial Crimes Commission (EFCC) has detained a former Minister of Finance, Amb. Bashir Yuguda, over his alleged involvement in the $115m (N23bn) bribe which was distributed by a former Minister of Petroleum Resources, Diezani Alison-Madueke.

The EFCC said in a statement that the ex-minister who is a chieftain of the Peoples Democratic Party, allegedly diverted N450m out of the money.

The money, which was distributed through Fidelity Bank Plc, was said to have been used in bribing officials of the Independent National Electoral Commission during the 2015 presidential election.