REPORT: Nigeria Is Missing $50 Billion In Oil Money

Nigeria is straight up missing $50 billion, according to a letter obtained by the Financial Times' William Wallis.

The letter alleges that the Nigerian National Petroleum Corporation (NNPC) - the state oil company - "has failed since 2012 to account for nearly $50bn in crude oil sales that should by law have been remitted to government coffers," Wallis reports. The leaked letter was written to President Goodluck Jonathan by central bank governor Lamido Sanusi.

In the letter, Sanusi warns the president of the "continued failure of the NNPC to repatriate significant proportions of the proceeds of crude oil shipments it made in gross violation of the law."

In a statement, the NNPC called the letter "misleading" and "borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federal Account."

Read the full report at the FT »