Auditors: $1.48 Billion Missing From Nigerian Oil Revenues

February 5, 2015 5:28 PM

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At least $1.48 billion is missing from Nigeria's oil revenues, according to an international audit that found much less unaccounted for than the $20 billion alleged by the former Central Bank governor.

The report by PricewaterhouseCoopers covering January 2012 to July 2013 is an indictment of the accounting of the state-owned Nigerian National Petroleum Corp., which it said needs to be urgently restructured.

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