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Nigerian bank governor alleges oil subsidy racket

Nigeria’s central bank governor has exposed a multibillion-dollar subsidy racket inside the state-owned oil company...Lamido Sanusi...[has] provide[d]...data, expert and legal opinion, and...contracts...to support his allegations in a memo to a senate committee on finance investigating the matter...The memo points to more than $1bn a month from crude oil sales allegedly owed to the state...that the Nigerian National Petroleum Corporation has failed to remit...Andrew Yakubu...NNPC’s group managing director...accuses him of failing to understand “the technicalities of the oil industry”... Mr Sanusi points to possible losses of $20bn...between January 2012 and July 2013...[also refers to Atlantic Energy, Seven Energy]

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