Exclusive: Nigeria state oil firm gives government informal loans: audit
Mon, Jul 16 07:20 AM EDT
By Joe Brock
ABUJA (Reuters) - Nigeria's government owes the state-owned oil firm for improper, informal loans used to cover a range of expenses, from a presidential helicopter to maritime security, a report of a partial audit will say.
The audit, prepared by an outside organization given access to accounts of the Nigeria National Petroleum Corp as part of a government effort to improve transparency at the firm, raises doubts over its independence.
Africa's biggest oil producer and key supplier to the United States is pinning its future oil industry hopes on turning the debt-ridden NNPC into an independent profitable company emulating Brazil's Petrobras or Malaysia's Petronas.
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