Nigerian Senate calls for Egina audit

ABUJA, January 24, 2018 – The Nigerian Senate has demanded that the Nigerian National Petroleum Corporation (NNPC) audit the Total-operated Egina project, local media reported on Wednesday.

The NNPC has responded to the allegations of the Senate’s Ad hoc Committee on Local Content that the costs of the project have been agreed upon in advance, Vanguard reported.

“Specifically, as we have earlier stated, the initial budget established in 2013 for the Egina Project was [USD 16.35 billion] and after extensive cost optimisation by [Total] and the project partners, this figure was revised downwards to USD 15.75 billion in May 2013 and the Final Investment Decision was made on the basis of this reduced budget figure,” Nicolas Terraz, the managing director of Total Nigeria, was quoted as saying.

The report came just as the NNPC’s board is preparing to announce in the next days the investors in a project to upgrade three of the country’s ageing refineries, Reuters reported.

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