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Federal agencies, revenue non-remittance and challenge of development

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Official document from Office of the Auditor General of the Federation has revealed how a total sum of $759,387,755.10 was withdrawn from the Department of Petroleum Resources (DPR’s) Signature Bonus Account domiciled with JP Morgan Chase Bank.
Signature bonus is a single, non-recoverable lump sum payment by the Licensee to Government upon the granting of a Petroleum Exploration Licence or Petroleum Production Licence.
The latest OAuGF 2018 annual report indicated that the sum, withdrawn in bits, was paid into different accounts in tranches between July 2014 and May 2015.
Checks by Nigerian Tribune showed that an initial sum of $469,387,755.10 was withdrawn from the said account between April 10th and April 30th 2015 and paid to an account called, “CBN autonomous FEM account Garki, Abuja Nigeria,” rather than being paid into the Federation Account. ....

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How DPR withdrew $759.4m from signature bonus account

How DPR withdrew $759.4m from signature bonus account
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