A fresh scandal has hit Nigeria’s oil and gas sector after SecretSReporters obtained documents showing that the National Petroleum Investment Management Services (NAPIMS), now known as NUIMS, paid ₦1,270,826,725 as initial equity investment to a questionable company without obtaining presidential approval.
The payment was made during the tenure of former Chief Operating Officer Bala Wunti, who led NAPIMS at the time. The documents indicate that the funds were released on behalf of the Federation, raising concerns about due process and financial oversight.
Sources suggest that the investment bypassed required approvals, including that of the President. The company receiving the funds has been described as questionable, though its identity has not been publicly disclosed.
This development has sparked calls for a thorough investigation into the transaction and the broader governance practices at NAPIMS. Critics argue that such actions undermine public trust in the management of national resources.
SecretSReporters continues to investigate and will provide updates as more details emerge.
Article source: secretsreporter.com | Image credit: Secrets Reporter Nigeria
