Reps probe $1.2bn oil bloc fund – The Nation
July 3, 2009 by Bunmi Awolusi
The House of Represetatives yesterday began investigation into the whereabout of about $1.2 billion oil bloc bid round funds realised in 2005.
The Hon Usman Adamu led House Committee on Public Account spearheading the probe, is seeking details of the oil bloc transactions and where the accrued $1.2 billion is kept.
The fund, said to have accrued from signature bonuses of oil bloc bid rounds in 2005, was supposed to have been paid into a Petroleum Technology Development Fund (PTDF) Reserve Account, but that was not the case.













