Nigeria’s state oil company operates an “unsustainable model” and should refund a minimum $1.48 billion to the government, a PricewaterhouseCoopers LLP audit recommends. The Nigerian National Petroleum Corp. spends 46 percent of domestic oil proceeds on operations and subsidies, according to highlights of an 18-month review between January 2012 and July 2013 released by the office of Nigeria’s Auditor General. The NNPC can’t sustain monthly remittances to government or meet operational costs from crude revenue and incurs third-party liabilities to fund the gap, according to the statement. “PwC therefore recommended that the NNPC model of operation must be urgently reviewed and restructured,” according to Auditor General Ukura Samuel’s statement. “The current model which has been in operation since the creation of the corporation cannot be sustained.” The audit came after the former central bank governor of Africa’s largest oil producer, Lamido Sanusi, wrote to President […]