The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, on Wednesday disclosed that the Nigerian National Petroleum Corporation has started refunding $1.48bn into the Federation Account as recommended by an audit firm, PriceWaterHouse Coopers. She however did not disclose how much has so far been refunded by the corporation. She also denied reports that she was seeking the assistance of some highly-placed persons in other to get soft landing from the incoming administration of Gen. Muhammadu Buhari (retd.). Alison-Madueke spoke with State House correspondents at the end of the weekly meeting of the Federal Executive Council at the Presidential Villa, Abuja. It will be recalled that the Federation Account Allocation Committee on Monday night constituted a committee to find out the reasons for the delay in the refund of the sum. PriceWaterHouse Coopers had in its forensic audit report of the corporation recommended that the NNPC should refund the amount to the Federation Account. The firm was last year hired to carry out the audit following an allegation by the former Governor of the Central Bank of Nigeria, Lamido Sanusi, that $20bn was not remitted to the Federation Account by the NNPC. PWC had stated in the report that while the total gross revenue generated from crude oil lifting was $69.34bn between January 2012 and July 2013 and not $67bn as earlier stated by the Senate Reconciliation Committee, what was remitted to the Federation Account was $50.81bn and not $47bn. The audit report revealed that $28.22bn was the value of domestic crude oil allocated to the NNPC, adding that total amount spent on subsidy for Premium Motor Spirit was $5.32bn. Alison-Madueke however explained that the unremitted fund was owed by NPDC for a block that had been assigned from NNPC to NPDC. She said, “The PriceWaterHouse Coopers forensic audit that was done a few weeks ago, in its recommendation mentioned that $1.48bn was owed by NPDC for a block that had hitherto been assigned from the NNPC to NPDC which is its subsidiary. “They felt that the right process would be that NPDC will refund that money to the Federation Account. NPDC has apparently started those refunds and it is also in discussion with NNPC and DPR on same. So the refund has actually begun.” While saying that the payment was being done under her directives, she insisted that the sum was not missing but transferred by the NNPC to NPDC which is a subsidiary.


- See more at: http://www.punchng.com/news/nnpc-starts-refunding-1-48bn-to-federation-account-diezani/#sthash.LAmgdhsd.dpuf

ok nah, Fear of GMB

Nigeria will be great again.

nooooo! Not enuff, bring all the bread out

Really

Una just de start.

May 29th ooooooooooo

Come quick ooooooooooooo

Madueke, the Kirikiri candidate. It'd be a disappointment if you fail to clinch the ticket.

Madueke!! wetin una de keep public funds for una private acct. before? dat $20 billion must complete with $10 billion interest

Kudos to SLS, if he hadn't blown the whistle this thieving minister would have diverted the money for personal used.

Buhariphobia... u go soon remit d remaining 19billion

It's now you "felt" what the "right process" should be? smh, we need the full report, that audit, this woman must cough all what she stole, what heartlessness.

eazisky:
Madueke!! wetin una de keep public funds for una private acct. before? dat $20 billion must complete with $10 billion interest

Mugu!

But seriously, the interest should be a jail term in kirikiri.

Heat don dey catch them inside AC :-XHeat don dey catch them inside AC

arewafederation:


Mugu!

But seriously, the interest should be a jail term in kirikiri.

Lol, nooo, after paying d interest in cash, they should be taken to kirikiri for stealing

Diaris God ooooo. All the money the are sharing. Chaii

APC is really bringing change.

Another reason why Nigerians should be happy for voting GMB.

Diezani should not only refund 1.48 Billion dollars, but go further to refund the remaining 21 Billion dollars stolen under her nose Shameless woman !!!!

Everyone making sure they clean up their environment before Mr Sanitation arrives. His image alone has already started producing results, how much more his deliberate actions.

Tell me these guys would have moved a finger in this direction had Jonathan been re-elected.


Sai Baba.

please who are those that returning the money we need their name pls. abi say na ghost them be

Just reading now

RockMaxi:

All I know is that PWC will not want to go the way of Arthur Andersen on the Enron audit issue.

Seriously I don't believe that pwc report I believe more is to it,expect more shocking news from may 29

My brothers and sisters have really sucked the juice out of our mother Nigeria, only God knows if they is any left for our unborn siblings.