dutchjongen:

PWC issued what is known in auditing as a Disclaimer of Opinion this happens when an auditor is unable to complete an accurate audit report. This may occur for a variety of reasons, such as an absence of appropriate financial records. When this happens, the auditor issues a disclaimer of opinion, stating that an opinion of the firm’s financial status could not be determined this is a special type of audit report that should be issued when the auditor permits his or her name to be associated with financial statements that were not examined in accordance with generally accepted auditing standards. This was due to CBN and NPDC refusing to open their books.
A new comprehensive audit will have to be made with full access to financial records for them to form in what is known in auditing as a Unqualified opinion, the unqualified opinion has no reservations concerning the financial statements. This is also known as a clean opinion meaning that the financial statements appear to be presented fairly.

dutchjongen:

You have to go through the report even after PWC concluded the report NNPC kept coming to them with dubious figures to try to make up for the shortfall e.g come with costs for pipeline damage,subsidy deductions etc
Many people are going to jail NNPC,DPR,PPPRA and NPDC might be empty by the time a comprehensive audit is done. This audit is null as void as long as access was'nt given to CBN or NPDC. How will I audit your company and you won't give me access to your company bank statements(CBN)

Williamso:
I can't type much, but I'll try to dissect your points.


We agree on this


No it won't! I can give you so mant examples, but I'll give just a few; the Warri crises comes to mind as well as the dispute over the EPZ. The only kind of separation that will be favourable is for each tribe to have its own republic; which is near impossible. We keep complaining that too many ethnicities were fused together to form Nigeria, but we forget that the Niger Delta alone has much more than 50. Imagine what will happen when the Ijaws, the Itsekiris, the Okrikas, the Ogonis, the Kalabaris, the Ikwerres etc have the oil, but the Ibos have the population? The same marginalization card will be played by the minority groups, which will further begin the cycle.


Separation is not the answer to this, but what I will treat next is the answer.


The PIB, if implemented to the letter, in a corrupt free environment is the solution to the ND problem. This will handle the jobs for indigenes, local content, etc. I first heard of the PIB during Yar'adua, and when GEJ came on board, I was really excited that the bill will be passed. While the president has no power over the National Assembly, being a president involves knowing how to cajole your legislature into passing a bill you want. Five years down the line, we haven't heard jack about it. Because somebody will rather offend the common Niger Deltan than offend some powerful people. Very depressing I tell you. That notwithstanding, I'm still an advocate of true federalism, not secessation.

hush15:


who was incharge of CBN then?

baby124:
Hmmm... Spiritual accounting going on in NNPC. Nigerians are fools any way. Instead of challenging their leaders and demanding change, they will be disturbing God in vigils and giving the second tier of thieves(pastors) what ever coins they have left. With the pastors encouraging them to get wealthy how ever possible like the thieves in government. Because of desperation to be like the role models aka thieves in power, they will rather die than demand a better life. All this money would have collectively improved the country and our lives. We lack foresight, do not reward hardwork and honor thieves. We also do not respect our future or our kids future. Nigeria is all we have. We can never get the respect, freedom or recognition we get at home, anywhere else. Even if you steal billions and run to another country. You are just a dumb negro with stolen wealth needing to be exploited or the wealth seized while the foreign government makes money on the interest. Money that could have saved lives.

dutchjongen:
Nigerian Petroleum Developent company(NPDC) and CBN refused to open their financial statement to PWC.SO the report is dead on arrival,another audit has to take place. It has no credibilty go to premium times and read the audit. NNPC is the definition of corruption here are some excerpts from the report:
" We requested for meetings and information from the Central Bank of Nigeria (“CBN”) but were not granted access to nor given the
requested information by the CBN"page 196
" We requested for meetings and information from the Nigeria Petroleum Development Company (“NPDC”) but were not granted access to nor given the requested information by the NPDC"page 196
"The procedures we performed did not constitute an examination or a review in accordance with generally accepted auditing standards or attestation standards. Accordingly, we provide no opinion, attestation or other form of assurance with respect to our work or the information upon which our work was based"
The audit is therefore null and void and a new one has to be undertaken with full access to CBN accounts and NPDC
http://www.premiumtimesng.com/docs_download/Full%20report--20billion%20dollars%20missing%20oil%20money.pdf
[size=16pt]This report has further justified Buhari desire to Probe NNPC [/size]

tbaba1234:
Identified discrepancies between Independent Surveyors’ Report and schedule provided by NNPC
We observed some discrepancies between some quantities of crude oil losses stated in the schedule provided by NNPC and that stated on the related Independent Surveyors reports which were provided as support documents. The difference amounted to 328,667 barrels higher than NNPC
figures in 2012 and 71,907 barrels lower than the NNPC figures from January to July 2013.

Thousands of barrels of crude unaccounted for

disloman:
N how did they arrived at d $1.48b missing if they didn't release their account book?Hmmmmmm.we r on a long thing.

mrmetoo1:
Diezani made this sound like it was a conclusive report. This is far from conclusive, they raised a lot of questions. A lot of info still being withheld. The wastage/losses THEFT though is mind boggling. Then the shell divestment deal between NNPC & NPDC too was quite revealing. Selling an asset worth $3.4bn for $1.85bn, who does that? Anyway still reading, is quite revealing and oddly entertaining.

iPopAlomo:
Barcanista... You're going to jail along with PDP...

Mynd44:
I am tired of reading.

I need some time out before I suffer an emotional breakdown

But trust me, most of them dont know the cause of their failures in life, they think it is because they are not yet lucky to "hit it" in one online scam or because their "hustle" never reach!
I bet you, the average American or European Youth does not put-in half of the effort you put into your struggle but they excel and succeed....more than you by a mile!

Excuzeme:


Infact, when l read it to a point, l was just boiling with anger and since l cant lay my hands on those who are responsible for this "financial r@pe and rascality" of our resources, l decided l needed to sleep before l explode!

This report should be taken offline because if truly nigerian Youths understand a tenth of the import of this Report, it is enough for them to give the "Alu treatment" to Jonathan, his Ministers and the people at NNPC and its subsidiaries.

But trust me, most of them dont know the cause of their failures in life, they think it is because they are not yet lucky to "hit it" in one online scam or because their "hustle" never reach!
I bet you, the average American or European Youth does not put-in half of the effort you put into your struggle but they excel and succeed....more than you by a mile!

These people in Power (Jonathan and his Ministers) and the thieves in the nations "golden egg nest" (NNPC and Its Subsidiaries) are the ones holding down your future.

Go figure if you can.... or keep shouting tribalism and Bigotry on Nairaland.

nduchucks:
It is time to give 3 or 4 big fish immunity and protection, in exchage for their songs. Many will sing instead of going to prison.

dutchjongen:

This report is similar to the audit of Petrobas Brazil National oil company the equivalant of NNPC.Millions of Brazilians have been on the streets protesting calling for the President to resign over the missing billions in their country as well

dutchjongen:

Barcanista actually supports the probe he has shown his support on this thread with his comment which really shocked me.It was too much for him to bear.

dutchjongen:
Nigerian Petroleum Developent company(NPDC) and CBN refused to open their financial statement to PWC.SO the report is dead on arrival,another audit has to take place. It has no credibilty go to premium times and read the audit. NNPC is the definition of corruption here are some excerpts from the report:
" We requested for meetings and information from the Central Bank of Nigeria (“CBN”) but were not granted access to nor given the
requested information by the CBN"page 196
" We requested for meetings and information from the Nigeria Petroleum Development Company (“NPDC”) but were not granted access to nor given the requested information by the NPDC"page 196
"The procedures we performed did not constitute an examination or a review in accordance with generally accepted auditing standards or attestation standards. Accordingly, we provide no opinion, attestation or other form of assurance with respect to our work or the information upon which our work was based"
The audit is therefore null and void and a new one has to be undertaken with full access to CBN accounts and NPDC
http://www.premiumtimesng.com/docs_download/Full%20report--20billion%20dollars%20missing%20oil%20money.pdf
[size=16pt]This report has further justified Buhari desire to Probe NNPC [/size]

iPopAlomo:


For real... Lol... link please...

olaxy2:
Am sure one barcanista will be somewhere writing rubbish that he will come and post here in blind defence of this lootery act. I think he's good at analysis, why is he not here to defend this on time. Youths of today baffles me a lot.

izzieman:


One thing we all need in our country today is empathy. The people I feel for the most, is the people in the oil producing regions. Their farmland and fishing grounds have been destroyed by this oil.

If all this stolen money is used to build a Dubai like modern city in Bayelsa or Rivers state, I am pretty sure no one would even talk of saying a bad word about Diezani or Jonathan but sadly, none of this money would be used there, rather, some of it is making Dubai grow richer and helping America or Europe's economy while our youths wallow in poverty and joblessness.

What kind of god do these people serve?

dutchjongen:

barcanista:
Wow, Wonderful...!!! I urge General Buhari to extend his probe from 1999 till date. I support this call for thorough probe and bring all culprit to justice
I was in shock when I read it,I thought maybe he had been hacked

dutchjongen:

This report is similar to the audit of Petrobas Brazil National oil company the equivalant of NNPC.Millions of Brazilians have been on the streets protesting calling for the President to resign over the missing billions in their country as well