On The NNPC Audit Report. Observations grossly overlooked

I went through a summary of the PWC Report on the NNPC corrupt empire and I observef that among many other jaw breaking revelations, some points in the report have been grossly overlooked:

1. The report says $13,637,077,632 - that is, $13.6 billion dollars, (equivalence of N2.6 Trillion Naira) from sale of domestic crude was not remitted to the federation account.

2. The report states that during the review period of January 2012 to July 2013, the NNPC earned a revenue of $67 billion dollars which was supposed to be paid directly into the Federation account, however, it only remitted $47 billion dollars. That is, N20 Billion dollars was NOT remitted into the Federation account by the NNPC and NPDC. This report gave insight as to why the NNPC was probably running the controversially illegal JP Morgan account different from the Federation account where all crude oil sales are supposed to be remitted directly and from where all claims and deductions were supposed to be made. This report clearly raises insinuations that the NNPC generates revenue, makes its deductions including fraudulent subsidy payments and other deductibles, then pays whatever is remaining into the Federation account.

This report indicates that the NNPC was running its business as its own boss, probably under a partnership with the Nigerian government. Under a legal working arrangement, all revenues are supposed to accrue to the Nigerian government, then the government approves subsidy claims and other budget due for the NNPC, not the other way round.

These are my observations on this monumental fraud for now. It is necessary to to draw the attention of the public on these for enlightenment purposes.

Cc: mods

- SocialMediaMan

Another area of great concern for me is how much do we know these theives have stolen between July 2013 up to this moment since the said audit was not meant to cover that period?

PassingShot:
Another area of great concern for me is how much do we know these theives have stolen between July 2013 up to this moment since the said audit was not meant to cover that period?

My brother, this is heart breaking. What wrong did Nigerians do by electing these people?

We go soon know more

PassingShot:
Another area of great concern for me is how much do we know these theives have stolen between July 2013 up to this moment since the said audit was not meant to cover that period?

Opiantum! *in chiwetalu agwu's voice*

ok

NNPC!!!

i am seriously interested in the Elumelu report on the $16Billion power scam.GMB must also extend his probe rere and also the $12Bilion gulf war oil windfall.Anything other than these will be resisted by the great people of the Lower Niger Congress.!!!

chukwudi44:
i am seriously interested in the Elumelu report on the $16Billion power scam.GMB must also extend his probe rere and also the $12Bilion gulf war oil windfall.Anything other than these will be resisted by the great people of the Lower Niger Congress.!!!

The immediate concern of the incoming government will focus on dealing with corruption issues related to the administration which it inherited. GEJ was supposed to scrutinize the previous government while it commenced its work, but it decided to kill the EFCC, so those would not fall into Buhari's immediate concern for now. Government is supposed to be a continuous process so if you don't do your job, don't cry foul when others start doing theirs.

chukwudi44:
i am seriously interested in the Elumelu report on the $16Billion power scam.GMB must also extend his probe rere and also the $12Bilion gulf war oil windfall.Anything other than these will be resisted by the great people of the Lower Niger Congress.!!!

Thank God Buhari is not Jonathan...... Do you the think the rubbish you tried with Jonathan will gel with Buhari? Try rubbish, you will no khaki no be leather........ E yin a ba ilu gbogbo.

socialmediaman:


The immediate concern of the incoming government will focus on dealing with corruption issues related to the administration which it inherited. GEJ was supposed to scrutinize the previous government while it commenced its work, but it decided to kill the EFCC, so those would not fall into Buhari's immediate concern for now. Government is supposed to be a continuous process so if you don't do your job, don't cry foul when others start doing theirs.

BROS DAT WON NO GO WORK.EXCEPT HE WANTS TO SET THE COUNTRY ON FIRE!!! EVERYNE MUST BE PROBED AND MADE TO ACCOUNT FOR THEIR LOOTS.NO SACRED COWS PLEASE

socialmediaman:


The immediate concern of the incoming government will focus on dealing with corruption issues related to the administration which it inherited. GEJ was supposed to scrutinize the previous government while it commenced its work, but it decided to kill the EFCC, so those would not fall into Buhari's immediate concern for now. Government is supposed to be a continuous process so if you don't do your job, don't cry foul when others start doing theirs.

Why not do yourself done good by at least reading a part of the report instead of picking some sour points probably from a blogger who wants to drive traffic to his site. Your assertions in the OP are false and misleading.

It's like saying that Gross profit is profit after tax.

chukwudi44:


BROS DAT WON NO GO WORK.EXCEPT HE WANTS TO SET THE COUNTRY ON FIRE!!! EVERYNE MUST BE PROBED AND MADE TO ACCOUNT FOR THEIR LOOTS.NO SACRED COWS PLEASE

Of course no sacred cows when he starts probing the outgoing government, he will also subject himself to probe when a new government comes in

socialmediaman:


Of course no sacred cows when he starts probing the outgoing government, he will also subject himself to probe when a new government comes in

he must also probe IBB and OBJ,nothing like selective probing!!!

Sunnybobo3:


Why not do yourself done good by at least reading a part of the report instead of picking some sour points probably from a blogger who wants to drive traffic to his site. Your assertions in the OP are false and misleading.

It's like saying that Gross profit is profit after tax.

All I stated were raw facts from the report, and their implications. NNPC had no business operating illegal accounts or making illegal dedications from money supposed to be remmitted into the Federation account. If there are areas of the report you find inaccurate, please point them out

chukwudi44:


he must also probe IBB and OBJ,nothing like selective probing!!!

I don't see the selective probing in this case. The first thing one does when he takes over an office is to review what the previous officer did, before opening a new book to work with. If there are probes that GEJ started but could not conclude due to time, they would be at the beginning of that book too, and you may carry them over. In order to start a probe deeper than GEJ's government, the Buhari government would be relying on witnesses and many thrashed documents which have been overwritten by the previous government, so a good starting point would be start from the previous government stopped

Now it is all too obvious why that once untouchable woman had to say this:

Nigeria’s Petroleum Minister, Diezani Alison-Madueke, in her interview with the Financial Times of London stressed that the government could not publish the report ahead of elections.

She also added that only the country’s Auditor General has the powers to do so. Furthermore, the minister said the government was not making the report public to avoid a “rabid opposition”- a reference to the APC
– from finding “all sorts of minute detail [in the
full report] to create concern”.

Now, why would someone who's hands are clean be concerned about the public being concerned about "minute details"?? Since when did over $15Billion become "minute"??

I bet if this report had been out before the election, PDP's loss would have been much more embarrassing.

More details are even yet to emerge from this.

chukwudi44:


BROS DAT WON NO GO WORK.EXCEPT HE WANTS TO SET THE COUNTRY ON FIRE!!! EVERYNE MUST BE PROBED AND MADE TO ACCOUNT FOR THEIR LOOTS.NO SACRED COWS PLEASE

Over and over, it has been proven that your useless rusty chest beating is less valuable than a smoke.

midolian:


Opiantum! *in chiwetalu agwu's voice*

We're probably in for some serious shocker in the coming weeks and months!

omenka:
Now it is all too obvious why that once untouchable woman had to say this:

Now, why would someone who's hands are clean be concerned about the public being concerned about "minute details"?? Since when did over $15Billion become "minute"??

I bet if this report had been out before the election, PDP's loss would have been much more embarrassing.

More details are even yet to emerge from this.

socialmediaman:
We're probably in for some serious shocker in the coming weeks and months!

I can't even handle more of this....I'm exhausted as it is

chukwudi44:
i am seriously interested in the Elumelu report on the $16Billion power scam.GMB must also extend his probe rere and also the $12Bilion gulf war oil windfall.Anything other than these will be resisted by the great people of the Lower Niger Congress.!!!

If it was up to people like you Ibori would have never seen the inside of a jail cell. You are not ashamed that it was European intervention that served justice to a man who stole from you people. Lower Niger Congress my left yansh. Still fighting this game of "you must catch my thief last" while your house is being burgled.

PM News has confirmed my observations:

https://www.nairaland.com/2282285/confirmed-nnpc-deducted-18.53bn-findings