ehissi:


Obviously you have much faith in the link that you are touting or better yet you are too caught up trying to generate traffic for your blog or even your mentor's blog to recognise the facts!!

Your response to my question only makes only makes certains things clear to me;

First of all, You never bothered to read the PWC audit report, only a mentor's skewed interpretation of the facts of the report!!

Secondly and for the record, it is not found anywhere in any news archive that Sanusi reported $20bn dollars missing.

Sanusi drafted a letter to Mr President that was leaked to press where he said $49.8billion dollars was Missing!!

It was when Sanusi was summoned to the Senate to explain how he came about those figures that he re-adjusted his figures to $20billion dollars!! That was what popularised the 20billion dollars conspiracy!!

Nkonjo Iweala when summoned referred the senate to The Minister of Petroluem because NNPC is a Parastatal under Ministry a petroluem and not ministry of finance; beside she has no access to NNPC expenditure neither is she an expert in Oil and gas accounting!!

Allison suggested a probe because there was no sign of a leak!!

The house committee - I believe it should be on Oil and Gas with commitee on finance - waded into the matter and found about $3 or $4bn dollars which NNPC said was used for certain maintenance work. NNPC MD's, Nkonjo Iweala, Alison, Sanusi gave depositions at the committee sittings.

The things I gathered from the Committee's sitting which was obvious even to the blind is as follow:-

Sanusi has no experience nor skill in Oil and gas law or accounting so how can he give account of NNPC handling of funds!!??

It was this lack of technical expertise in Oil and Gas accounting that led the commitee to recommend that external auditors be nominated to review the controversial figure at the concluding of the sitting which was about $4bn and not $20bn.
And at the end of the sitting, Sanusi was asked on National Television if he was clear about the $20billion figure and he said yes!!

It was when the newspapers announced that FRcN wanted to recommend his suspension based on perceived irregularities at CBN that he gave a press conference hammering on 20bn and that he was persecuted for telling the truth about missing funds.


Sanusi - CBN governor - is more or less a Parastatal head under the Ministry of finance, NNPC is more or less a parastatal under Ministry of Petroluem; how is it that Sanusi has more information on activities under ministry of petroluem more than even the minister??

You say that NNPC spends cash without approval from the National assembly, till this morning NNPC is still spending cash from Crude oil sales without National assembly approval!

It has a mandate to do so on the behalf of FG based on enabling laws that setup NNPC; who is crying blue murder now!!??

If Sanusi spoke about it as though it was abnormal, it is proof that he is totally ignorant about how the oil and gas sector works. And if he can be wrong about how the oil and gas sector should operate, he probably was wrong about how cash managing such operation is utilised and in effect he is probably wrong about any missing cash!!

Check my profile for topics I have created on Nairaland; you will see a Diary I culled from vanguard which catalogues the whole story of the missing $49bn from Day 1 of this whole conspiracy with date and time!!

So don't make assumptions based on what was raised by a mentor who probably doesn't have enough info on the matter!!

Just leave Trash for LAWMA and let's focus on a different stuff altogther.........

[b]The report of forensic audit of NNPC was released to the public yesterday in accordance to President Goodluck Jonathan's directive.
Here are some major points as revealed by the report.

1. $ 980 million was over charged as subsidies on Petrol and Kerosene between January 2012 and July 2013.

2. $3.38bn was spent on kerosene subsidy for the review period.

3. A total sum of $ 13, 637, 077, 362 from sale of domestic crude was not remitted.

4. The following cannot be substantiated due to lack of supporting documents:

i. $ 0.25 billion claimed as NPA charges

ii. $ 59, 324, 737.01 spent on charter Hire services

iii. $ 6, 658, 588.74 of the $ 17, 767, 683.54 claimed as management fee of MT Tuma and MT Oloibiri.

iv. $ 5, 457, 006.98 of the $ 46, 265, 215.13 claimed as crude transport payment.

v. $ 6, 707, 826.05 on marine through put.

vi. $ 11, 896, 654.71 claimed as repair cost on pipeline vandalism.

vii. Management charge out rate claim of $ 59, 712, 530.83

5. The following funds cannot be substantiated due to insufficient supporting documents.

i. $ 10, 257, 161.07 claimed as enviromental remediation.

ii. A capital expenditure of $ 27, 179. 005.48

6. A total sum of $ 305, 885, 083.77 cannot be verified due to exceptions.

7. Both CBN and NPDC did not grant the audit firm access to nor give the requested information to the firm.


https://www.nairaland.com/2283755/summary-nnpc-forensic-audit[/b]

resty4:
My ppl s1 tel me wetin ds guy lawyerman de talk na. I read finish bt i tel u my ppl d grama no b small tori! Still waitg.

Hahahaha I think say na only, imagine I can't still remb anything after reading.