manny4life: ...

My only blame to NOI was that she did not develop a strong internal control system for effective analysis, she did not do a through job in questioning certain invoices, and as a finance expert, since she knew that payment has exceeded budget, she did not invoke certain mitigatory measures like suspending payments, spot audits etc... but as per the payment, she did what's I think she could have done.

Kobojunkie: This has nothing to do with large organizations, Walmart or whatever, but the Nigerian situation. From what I have been able to glean from the proceedings, it is clearly not structured in the same way as you have it in your WALMARTs, and SONY Stores.

If we are to assume that the Finance ministry was really not in charge of approvals, but simply in charge of paying already approved bills, then there is a puzzle here. Why didn't the Minister know what the program cost the Nigerian people? Why was she not aware of how much the agency had already paid out, as at the time of the probe?

Anywho, according to her, her ministry was really in charge of verifying/approving the bills, and making payments.

I have no Knowledge of Actual Fuel Subsidy Payments

According to her, ”what the ministry does is to get the accountants to verify what the importers present as their imports and pay them”.

She maintained that there would be no way the ministry could accurately determine how much petroleum products are imported and how much are actually sold in Nigeria.

manny4life: Madam Kobo,

Here is an excerpt;



When they mean verify, she meant the invoice, and this verification wold make sense since invoices are NOT transmitted electronically via an exchange network. Even manual invoices are still verified from their originating vendor or third-party using different information. It's just like when you write a check at the bank, they still verify your identity regardless, however, if you transmit your transmission online, all the credentials has been approved. The finance department does not verify the contents of the invoice, here is the excerpt supporting that

Kobojunkie:

I didn't ask you to inject YOUR INTERPRETATION into this. Those are her words, and anyone who reads those words will clearly know that her group is in charge of MORE THAN PAYING the bill, as you claimed.
We understand, from her statement, that some level of verification of bills, over simply paying off of bills, is involved, that is all that is all that really matters.


Curiously, another question comes up here is, how was the subsidy probe committee able to investigate the program and come up with the list of companies that had submitted bloated invoices(information on amount include) in less than 4 months by the way, if it were truly the case that there was NO WAY of verifying the same invoices?

Beaf:
You are just a clown without brains. The fact that all oil figures come from a single source (NNPC) would make a more honest person than yourself ask questions about the NNPC. But, your agenda is sinister, so you ask for those who quoted NNPC figures instead of the source of the figures.

[s]Tell me if your argument is more reasonable than anything expected from a hyena and rep of oil thieves who want to obfuscate the truth.[/s]

DaLover:

Sorry ooo, but I am still not convinced that you have no problem with women, I believe you have a small problem....please open up we are here to help...

manny4life:


Blaming NOI is just way off, how can you blame the person who pays the bills rather than the person who incurred the bills? It's just like the scandal that erupted here in DC about lavish gifts from the GSA, will you blame the accountants who pay the bill? If at all anyone's to blame, blame the Dept of Petroleum, NNPC and the lawmakers. The lawmakers share a huge responsibility in the oversight of budgetary excess, YET, they were bothered in lining their pockets.

Iliveon: Bro!!! Idontliveonfreeoil o.Infact, I want PMS price to be 140naira cos of my neighbours wey no dey let me sleep with their 'I better pass my neighbour' generator...lol. That said, going by the findings of Ahmed Farouk Lawan Committee would you honestly say it was better to remove the subsidy than to go after the cabals and sanitize the industry before introducing the policy (that is if it would be necessary afterall).

Iliveon: I read a post of yours about the FIRS woman who changed Nigeria tax system and everyone was full of praise for the woman. NOI should be the agent of change in Nigeria and i think that was why GEJ appointed her. She might want to make changes but it seems she is overwhelmed by the situation. Stating conflicting figures on the volume of oil we consume and amount paid on subsidy by top govt officials show how terrible government operates in Nigeria. That is even enough for them to be ashamed of. If you say NNPC should be disbanded, are you not indirectly saying Madueke is not capable and should be sacked?

manny4life:


Exactly! You just proved my own point. Thank you for the explanation but I'm quite aware of how financial internal controls work. You don't blame the accountant who pays the bills nor the finance guy who did the entries, so is the same with NOI.

When an electronic invoice is downloaded through the network exchange system or entered manually, depending on the financial controls within the organization, that invoice is automatically routed to the right approval signatory. When it's been approved (apparently with the GL number, etc), that invoice is routed to AP who issues the check. Depending on the amount of the check, it usually require code authorization from Controllers (just a brief, I skipped a lot of part, but u get the idea.

Like she previously stated, at least from what I've read and understand, she's made it know that all she does is pay the bills, whatever is on that invoice is not within her jurisdiction.

My only blame to NOI was that she did not develop a strong internal control system for effective analysis, she did not do a through job in questioning certain invoices, [b]and as a finance expert, since she knew that payment has exceeded budget, she did not invoke certain mitigatory measures like suspending payments, spot audits etc... but as per the payment, she did what's I think she could have done. [/b]

Beaf:
Lol! Bro, it is impossible to do a spot audit on NNPC. They don't even use computers for their transactions, its all written on scraps of paper... Which get lost!
The woman did all she could do.

badesco: Okonjo Iweala should stay but Madueke must go immediately

Demdem:

Stop digressing foool. Spot audit on products claimed to have been brought into the country by fraudulent marketers and not NNPC in this case. Besides what transformation has the retardeen brought to the NNPC so far? KPMG report has been released for a long time now highlighting all these loopholes u mentioned, what has been done to correct all these anomalies?

naijaking1:

[s]When you say "retardeen" I hope you're looking at the mirrow?[/s]

Iliveon: I really dont think that GEJ will sack NOI maybe DAM. This is because NOI gives his administration some reputation in terms of seriousness with transforming the economy and sacking her would send negative message couple with the fact that GEJ has no strong political will to make critical decision. If I were NOI I would own up to my part the saga and apologies to Nigerians. DAM would likely go because she brings no reputation to the table. I have never liked GEJ because he comes across as a very weak person and a man with weak personality can not lead Nigeria successfully, but I would be his fan if he does what is deem right and follow the recommendation of the committee.

Demdem:

Its up to the retardeen to do whatever. I see no credibility in someone jumping from one TV show to another selling and promoting lies. Anyway, thats my opinion though

ndu_chucks: ^^^^ Ah Ah, which one is [b]Adeleke [/b]again. oro ara oko Beaf yi ti su mi

Kobojunkie:

How exactly did he turn against those you suggest are the monsters here? This administration REFUSED to investigate the many claims of corruption until the house of Assembly (NOT THE PRESIDENT) decided to probe the subsidy program. So, again I ask you, how did the Administration turn against the monsters?
Also bear in mind that the reveal now validates claims that the administration's own cabinet has been aware of, and turned a blind eye to, the corruption that has existed, and continues, in the subsidy program it has been in charge of running for the past 2 years. Goodluck Jonathan himself went on National TV to announce that there were no cabals but simply marketers doing their business in legitimate ways, taking advantage of opportunities provided them through the Government run program.

On Okonjo Iweala, well, she put herself at the center of the subsidy removal debacle. I could almost say she came up with the plan, but that is an aside. However, it is hard to forget the many false claims she made of the program, from the claim that ordinary Nigerians do not benefit, to her blunder on what fuel buses use,and her inability to answer questions on the details of the real cost of the subsidy project, even after the administration had removed it.
The investigation has revealed that a lot of the claims she made to Nigerian people, in support removal of subsidy where false, so, I am not certain how that ought to be handled, given this is Nigeria at the end of the day.

karpentar: [b][/b]

My thinking too!!!! The oil cartels are largely from the Yoruba race. They will not rest till this Ibo woman - Ngozi Iweala and the Niger Delta woman are removed from office and replaced with a conniving thief. Useless tribalists!!! They never protested when their brother – OBJ, doubled as both the Nigerian president and minister of petroleum was bleeding the country dry through the same oil subsidy fraud. HYPOCRITES!!!!!!!!!!!!

nuclearboy: NOI is pathetic!

There's a budget of 245Billion. You are finance minister PLUS supposedly, you co-ordinate the entire economy and everyone must work with you!

Yet the cost gets to 245B and surpasses it and you keep quiet! It becomes 400% of that and you still keep quiet! Today we know it got to 2.7Trillion of which 1.7 was fraud! Yet the best this "prime minister" econoic "expert" could do was to hide the truth and decide that the best solution was worsen the economy by overloading the man on the street!

She should be ashamed of herself and be the first to go, not even DAM who always was a mediocre anyway!

Yet supposedly educated people are here trying to convince of her innocence forgetting that if she is innocent, that also suggests she is of low IQ and probably cheated to get the degrees.

Wole Soyinka got a 3rd class but in the real world got a Nobel! She has all these degrees & certifications yet allowed a 245billion budget to get to 2.7trillion! So what's the "real" value of her "education"? Trick or treat?