The forensic audit conducted by the audit firm of PriceWaterHouseCoopers on behalf of the Federal Government on the operations of the Nigerian National Petroleum Corporation [NNPC] has indicted the management of the national oil company for various questionable transactions.

Part of the recommendations include that the Nigerian Petroleum Development Company, NPDC, the upstream subsidy of the NNPC should refund about $1.48billion to the Federation Account for various unreconciled transactions.

President Goodluck Jonathan had on Monday publicly received the report a day after a former Governor of the Central Bank of Nigeria [CBN], Chukwuma Soludo, wrote a long, acerbic article accusing the managers of the Nigerian economy of misappropriating over N30trillion of public funds, including several billions in oil money.

The forensic audit was commissioned following allegation by the immediate past Governor of the CBN, Lamido Sanusi, that about $20 billion oil money was missing from the NNPC.

The Presidency had on March 12, 2014 announced, through a statement by the president’s spokesperson, Reuben Abati, that it had authorised the engagement of reputable international firms to carry out the forensic audit of the accounts of the NNPC.

The allegation that the huge amount had been stolen was raised in 2013 by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who is now the Emir of Kano.

Mr. Sanusi said as much as $49 billion was diverted by state oil company, Nigerian National Petroleum Corporation, NNPC.

He later reviewed the amount to $20 billion, and called for investigations after writing to
President Goodluck Jonathan.

A Senate probe into the allegation yielded no result. Mr. Sanusi was later fired by President Jonathan after he was accused of “financial recklessness”.

The government said no money was missing, but promised a forensic investigation of NNPC.

In April 2014, the Minister of Finance, Ngozi Okonjo-Iweala, announced the appointment of the accounting firm, PriceWaterHouseCoopers (PwC), to conduct a detailed investigation into the accounts and activities of NNPC.

The minister said the investigation, under the supervision of the Office of the Auditor-General of the Federation, would take about 16 weeks.

That schedule meant at most by September 2014 ending, the report should have been ready. A two-month delay meant the report should have been ready by November.

But the government only publicly received the report on Monday.

More to come…

http://www.premiumtimesng.com/business/176301-breaking-audit-report-indicts-nnpc-corporation-to-refund-1-48billion.html

lalasticlala, Ishilove, TheRealMrStan

NNPC is indicted, Oya, Madam Deziani come and explain the whereabout of the money

The forensic audit conducted by the audit firm of PriceWaterHouseCoopers on behalf of the Federal Government on the operations of the Nigerian National Petroleum Corporation [NNPC] has indicted the management of the national oil company for various questionable transactions.

Part of the recommendations include that the Nigerian Petroleum Development Company, NPDC, the upstream subsidy of the NNPC should refund about $1.48billion to the Federation Account for various unreconciled transactions.

More details of report to come.

President Goodluck Jonathan had on Monday publicly received the report a day after a former Governor of the Central Bank of Nigeria [CBN], Chukwuma Soludo, wrote a long, acerbic article accusing the managers of the Nigerian economy of misappropriating over N30trillion of public funds, including several billions in oil money.

The forensic audit was commissioned following allegation by the immediate past Governor of the CBN, Lamido Sanusi, that about $20 billion oil money was missing from the NNPC.

The Presidency had on March 12, 2014 announced, through a statement by the president’s spokesperson, Reuben Abati, that it had authorised the engagement of reputable international firms to carry out the forensic audit of the accounts of the NNPC.

The allegation that the huge amount had been stolen was raised in 2013 by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who is now the Emir of Kano.

Mr. Sanusi said as much as $49 billion was diverted by state oil company, Nigerian National Petroleum Corporation, NNPC.

He later reviewed the amount to $20 billion, and called for investigations after writing to President Goodluck Jonathan.

A Senate probe into the allegation yielded no result. Mr. Sanusi was later fired by President Jonathan after he was accused of “financial recklessness”.

The government said no money was missing, but promised a forensic investigation of NNPC.

In April 2014, the Minister of Finance, Ngozi Okonjo-Iweala, announced the appointment of the accounting firm, PriceWaterHouseCoopers (PwC), to conduct a detailed investigation into the accounts and activities of NNPC.

The minister said the investigation, under the supervision of the Office of the Auditor-General of the Federation, would take about 16 weeks.

That schedule meant at most by September 2014 ending, the report should have been ready. A two-month delay meant the report should have been ready by November.

Ttalk:
NNPC is indicted, Oya, Madam Deziani come and explain the whereabout of the money

Which money..... Na Murtala Nyako be top priority for now.

Ttalk:
NNPC is indicted, Oya, Madam Deziani come and explain the whereabout of the money

I thought people like you and APC were saying Jonathan had embezzled $20b, God punish all of you front and back.

Shay na dis own country money..... every body wey don steal inside no go enter heaven

When Sanusi announced the missing money, why did Reno Omokri (Wendell Simlin) try to link him to Boko Haram?

Believe the Nigerian government at your own peril.

I say this $1.48billion is a soft landing, there's more to it.

Meanwhile I see some PDP folks celebrating as if no momey was missing at all.

$1.48billion = N284,456,000,000

Where the remaining $19 billion?

Rabble rousers

naso!

chai!
Soludo go dey gnash his teeth were ever him dey now.

Where did APC get their $20billion?

Transparent audit shows that when jonathan gives you a job,he looks the other way ....he doesnt interfer in the job


the entire nnpc and petroleum industry needs sanitization.

Diezani.

See as dem dey use JONA head

This country indeed now I believe that the pen is mightier than the RPG. Na biro dem carry sign out all dis billions o.



Hassan, Adamu, Habib, Ibro oya make we go back go finish our Ph.D programme cos road go soon open and we go do our own.


Vote Cluelessness out
I have decided GMB_2015

Well, the truth remains that some funds were missing. Also, one must understand the limitations of auditors in cases like this. They work with whatever is provided and only can point to a variance when it is unexplained.

If Jonathan will do the right thing right now, he should immediately fire the Minister of Petroleum. She ought to have been suspended as soon as the issue was raised.

With more scrutiny of public officials and encouragement of whistleblowers, the country will move in the path of progress and transparency.

God bless Nigeria.

GEJ not good at punishing crimes. Jonathan’s poor performance is tied to his inability to boldly fight corruption. This is where I think Buhari is a better choice.

OLADD:


I thought people like you and APC were saying Jonathan had embezzled $20b, God punish all of you front and back.

When Sanusi alleged that $20 billion dollars was missing, Madam NOI refuted his claims and stated that the money missing was not $20 billion dollars but $10.86 billion dollars.

What every sensible Nigerian should've been checking out from this report is a breakdown and cue as to how the money ($10.86billion as confirmed by Madam NOI) was spent/got missing but alas we're being told that the cash missing is less than $2billion .

What's is even more pathetic is the fact that you're castigating APC instead of this fraudulent government without any sense of reasoning.

kakistomoboplutocracy...

Can we have a detailed report, please? This idea of feeding the public with preambles, summaries and opinionated conclusions is becoming rather disconcerting.

hahahahah, PriceWaterhouseCoopers is now going to be called a PDP organ.

For my country, $1.48billion can miss any how.

scribble:
Where the remaining $19 billion?

Rabble rousers

better grab your share @ the nearest pdp campaign rally

OLADD:


I thought people like you and APC were saying Jonathan had embezzled $20b, God punish all of you front and back.

please read the report again, but this tym endeavour to use ur 28kb brain.

I said it. That sanusi blew a cynical whilstle orchestrated by some unseen elements in the north just to discredit GEJs administration targeting his reelection. We can all see now that from 50billion to 20 billion and now the forensic report says 1.48 billion dollars. All these are planned to give the opposition a launching pad in attacking the government. Now it is clear who is deceiving who. APC promoting propaganda since 1914.

There is no sector in Nigeria that is free from misappropriation of funds even in Lagos state government and I challenge the LAGOS state government to sign into law a freedom of Information bill as the FG did and let's see if we will not discover massive fraud and stealing going on in Alausa. LAGOS state government have meticulously covered their fraud by ensuring they hand pick their successors but one day a new party will take over and expose them all.

Compromised report...

Behold , the most transparent government in the history of Nigeria.
Now that the real money that was missing had been clarified, NNPC will be made to refund such money.
I hope the state governors who claim to be saints adopt the FOI bill.
GEJ:PROGRESS

Stealing is not corruption.. Osheeea!!!

How