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]

Firstus dos commentus....

OP, wetin u talk say happen, abt?

The thing wey happen, e get repercussion?

Pls send answers to my email.

Thanks

they are hiding something

GEJ his hero,Fayose his role model...

Did you read the part where sanusi said he had no knowledge of how NNPC is ran

That's what they were hiding all the while, the audit was as good as meaningless, they didn't want people to know this before the elections

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.

Thugnificient:
they are hiding something

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 and 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)

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.

Just as many people rightly suspected, they were granted access to few records and they based their audit on the information made available to them

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.

It was difficult for them because they did'nt get co-operation from CBN or NPDC. The requested minimum is $1.48 billion it is actually more than that all you see in the report is an attempt by NNPC to do a massive coverup:
"Between 12 January and 29 January 2015, NNPC provided transaction documents representing additional costs of $2.81 billion related to the review period, citing the NNPC Act LFN No 33 of 1977 that allows such deductions. Clarity is required on whether such deductions should be made by NNPC as a first line charge, before remitting the net proceeds of domestic crude to the federation accounts. If these are deemed not to be valid deductions,then the amount due from NNPC would be estimated at $2.07 billion (without considering expected known remittances from NPDC) or $4.29 billion (if expected known remittances from NPDC are considered)"page 14

socialmediaman:



Just as many people rightly suspected, they were granted access to few records and they based their audit on the information made available to them

That is exactly what happened for example in the report when NPDC refused to open their accounts they had to rely on testimony of NPDC Managing Director at the Senate hearing to jump to conclusions.

ozoigbondu:
Did you read the part where sanusi said he had no knowledge of how NNPC is ran

I read it, NNPC is a secret criminal agency that needs to be broken down.

I am reading the report. There are many more shortcomings than the $1.48bn. Lots of variances and lack of cooperation by relevant agencies.

wind of change blowin corrupt ministries asses up with fury

tbaba1234:
I am reading the report. There are many more shortcomings than the $1.48bn. Lots of variances and lack of cooperation by relevant agencies.

That is why they never wanted to release the report,you can now see why Buhari has to do a full comprehensive audit,I still believe the $20billion was stolen in fact they even found out the total amount of revenue Sanusi mentioned Nigeria earned was understated Nigeria received $69 billion instead of $67 billion so the amount Sanusi should have claimed was missing was $22 billion instead of $20 billion. This probe hopefully if carried my Buhari is going to shake and shock the nation

Here

More.

dutchjongen:

It was difficult for them because they did'nt get co-operation from CBN or NPDC. They requested minimum is $1.48 billion it is actually more than all you see in the report is an attempt by NNPC to do a massive coverup:
"Between 12 January and 29 January 2015, NNPC provided transaction documents representing additional costs of $2.81 billion related to the review period, citing the NNPC Act LFN No 33 of 1977 that allows such deductions. Clarity is required on whether such deductions should be made by NNPC as a first line charge, before remitting the net proceeds of domestic crude to the federation accounts. If these are deemed not to be valid deductions,then the amount due from NNPC would be estimated at $2.07 billion (without considering expected known remittances from NPDC) or $4.29 billion (if expected known remittances from NPDC are considered)"page 14

Thanks bro.

I am tired of reading.

I need some time out before I suffer an emotional breakdown

.

The 1.48bn is just the minimum.

In the light of lack of access to required documentation to do a thorough review, what stopped PWC from issuing a qualified report?
No it would play with semantics of "minimum of" so that the pay masters would make news DAT sanusi was wrong after all.
By failing to qualify its report in view of the obvious difficulty if true and allowing its report to be used to sway public opinion,
It is my opinion that professionalism was "lowered" to suit the powers that be.

I don die!!! Is this the report that the government is basing their decision that only $1.48 billion is missing on?

Did GEJ miss the paragraph on the first page that said "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"?

A lot of people will surely be going to kirikiri!

$3.38 Billion spent on Kerosene subsidy in period under review!!!!

Ha!

This country eh

Please Lalasticlala, This should make front page....

hmmm! This is serious.
Well,waiting patiently for the full report.
The figures i see there's got me thinking about the poor people who go out there to vote during electoral process.

They will not kill people in this Nigeria.... This report is damaging...

Wallie:
I don die!!! Is this the report that the government is basing their decision that only $1.48 billion is missing on?

Did GEJ miss the paragraph on the first page that said "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"?

A lot of people will surely be going to kirikiri!

PWC should have refused to be part of this charade,I know they wanted to chop audit fees.This report holds no water and does'nt follow global standards I expect a query of the Nigerian office from the headquarters

I am wholly disappointed in GEJ and his administration! The least GEJ could have done was to ensure that the result was accurate! They just wasted whatever was paid to PWC and our time spent reading the worthless report! The report is not even worth the paper it was printed on!

Kiri kiri straight

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 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.

dutchjongen:

PWC should have refused to be part of this charade,I know they wanted to chop audit fees.This report holds no water and does'nt follow global standards I expect a query of the Nigerian office from the headquarters

If I were Buhari, I will make PWC refund the fees and punish them for being part of the charade! This is the type of stuff that they wouldn't dare do in western countries!