The Nigerian National Petroleum Corporation (NNPC) on Wednesday said that the audit report recently submitted to the National Assembly by the office of the Auditor General of the Federation (AuGF) in which it was indicted of not remitting about N3.235 trillion into the government’s coffers are erroneous.

The corporation also said that the report with its alleged errors had the capacity to undermine its current and future business operations. It explained that it was based on this that it decided to put the records straight.

It made the clarification in a statement which was signed by its Group Executive Director and Chief Financial Officer, Mr. Isiaka Abdulrazaq in Abuja.

It noted that even though the claims by the AuGF report were broadly within the 2014 financial year before the current management came on board, it still owed it a duty to safeguard the integrity of the corporation by correcting the office of the AuGF on its alleged accounting errors.

“The Auditor General of the Federation (AuGF) declared to the National Assembly on the 14th of March 2016 that NNPC has failed to remit the sum of N3.235 trillion to the Federation Account for the period ended 31st December 2014.

“NNPC wishes to state in strong terms that the AuGF’s declaration is erroneous. It should also be noted that although this period is before the new NNPC management was appointed in August 2015, the management still deem it fit and important to correct any misinformation about the activities of the corporation as this will adversely affect its current and future financial and operational plans if not corrected,” said Abdulrazaq.

He further stated that since the new management was appointed, it has placed great emphasis on transparency, accountability and integrity and has sought to refocus and reposition the NNPC as demonstrated in the ’20 fixes’ initiatives which it had adopted.

Listing some of the 20 fixes which include: the publication of NNPC monthly financial and operations reports; focus on cost reduction across board an subsequent drop in monthly operational losses from N30 billion in August 2015 to N3 billion in January 2016; as well as, restructuring of NNPC to improve its performance and profitability, Abdulrazaq said that the corporation’s new management has made efforts to identify legacy claims and settle same.

He said that the NNPC in this regards has also undertaken a forensic audit of all the claims and that a report is expected from its appointed forensic auditors soon.

According to him: “Upon the appointment of the new NNPC management, it identified all legacy claims issues between NNPC and the federation and engaged with the Federal Ministry of Finance to resolve the issues by inviting the appointed forensic auditors to conclude the previous forensic audits on these claims and the final report on this is expected soon.”

Source: http://www.thisdaylive.com/index.php/2016/03/16/n3-2-trillion-augfs-audit-report-erroneous-says-nnpc/

Mallam give me "Aki hausa" #50 abeg... Yoo waa!



Nairaland official comedian

Is it the same NNPC headed by GMB's Kachikwu, who serves as junior Minister to one Muhammadu Buhari? Seems this government is both the proposing and opposing side on this debate.

"Propaganda no good oh", Dear God i don't seem to understand how this government of "Babel" came upon us.

This not enough publish ur account let's see

Na dat auditor general dat said 2016 bubget is not as zero base as bubu talk?

This guy is only trying to exonerate the new management of NNPC of wrong doing or financial misappropriation. Nothing here says what the AuGF said was not true.

Naija slipping into fuji house of commotion? who are we going to believe and trust in this con3 smh!

Meaningless response from NNPC. We want to see concrete fact that you remitted the said N3.2trilliin not this empty statement that is hyping what the new management is doing.

I was expecting to see a counter figure. seems someone's brain dey leak. even if you wan defend your organization, try cook up some figures since na number issue we dey talk

dat auditor general that cant even pronounce figures, he dey jerk like say him nyash dey on fire.
I pity those who believe d mumu man.

seunmsg:
Meaningless response from NNPC. We want to see concrete fact that you remitted the said N3.2trilliin not this empty statement that is hyping what the new management is doing.

And who is the GMD of this NNPC, plus who is the chairman of this NNPC releasing the said empty statements?

unstable govt and policies.

NavierStokes:


And who is the GMD of this NNPC, plus who is the chairman of this NNPC releasing the said empty statements?

Did you even notice the period covered by the AuGF's claim?

Anyways this statement us too empty; it did not provide any counter numbers of amounts remitted within the period in question or explanations for non remittance.

Still pitching my tent with the AuGF for now.

DelGardo:


Did you even notice the period covered by the AuGF's claim?

Anyways this statement us too empty; it did not provide any counter numbers of amounts remitted within the period in question or explanations for non remittance.

Still pitching my tent with the AuGF for now.

Yea i did. Are you claiming that the NNPC CFO makes statements without the knowledge of the GMD?

The article never pointed out the error. Strange organisation. Let wait for them to audit themselves like the spokeperson said, but i hope it doesn't take eternity and lead to the matter being swept under the carpet.

They should provide their own figures very soon to counter the figures.

Did this Abdulrazak or whoever he is called attend sandwich classes? He doesnt seem to understand what the AGF said at all.
A corporation of which he is the financial officer was accused of fraud and he is telling us of the life history of NNPC.

after so much is being uncovered on daily basis, NNPC still expect Nigerians to belief whatever they say.

is this not Sanusi made his allegations known, at first it was debunked as a misleading rumor but was proved otherwise.

as an organised organization i expect to see counter figures but was disappointed

bunch of rich, influencial and powerful thiefs