FEDERAL MINISTRY OF FINANCE

News release. April 19, 2012

SUBSIDY PAYMENTS: FINANCE MINISTRY TERMINATES SERVICES OF
ACCOUNTANTS AND AUDITORS

Concerned about the management of the subsidy regime, the Federal Ministry of Finance has for the last two months been reviewing aspects of the implementation of the subsidy regime related to its functions. The review has produced a lot of useful details on what was wrong with the system and what needs to be done to ensure improvement going forward.

The review process kicked off in February when the ministry and relevant government agencies held a meeting with bankers and marketers at the instance of President Goodluck Jonathan. This was followed by a subsequent session with the accounting and auditing firms to re-evaluate their work.

Based on the review, the Ministry has taken the following steps:

• The services of the audit and accounting firms responsible for certifying the documents and claims of marketers before payment have been terminated. The companies are Akintola Williams and Co and Adekanola and Co.

• The Ministry has established a committee made up of credible and experienced persons from the private and public sector with strong technical component under the chairmanship of Mr. Aigboje Imoukuede to examine the claims of payment arrears for 2011 currently being made by marketers. This is to ensure that only genuine claims are honoured.

• The ministry is also finalising a new and more effective system to replace the current arrangement and, in this regard, a second committee has been set up to propose a good way to forward.

Based on other outcomes of the review, the ministry will take further actions as necessary.

In a related development, the Federal Accounts Allocation Committee (FAAC) has put on hold further depletion of the Excess Crude Account (ECA).


Paul C Nwabuikwu
Senior Special Assistant to the Coordinating Minister for the Economy and Minister of Finance




http://www.vanguardngr.com/2012/04/fg-sacks-akintola-williams-olusola-adekanola-over-fraudulent-subsidy-payment/

This sounds like some medicine after death (MAD) syndrome. It is not to terminate services that we want to hear but how much of our cash have recovered and how many people have been escorted out of this world after seizing their assets. Those accounting firms should been prevented from doing any other job in the public sector of Nigeria if not the entire country as a deterrent to be involved in corruption. Tomorrow they will say they are ICAN members, look at the evil they perpetrate.

Exactly!! Medicine after death . . . ROFLMAO!!!

1st set of casualties.

Hope this is not a scape goat approach with the aim of sweeping the whole thing under carpet.

I expect a lot more sackings and prosecutions.

[size=38pt]hmmm?[/size]

Good call Dr. Iweala.

Why bottom-up - why not top-down??

These people don't care about the poor Nigerians..

strangerf: Good call Dr. Iweala.

How is that a good call?

Great job Madam Okonjo. Please we need more news like this from other ministries. D level of corruption in Nigeria is very embarrassing

hmmm? if this is a show being put on then I must say it is very poor taking into consideration that no one is being fooled.

The way we do our things in Nigeria baffles me a great deal. Do they think such decisions would make us change our mind about the truth we know? Many things are wrong in our country and the idea of thinking they are fooling the masses everytime makes me feel nothing good can come out of the country if we go this way. The worst of them are the tribalist and sentimental ones we have here on nairaland

GboyegaD: The way we do our things in Nigeria baffles me a great deal. Do they think such decisions would make us change our mind about the truth we know? Many things are wrong in our country and the idea of thinking they are fooling the masses everytime makes me feel nothing good can come out of the country if we go this way. The worst of them are the tribalist and sentimental ones we have here on nairaland

What "truth" do you know?
Some people are funny!

The pillars of the oil cabal will continue to be pulled down one by one.
Nice one from Okonjo Iweala.

It is expected that Atiku's paid goons would be here, crying about why it was bad to sack Akintola Williams and Adekanola and Co. Let them cry blood or fill buckets. Rubbish.
The country will be cleansed one way or the other.

When will Iweala fire herself or step down from this position? Under the watch of a so-called CME (another useless title), hundreds of billions has been frittered away! Sacking these organizations does not return the money, when will the money be retrieved? When will the human beings be punished with long jail terms, including their government co-conspirators? This is just a knee jerk reaction that will not solve any problem!

When will the useless government of the dead brain Jonadead be totally pulled down, for goodness sake? How much money do a few people need for a lifetime that they sacrifice several millions of lives counting on them to lead this god-forsaken country? Or, are MOST Nigerians just born to suffer, and patch-up till they kick the bucket?

otokx: This sounds like some medicine after death (MAD) syndrome. It is not to terminate services that we want to hear but how much of our cash have recovered and how many people have been escorted out of this world after seizing their assets. Those accounting firms should been prevented from doing any other job in the public sector of Nigeria if not the entire country as a deterrent to be involved in corruption. Tomorrow they will say they are ICAN members, look at the evil they perpetrate.

Apart from the above mention medicine after death, what are the plans have they made to ensure that the fuel pump is changed to its usual amount (65 naria)

Akintola Williams and Adekanola and Co were the ones that supplied falsified figures for the oil marketing cabal.
They did the same for the House of Reps committee.

With the sacking of Akintola Williams and Adekanola and Co, it is certain that we have not heard the last of the subsidy saga. The bigger fish involved will also be caught and brought to book.

Based on the review, the Ministry has taken the following steps:

• The services of the audit and accounting firms responsible for certifying the documents and claims of marketers before payment have been terminated. The companies are Akintola Williams and Co and Adekanola and Co.

• The Ministry has established a committee made up of credible and experienced persons from the private and public sector with strong technical component under the chairmanship of Mr. Aigboje Imoukuede to examine the claims of payment arrears for 2011 currently being made by marketers. This is to ensure that only genuine claims are honoured.

• The ministry is also finalising a new and more effective system to replace the current arrangement and, in this regard, a second committee has been set up to propose a good way to forward.

This na real medicine after death. Will the Ministry care to release the findings of the review.

So there is the possibility that the current system is flawed? On what is this based on? The reveals of the probe, which does not seem to suggest this, or some internal review that the Ministry independently conducted in these four months of 2012? If so, can we get a report of this or are we simply to believe such a review took place.

I am going to guess the accounting firms will still get their pay, as it seems they are being made scape goats here. Can't wait to see if this will be swept under the rug in a couple of weeks as is the tradition with Nigerian government.

CyberG:
When will the useless government of the dead brain Jonadead be totally pulled down, for goodness sake?

2019 or so.

CyberG:
Are MOST Nigerians just born to suffer, and patch-up till they kick the bucket?

I am happy that finally some of you are begining to understand your place in the scheme of things.

A grt move NOJ! Rily a machiavelian approach. Anybody wey vex, make he go hug transforme
r

CyberG: When will Iweala fire herself or step down from this position? Under the watch of a so-called CME (another useless title), hundreds of billions has been frittered away! Sacking these organizations does not return the money, when will the money be retrieved? When will the human beings be punished with long jail terms, including their government co-conspirators? This is just a knee jerk reaction that will not solve any problem!

When will the useless government of the dead brain Jonadead be totally pulled down, for goodness sake? How much money do a few people need for a lifetime that they sacrifice several millions of lives counting on them to lead this god-forsaken country? Or, are MOST Nigerians just born to suffer, and patch-up till they kick the bucket?

what's ur proof abt finance minister involvment? If she sacks herself tel me who will replace her? And pls stop calling my presido Jonathan.

A good start, but the biggest successful sack of them all begins with the clueless GEJ.

O ma se, even the rat wants to compete again in 2015, after making Nigeria suffer through his spineless decisions.

lols.

PPPRA board or and committee should be dissolved asap, ministry of finance can handle their affairs in the interim. GEJ should revert the price of petrol to 65.

Why were the services of those audit and accounting firms terminated? If it was for illegal activities, then I hope they're going to be charged or something.

Beaf: Akintola Williams and Adekanola and Co were the ones that supplied falsified figures for the oil marketing cabal.
They did the same for the House of Reps committee.

With the sacking of Akintola Williams and Adekanola and Co, it is certain that we have not heard the last of the subsidy saga. The bigger fish involved will also be caught and brought to book.

D work of an audit firm is merely 2 examine d books of d ministry n make decision as 2 d fairness of d records as wel as make recommendation 2 d ministry i.e discover fraud n report if possible which dey fail 2 deliver & not 2 b givin figures as u mention above.I TEL U D MAIN THIEF HAS NOT BEEN TOUCHED BUT RATHER D PERSON DAT WAS SUPOSE 2 'SHOUT THIEF' BUT FAIL 2 SHOUT DAT WAS KICKED. dats exactly wat dey always do 2 fool d masses into believing dey re serious in fightin corruption & belief me notin happens 2 d main criminals. i wonder y u re too myopic in ur reasoning n always go watever extent 2 convince d nairalanders into believing evri govt action as d best option available even wen its not.

otokx: PPPRA board or and committee should be dissolved asap, ministry of finance can handle their affairs in the interim. GEJ should revert the price of petrol to 65.

... "Joseph alala"...dreamer!

I wonder why the govt still did business with Akintola Williams and Co after the Cadbury saga; I can't recall Akintola Williams ever issuing an apology. I propose disbandment and thorough inquiry into the activities of that firm since inception.

some of us just see and imagine what we want to, because we think change is easy. Now these companies are discredited, thats part of a major move, soon we would hail G.E.J for something. I belive something remarkable. Change in these times comes with confusion. See the smoke but dont stop there, go into it to see further my sisters and brothers. Heres a truth 'i admire G.E.J'S manuevers'.

Abeg when are de going to return the fuel price to old price as we nigerians struggle to know these facts.

...the auditing firms involved in this scam shld be prosecuted,their operating license shld be withdrawn for giving ICAN&the entire accounting profession in nigeria a bad name!i ve always suspectd them of criminal tendencies!