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...the auditing firms involved in this scam shld be prosecuted,their operating license shld be withdrawn for giving ICAN&the entire accounting profession in nigeria a bad name!i ve always suspectd them of criminal tendencies!

Eazee-e:


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.

Okija_juju: SOOOOOO!!


Where is OCCUPY NIGERIA?!!!

Where is SAVE NIGERIA GROUP?!!!

Where are those opposition POLITICAL GROUPS MASQUERADING as NGO's/activist movements?!

Buncha hypocrites!!

Na only to buy awoof fuel them sabi!!

Ikology: And on NL,where is DEMdem?

onye_ngbu*:


Please can you tell us how she is culpable. In details please, no hearsay abeg.

Guk: 52. SEA PETROLEUM & GAS CO. LTD N1,019,571,609.00

SEA PETROLEUM & GAS CO. LTD is owned by the present Minister of Aviation, Stella Oduah. Since her company has been indicted, does she still have moral justification to remain in govt
http://www.seapetrol.com/staffmgt.html

Demdem:

Excellent post and i appreciate this. No one is saying these accounting firms shouldnt be sacked, infact its a good decision which will eventually happen but if a thorough job needs to be done in getting rid of those incompetent within the system, NOI shouldnt be spared. This has nothing to do with either ethnic or pesonal agenda. Its simply common sense.


“Although N20 billion was set aside for subsidy on a monthly basis in the Appropriation Act 2011, in August 2011 the total figure expended was N165 billion of which the Nigeria National Petroleum Corporation (NNPC) was N88 billion and the Independent Marketers was N77.7 billion.

“In the first three months (Jan – March. Before elections in APRIL) of the year both NNPC and the Independent Marketers did not exceed N62 billion monthly but within the last three months (Ngozi was already on seat by then) figures have ranged between N150 billion and N186 billion,” Saraki said.


http://dailytrust.com.ng/index.php?option=com_content&view=article&id=145315:senate-fg-overspends-subsidy-fund-by-n1tr&catid=2:lead-stories&Itemid=8

Am not an accountant and i dont need to be one to sense foul play if i see one. These accounting firms arent responsible in paying these fraudulent marketers directly. The ministry of finance/CBN obviously knows about this huge difference but the question is what exactly did they do to get to the root of this? Instead of them going round the country insisting that the country will soon crash as a result of cabal's activities if subsidy wasnt removed, did they take time in investigating these huge difference and fixing it? paradventure those lies they kept selling during these period wouldnt have been so. The above news report was released towards the end of last year still the govt did nothing. It took the mass action of people that prompted the House to launch this probe (that led to the release of this report) and has nothing to do with the retardeen as allege by some people on this thread.



http://www.cp-africa.com/2012/04/22/fuel-subsidy-save-nigeria-grouppastor-tunde-bakare-to-plan-another-occupy-nigeria-mass-protest/

I hope u will be courageous enough to eat your words and apologise. There is nothing to be ashamed about that. thats what real men do.



How may i help? It must be a serious issue for u to post this twice.



Am happy to see that you have no issues with the sacking of Madueke but NOI. That one itself is long overdue. In addition to my opinion as stated above;

“Further, we call we call for the immediate resignation or sacking of Dr. Ngozi Okonjo Iweala, Minister of Finance, Diezani Allison-Madueke, Minister of Petroleum, and Labaran Maku, the Minister of Information for their demonstrated culpability by acts of omission or commission in the fuel subsidy, the anti people hike in the price of petrol and the conscious promotion of lies to cover up the truth,” the group said.
http://saharareporters.com/news-page/fuel-subsidy-fallout-combat-corruption-sack-okonjo-iweala-allison-madueke-civil-society-or

the key words there to me:
culpability by acts of omission or commission in the fuel subsidy, the anti people hike in the price of petrol and the conscious promotion of lies to cover up the truth
To me, this is a serious offence that deserves a sack.
The final decision to do such lies with the retardeen and if he decides otherwise then its his cup of tea however that wont stop peeps like us in airing our view. Their sacking or not does nothing to my fortune and i dont care where there replacements come from if at all they are eventually sacked.

yommy2sure: the part od 'whatever' happens doesnt affect ur fortune, true or not sounds like a selfish statement to me, do u really care about other Nigerians that are suffering??....the auditing firm made some sort of error in their line of duty which c is not an honest but intentional one, they should be presecuted not just sacked...the bottom to top approach is a good one since it should lead us to the root, its just while we r focusing on this another bigger mess myt be happening in another ministry...and then the circle continues...do we really love ourseves as we claim in this country?

Beaf: This demdem that keeps typing rubbish in bold font and red that makes it difficult to read. But its rubbish anyway, so no biggies.
Demdem is Atiku's boy, paid to campaign against those that are bad for business.

Demdem:

[/b]

[b]@yommy2sure,

U see what i meant. Those bastards will surely show up with their lies

Beaf:
Ain't you Atiku's boy, paid to campaign against those that are bad for his business? You are deceiving yourself if you think you can fool others; you are only fooling yourself.

Demdem:

am so sorry if it does offend u but i have my reasons for saying that truthfull statement. I have been accused of having personal interest in the sacking of these incompetent ladies without any evidence to prove such. am interested in the well-being of Nigerians and honestly, in my own way am also feeling the pains of some of these govt policies.

I respect ur opinion but i strongly believe in the top to bottom approach and not otherwise. leaders must lead by example. everything must obey the law of gravity. remember also that i hailed the removal of these audit firms

Demdem:

am so sorry if it does offend u but i have my reasons for saying that truthfull statement. I have been accused of having personal interest in the sacking of these incompetent ladies without any evidence to prove such. am interested in the well-being of Nigerians and honestly, in my own way am also feeling the pains of some of these govt policies.

I respect ur opinion but i strongly believe in the top to bottom approach and not otherwise. leaders must lead by example. everything must obey the law of gravity. remember also that i hailed the removal of these audit firms

yommy2sure: the part od 'whatever' happens doesnt affect ur fortune, true or not sounds like a selfish statement to me, do u really care about other Nigerians that are suffering??....the auditing firm made some sort of error in their line of duty which c is not an honest but intentional one, they should be presecuted not just sacked...the bottom to top approach is a good one since it should lead us to the root, its just while we r focusing on this another bigger mess myt be happening in another ministry...and then the circle continues...do we really love ourseves as we claim in this country?

yommy2sure: im humbled by the fact dat u did not come back to defend your statement..thats the spirit..well for the top to bottom thingy, i think since the mess is being discovered down here, we can only trace it up..its my opinion anyway...and im not active enuff in the politcal section to have a perception of you so Im neither supporting nor antagonizing beaf's claim...lolz...enjoy guys

Demdem:

No qualms yommy and i like ur stance. Just ask him to substantiate his claims. Those active here knows him to be a the retardeen asss-licker. besides there wont be a mess down there is the top isnt rotten. That is a true fact of life

Chinedu Nlem:
that means this God is not in nigeria and our country was never started by God. What happened to the siemens and halliburton case that the previous govt killed? Or the petroleum bill? Or power probe? Need i name more abandoned projects? My point is this govt stood out to do what even obj will not dare. It exposed the extent of corruption in abuja. from pension to fuel. This people don kill us. now we know our enemies. small small all sectors will be touched even NYSC. All that's needed for evil to survive is for good men to do nothing. Gej de try open up, una still de curse am for money wey dem chop since 2009.

klas: If it is proved that marketers claimed subsidy without importing fuel, then Deloitte and adekanola firms will be culpable. Not as the external auditors to PPPRA (which Deloitte is) but as verification auditors (consultants) to pppra on fuel importation.

The procedure for fuel importation and subsidy claims requires that ship cannot discharge fuel at jetty without the presence of the verification auditors (Deloitte & adekanola) to sign discharge sheet showing quantity discharged. The document is sent to pppra for processing.

The processed documents are sent by pppra to Ministry of Finance for further processing leading to payment. The discharge stock sheet is again sent back to the verification auditors by the ministry of finance to confirm that it was the document they earlier signed before payment is made. So unless there is collussion, unilateral false claim by marketer is a bit difficult.

klas: [size=13pt]If it is proved that marketers claimed subsidy without importing fuel,[/size] then Deloitte and adekanola firms will be culpable. Not as the external auditors to PPPRA (which Deloitte is) but as verification auditors (consultants) to pppra on fuel importation.

Kobojunkie:

There is no doubt that the auditing firm likely made an error on it's part BUT you do not know that for sure at this time given you and I are not aware of the details of contract signed between this firm and the Minister. As someone has tried explaining over and over now, the power to AUDIT an organization is not the same power to verify delivery of products paid, and confirm legitimacy of sales made or payments made by the organization. For all we know, this firm only had the power to make payments and ASK NO QUESTIONS(they are not police).
So until we are clear on where exactly Akintola group made the error, we are all fishing here, and looking for some other group to throw under the bus, as is the typical approach to handling situations in Nigeria.

What is clear, and concrete however,is that the Ministry of Finance, which was constitutionally in charge of these responsibilities failed the Nigerian people. What is concrete is that NNPC and the Petroleum Ministry colluded in some way to bilk the Nigerian people of millions of subsidy money.

Kobojunkie:

There is no doubt that the auditing firm likely made an error on it's part BUT you do not know that for sure at this time given you and I are not aware of the details of contract signed between this firm and the Minister. As someone has tried explaining over and over now, the power to AUDIT an organization is not the same power to verify delivery of products paid, and confirm legitimacy of sales made or payments made by the organization. For all we know, this firm only had the power to make payments and ASK NO QUESTIONS(they are not police).
So until we are clear on where exactly Akintola group made the error, we are all fishing here, and looking for some other group to throw under the bus, as is the typical approach to handling situations in Nigeria.

What is clear, and concrete however,is that the Ministry of Finance, which was constitutionally in charge of these responsibilities failed the Nigerian people. What is concrete is that NNPC and the Petroleum Ministry colluded in some way to bilk the Nigerian people of millions of subsidy money.

This cable emerges to confirm the very argument of millions of Nigerians who have been trooping into the streets worldwide since last week in protest of the oil subsidy that the principal problem in the country is corruption and lack of transparency which will swallow whatever is saved from withdrawing the subsidy.

It would be recalled that in KPMG’s “Interim Report on the Process and Forensic Review of NNPC” [The KPMG Report] dated 22 November 2010, which was published by SaharaReporters on December 9, 2011, the Auditor said it had found that NNPC’s subsidy claims and PPPRA’s verification were based on volume of petroleum products available for sale (volume of products imported and actual production from the refineries) as against duly verified volume of products lifted out of the depots (volume of petroleum products sold) as stipulated in the subsidy guidelines.

KPMG also observed that while subsidy claims should be remitted to NNPC from PSF by the Federal Ministry of Finance (FMF) based on claims approved by PPPRA, NNPC’s convoluted and questionable practice was to remit to the Federation Account, amount payable for domestic crude less subsidy claims. It would then request the FMF to pay the subsidy amount due to it (from PSF) into the Federation Account being the balance of the cost of domestic crude.

“There are instances of delays in receipt of subsidy advice from PPPRA resulting in the estimation of subsidy claims by NNPC which results in over/ under-deduction from proceeds of domestic crude sales,” the report said. For example, it said, N25bn was deducted as subsidy estimate for September 2009 from domestic crude sales proceeds while PPPRA approved a subsidy of N23.8bn. N35bn was also deducted as subsidy estimate for November 2009 but PPPRA approved a subsidy of N21.3bn.

“Over-deduction for these two months amounted to N14.9bn but only N4.2bn was swept into the Federation Account by NNPC as adjustment for subsidy claimable in the two months,” KPMG reported.

Among other issues flagged by the report was NNPC’s non-compliance with approved policies/ procedures.

“We observed that contracts for the importation of petroleum products were awarded to companies/ suppliers not listed in the approved prequalification list used for the fourth quarter 2008 importation tender,” it said. Companies fingered in this respect included Astana Oil Corporation Limited, Natural Energy, and Oando.

Similarly, the auditor reported instances where crude oil was allocated to off-takers who were not even on the approved list. Such cases included:
• Ovlas Trading (2,852,316 barrels and 906,269 barrels in 2007 and 2008 respectively);
• Petrojam (2,818,914 barrels in 2007);
• Oil Fields (950,166 barrels in 2007); and
• Zenon (906,000 barrels in 2008)

KPMG also found that the process of selecting Suppliers for importation of products was documented but that those procedures were not adhered to. The Evaluation Committee only recommended prices for the importation of petroleum products, it said, while actual allocation of importation contracts (especially volumes) appeared to be at Management’s discretion, it noted.

[size=13pt]“We observed that crude oil sales and collections are not promptly captured on the accounting system. Typically, these transactions are captured in the accounting system after the transaction have been approved at FAAC meeting which is typically two (2) months in arrears,” the report said.

And on remittance of funds in to the Federation Account, KPMG concluded as follows: “From our review of the cycle time for the remittance of domestic crude cost into the Federation Account, sweeping of funds took an average of 110 – 120 days as against the 90 day credit line offered to NNPC.”[/size]

Kobojunkie: According to the KPMG Report of 2010



http://saharareporters.com/news-page/fuel-subsidy-rip-offs-wikileaks-reveals-how-nnpc-cost-nigeria-billions-dollars

Concept:

EFCC? Read this, expect irrational behaviour from most Nigerians on issue of money.


The Upper Legislative Chamber of the National Assembly is investigating the fraud in the management and administration of pension fund.The committee has asked the EFCC to hands off the investigation of those connected with the monumental pension fraud following its findings that the commission was also an accomplice in the matter.
Two key witnesses, an Assistant Director in the Pension Accounts office, Mr. Toyin Ishola and Dr Suhaibu Teddy, who is also a Director in the pension office, had accused the EFCC for its role in the illegal withdrawal and transfer of pension fund and asked the committee to remove the EFCC from the investigation since it will also be investigated.

jon_zy: Bad news for me, now I'll be on deliotte employment waiting list forever

olajide_07:
I beg to differ its the people you and I with the help of foreign countries (the people that didn't appoint NOI, to be president of the world bank, even when they knew she was most qualified) that are fighting to expose corruption, if he, the said "GEJ regime" were fighting with the people, it would wipe out faster the thieves and looters/corrupt people faster the pension probe wasn't as a result of GEJ govt but as a result of pensioners that were shouting on radio day in day out and petition upon petition news and further news on the plight of people lying the streets in abuja, so plz we shouldn't get these things wrong