[size=20pt]The Federal Government weekend sacked the accounting and auditing firms of Akintola Williams & Co and Adekanola & Co, following the slipshod in effectively certifying documentation on behalf on the government.

The statement from the Ministry of finance reads:

“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.
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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.

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

again, medicine after death , . . . .

The statement from the Federal Ministry of Finance clearly reveals that the Organization failed in it's constitutional responsibilities. The Agency did not do it's job at all, even after months of Nigerians calling for an investigation of the corruption going on in the Subsidy project. Not until the House of Assembly instituted a probe, after plunging millions of Nigerians into deeper poverty, did the Ministry suddenly wake up to it's responsibilities.

^^ So what do u suggest, that we continue with the status quo insyead of administering medication that has a potential of waking the dead? Have u become so addicted to negative news that you now not only thirst but also crave for it?

Kobojunkie: again, medicine after death , . . . .

The statement from the Federal Ministry of Finance clearly reveals that the Organization failed in it's constitutional responsibilities. The Agency did not do it's job at all, even after months of Nigerians calling for an investigation of the corruption going on in the Subsidy project. Not until the House of Assembly instituted a probe, after plunging millions of Nigerians into deeper poverty, did the Ministry suddenly wake up to it's responsibilities.

Kobo abeg explain. lol.

^^^ The Firing really should start from the Federal Ministry of Finance end of this, not from the contractors. From all indications, even as the ministry claims HERE that it has carried out internal investigations, other than the subsidy report that was made public this week, we have no evidence of an internal investigation going on, in the past 4 months of this. The only report released this week was the subsidy committees report, so it does lead one to question why and how the Finance ministry made the decision to fire the accounting firm now.

As it stands,we have no clue if the accounting contractor did it's duty according to the contract it signed with the ministry, or not. For all we know, they are probably being made scape goats here.

So, the ministry has cut ties with this accounting agency, then what next? It gets another contracting company to handle the accounting, in the next 30 or 90 days? Realize that the same failures at the ministry will probably be handling the accounts in the interim. What guarantee do the Nigerian people have that there will be a complete overhaul of the handling of the subsidy accounts from here onwards? Oh, wait, no one has given us any yet.

Kobojunkie: ^^^ The Firing really should start from the Federal Ministry of Finance end of this, not from the contractors end.

As it stands,we have no clue if the accounting contractor did it's duty according to the contract it signed with the ministry, or not. For all we know, they are probably being made scape goats here.

Come off it. Who's being made a scapegoat, an Accounting firm as big as Akintola Williams? humour me!
One of the most profound statements during the live subsidy debates was made by Gov Adams Oshiomhole while trying to discredit the letters of credit and supposedly audited import records openly said "no matter how big or reputable the Accounting/Auditing firms in the country seem to be, when the amount involved is big enough everything has got its price", with a casual wave of the hand he simply said "we know all these things", he hardly made an impression on anyone and there wasn't even as much as a whimper from the Auditing firms - one of the obvious times when silence surly meant consent. As someone who started out in that line of work myself, I knew he was only saying the obvious hence the relative indifference that met his otherwise shocking statement.
Fact is the country is the victim of these accounting firms and not the other way round and I assure u that if a honest enquiry were to be launched into theactivities of these firms, they'd all go the way of Arthur Andersen. Believe it or not, dropping these auditors is a huge step forward and a nasty slap in the face to those coys cos ordinarily in that line of biz, reputation should mean everything -
well ideally!

Kobojunkie: ^^^ The Firing really should start from the Federal Ministry of Finance end of this, not from the contractors. From all indications,(no matter the claims made here by the ministry) other than the subsidy report that was made public this week, there seems no evidence of an internal investigation in the past 4 months carried out by the ministry. The only report released this week was the subsidy committees report, so it does lead one to question why and how the Finance ministry made the decision to fire the accounting firm now.

As it stands,we have no clue if the accounting contractor did it's duty according to the contract it signed with the ministry, or not. For all we know, they are probably being made scape goats here.

So, the ministry has cut ties with this accounting agency, then what next? It gets another contracting company to handle the accounting, in the next 30 or 90 days? Realize that the same failures at the ministry will probably be handling the accounts in the interim. What guarantee do the Nigerian people have that there will be a complete overhaul of the handling of the subsidy accounts from here onwards? Oh, wait, no one has given us any yet.

[size=5pt]I really should stop trying to do 30 things at a time . . .[/size]

Demdem: Actually, the sacking ought to have commenced from both the Petroleum minister and the finance minister. Both are culpable.

This low-level ACN apologist from okoroland