₦airaland Forum

That's why GEJ could never achieve the following
https://www.nairaland.com/2067016/photos-unreleased-pwc-audit-report-what

Ngwakwe:
Why not wait for Senate Committee on Finance to complete their job. I believe Sen. Saraki and Markafi can never be intimidated by the executive nor any minister under GEJ.

Dr. Ngozi Iweala and Daziena Madueke cannot withhold the PwC report from the Senate committee hence the opposition should go through the right channel where they have representatives to pressure the Executive than these media rabble rousing meant to score cheap political points.

You are tactically avoiding the elephant in the room. NOI stated that the forensic audits will be ready by October-November time frame.

We're in December and they have not come out to say anything. This may be a paltry sum to you but NOI expressly admitted that at least $10Billion is missing.


Looking at the projects in the OP (opportunity cost of less than $10Billion), unless you're a beneficiary of the GEJ's Gov't largesse or you're plain ignorant, you should be moved to request for this report to be released ASAP.

It's part of transparency. Mindsets like yours have killed accountability in Nigeria.

Ngwakwe:
No, Financial Reporting Council of Nigeria has a mandate to check on their work for final analysis

Do you know how many audits are run in Nigeria every year for the council to be mandated to check?

The Financial Reporting Council Act (2011) http://www.financialreportingcouncil.gov.ng/index.php/about-us/frc-act only stipulates that the council prescribes standards for account and audit reporting. Not to check every audit report. The council will only get involved if someone explicitly reports an irregularity with the report to the Council.

If that's the case the GEJ Gov't should state so and not keep people in the dark

Something else, knowing this Gov't especially before an election year, if PwC's report showed no misappropriation by NNPC, Doyin Okupe, Ruben Abati and Ngozi Okonjo-Iweala would have been singing Swansongs by now.

There is a problem somewhere and they want to ride it out until elections are over in February.

Look at the opportunity cost of the $10Billion. it is a shame.

Ngwakwe:
There are four separate accounts needed to be reconcile. However, the main bone of contention involves NNPC production figures.

The excerpt

The report faulted the statistics used by the CBN governor on the ground that the correct data was domiciled with the Department of Petroleum Resources (DPR) and that statistics provided by a unit of the CBN did not tally with the data from the DPR.

The firm faulted the CBN on the ground of double counting and narrow coverage of revenue statistics, even as it noted that the CBN did not question production figures, which could have provided basis for the allegation of missing billions of naira

What is difficult to comprehend in my earlier response below:

LRNZH:
[b]
If the auditors need supporting documents from CBN for example they would request for it. If they don't get them then they have the right to report inconclusive results. Stop showing your ignorance.

If they auditors need extra documents from other government parastatals (CBN, DPR) they will request for it or state that they cannot conclude the audit because not enough information was presented or report a failed audit.

ROSSIKE:
www.nairaland.com/attachments/1981527_train2_jpeg5fdbcc40c1493380d4e290e519e45015

This picture in a way represents the Nigeria of our dreams. A modern Nigeria that works for the people, not just the elite. Kudos to Mr President for at least showing us what we're capable of as a country, and as Africa's largest economy. We needed it.

You're celebrating mediocrity here. Refurbished locomotives.

See what other countries are doing with similar amounts of funds.
https://www.nairaland.com/2067016/photos-unreleased-pwc-audit-report-what
That's your opportunity cost right there.

Ngwakwe:
How can an auditor do reconciliation for an account involving three independent institutions/agencies.

The PwC came to audIt NNPC accounts and not for the reconciliation.

Below is an example of an Audit Report Summary page.
Paragraph 1 and 4 in this example state the overall summary of their findings.
The statements the auditors saw represented the true financial status of the US Dept of Justice Working Funds when the audit was carried out in this example.

If the auditors need supporting documents from CBN for example they would request for it. If they don't get them then they have the right to report inconclusive results. Stop showing your ignorance.

[img]http://www.justice.gov/oig/reports/OBD/a9808a/a9808a2.gif[/img]

Ngwakwe:
Can you even interpret raw NNPC audit report without the experts reconciling it with accounts of other agencies?

This same mentality that drove HOR finance committee chairman to hire a professional for N115m to help him draft 50 questions to challenge Dr Iweala for which he couldn't even defend notwithstanding his admirable CV is what is driving you to sound intelligent and important.

Even Mallam Sanusi was a slowpoke when details were presented for discussions.

You obviously don't have experience in these matters.

The reconciliation is what PwC was paid to do.

The reports carry an Executive Summary page that is interpretable by any person that can read and write.

It is not rocket science... Maybe for daft GEJ Gov't it is.
I can't believe this.

Look at this https://www.nairaland.com/2067016/pics-pwc-audit-report-what-true
And you will know you're celebrating mediocrity.

wordcat:
Thank you very much LRNZH but I have one question;

Pls, are u saying that $10 Billion which aunty Ngozi actually accepted that is missing can do one of this those things u put up there?

All are less than $10Billion each.

RockMaxi:
@LRNZH, why throw your pearls to PDP?

I don't think Nigerians understand what 1 Billion US Dollars is.

This research was carried out when President Goodluck Ebele Jonathan (GEJ) asked the former of Governor Central Bank of Nigeria Sanusi Lamido Sanusi (SLS) to resign his post for allegedly leaking a letter SLS wrote to GEJ stating that $49.8 Billion US was yet to be remitted by the Nigeria National Petroleum Corporation (NNPC) into the nation coffers.

After some reconciliation efforts by the Finance Ministry, CBN and NNPC, the unremitted money was agreed to be some figure between $12 Billion US and $10.9 Billion US.

Afterwards, SLS insisted it was more in the region of $20Billion. Ngozi Okonjo-Iweala (NOI) the Minster of Finance and the Coordinating Minister of Economy set up an audit of the missing funds by PricewaterhouseCoopers (PwC) Audit firm and the report was promised to be ready by October, 2014. PwC claims the report is ready but the Federal Government is yet to release it to the public.


I had to wonder, what is the real value of $10 Billion US (note how I am being conservative and not going above $10 Billion).

See for yourself:

1.The THSR 700T - Taiwan High Speed Rail (Cost $3.4 billion US)
This operates on the high-speed line between Taipei and Kaohsiung in Taiwan. The train entered into service with Taiwan High Speed Rail in January 2007.
It operates at a speed of 300kmph reducing the journey time between the two cities from four hours to just 90 minutes.
It was constructed by Kawasaki, Hitachi and Nippon Sharyo. Based on Kawasaki's 700 series Shinkansen trains, the 700T was the first Taiwanese rolling stock to import Japanese high speed rail technology.
The total investment for manufacturing the initial 30 trains in the series reached about NT$100bn ($3.4bn).courtesy of Oduastates
https://upload.wikimedia.org/wikipedia/commons/0/0e/THSR_700T_Modern_High_Speed_Train.jpg


2.King Abdulaziz International Airport - Jeddah, Saudi Arabia (Cost: $7.2 Billion US)
This is an aviation facility located 19 km to the north of Jeddah. Named after king Abdulaziz Al Saud and inaugurated in 1981, the airport is the busiest airport of Saudi Arabia and is third largest airport in the kingdom.
https://www.flyaircairo.com/portals/1/Jeddah.jpg


3. FIFA 2010 World Cup - South Africa (Cost $3.5 Billion)
The matches were played in 10 stadiums in nine host cities around the country, with the final played at the Soccer City stadium in South Africa's largest city, Johannesburg.

Transport - $1.2bn
Stadiums - $1.12bn
Organising committee - $428m
Broadcasting/ICT - $387m
Ports of entry - $200m
Security - $89m
Legacy projects - $45m
Telecommunications - $40m
Arts and culture - $20m
Training volunteers - $3m
Total cost - $3.5bn
https://farm3.staticflickr.com/2442/3670000086_2ffbc6a768_o.jpg


4. The Large Hadron Collider (LHC) - Zurich, Switzerland (Cost $5.5 billion US)
is the highest-energy particle collider ever made and is considered as "one of the great engineering milestones of mankind".[1] It was built by the European Organization for Nuclear Research (CERN) from 1998 to 2008, with the aim of allowing physicists to test the predictions of different theories of particle physics and high-energy physics, and particularly prove or disprove the existence of the theorized Higgs particle[2] and of the large family of new particles predicted by supersymmetric theories.[3] The Higgs particle was confirmed by data from the LHC in 2013. The LHC is expected to address some of the unsolved questions of physics, advancing human understanding of physical laws. It contains seven detectors each designed for specific kinds of exploration.
https://cdn.physorg.com/newman/gfx/news/hires/3-largehadronc.jpg


5. Mohammad Bin Zayed City - Abu Dhabi (Cost $7 Billion US)
Mohammed Bin Zayed City is a fast progressing master planned neighborhood that is located on the driving distance of 20 min and 10 min between Central Business District and the airport respectively. It also has huge budget of $7 billion. It will consist of 349 residential towers, with sufficient public, commercial, retail and recreational facilities. The development has total area of 5 million square meters, which are properly landscaped possessing all infrastructure facilities. The community is well equipped with modern infrastructure facilities, landscaping and other community amenities. Upon completion, it will be capable to accommodate 85,000 people.
https://static.panoramio.com/photos/large/673649.jpg

6. Coca-Cola (2012 Net Income: $9.01 Billion US)
The Coca-Cola Company (NYSE: KO) is an American multinational beverage corporation and manufacturer, retailer and marketer of nonalcoholic beverage concentrates and syrups, which is headquartered in Atlanta, Georgia.[3] The company is best known for its flagship product Coca-Cola, invented in 1886 by pharmacist John Stith Pemberton in Columbus, Georgia. Its stock is listed on the NYSE and is part of DJIA, S&P 500 index, the Russell 1000 Index and the Russell 1000 Growth Stock Index. Its current chairman and chief executive is Muhtar Kent.
https://www.dailypressdot.com/wp-content/uploads/2013/10/coca-cola.jpg


7. Cambridge University - UK (2012 Net Worth $6.6 Billion US)
The University of Cambridge is a collegiate research university in Cambridge, England, United Kingdom. Originally founded in 1209, it is the second-oldest university in English-speaking areas, and the world's third-oldest surviving university.Today, Cambridge is formed from a variety of institutions that include 31 constituent colleges and comprehensive academic departments which are organised into six Schools.[7] All these organisations occupy different locations in the town including purposely-built sites and the student life is found in the arts, sport clubs and societies. It has nurtured many notable alumni, and 90 Nobel laureates have been affiliated with the University,[8] which is one of the highest in the world. Cambridge is also a member of various academic associations and forms part of the "golden triangle" of English universities. It is regularly placed among the world's best universities in different league tables.
https://intelligence.org/wp-content/uploads/2014/07/Cambridge-University.jpg


8. City of Houston - Texas, USA (2013 - 2014 Fiscal Year Total Budget: $4.9 Billion US)
On May 14, 2013, Houston Mayor Annise Parker forwarded to Houston City Council a $4.9 billion proposed total city budget for the fiscal year (FY) that begins July 1, 2013. The General Fund, or tax supported portion of the budget, is $2.2 billion. This budget blueprint does not require a tax increase and maintains focused on what Parker says are her five main priorities: jobs and sustainable development, public safety, infrastructure, quality of life and fiscal responsibility.
Houston is the largest city in Texas and the fourth-largest city in the United States. According to the 2010 U.S. Census, the city had a population of over 2.1 million people within a land area of 599.6 square miles.
https://shedexpedition.com/wp-content/uploads/2013/06/Houston-skyline-view.jpg


9. Marina Bay Sands - Singapore (Cost: $5.7 Billion US)
Marina Bay Sands is an integrated resort fronting Marina Bay in Singapore. Developed by Las Vegas Sands (LVS), it is billed as the world's most expensive stand-alone casino property at US$ 5.7 billion, including the cost of the prime land. Marina Bay Sands is situated on 15.5 hectares of land with the gross floor area of 581,000 square metres. The iconic design has transformed Singapore's skyline and tourism landscape since it opened on 27 April, 2010. The property has a hotel, convention and exhibition facilities, theatres, entertainment venues, retailers, and restaurants.
https://aroundtheworldineightywaves.com/wp-content/uploads/Marina-Bay-Sands.jpg



10. Delta Works/ Zuiderzee Works, Netherland (Cost: $7.7 Billion)
Because the Netherlands is one of the most low-lying countries in the world, its people have struggled every time a storm raises the water levels. As far back as the first century A.D. the inhabitants of this area have attempted to protect themselves from the devastation the rising water levels have caused. The Zuiderzee was originally a shallow bay in the North Sea. It was about 30 miles wide and reached 60 miles inland. Although it was a large bay it was only about 15 feet deep. Every time there was a storm, dikes failed and the land was flooded.
[img]http://images.marinas.com/med_res_id/92305[/img]


11. Longtan Dam and Hydropower Station - Guangxi, China (Cost: $4.2 Billion US)
Longtan Dam is a large roller-compacted concrete (RCC) gravity dam on the Hongshui River in Tian'e County of the Guangxi Zhuang Autonomous Region, China, a tributary of the Xi River and the Pearl River. The dam is 216.2 m (709.3 ft) high and 849 m (2,785 ft) long; it is the tallest of its type in the world. The dam is intended for hydroelectric power production, flood control and navigation. The dam contains seven surface spillways, two bottom outlets and an underground power station. The installed electric power generation capacity of the dam is 6,426MW.
https://lh6.ggpht.com/-HWl5MUtXWqs/Ukxk0vZTxzI/AAAAAAAAtBc/5OCeVpKxovc/longtak%25255B2%25255D.jpg?imgmax=800


12. Rebuilding The Syrian Army- (Cost estimate from $3B annually)
In 2014, experts from the CIA and the Brookings Institute Center for Middle East Policy analysed what it would cost to rebuild the Syrian army if Assads regime were to be toppled.
How much should the U.S. and its allies spend to create a new military force capable of crushing the Islamic State insurgency in Iraq and Syria? The real costs could start from $3billion each year, with the greatest unknown being the price of the air campaign.
Reasonable estimates are $1 billion to $2 billion to train the troops every year, another $6 billion to $19 billion for air support and $1.5 billion to $2.75 billion in non-lethal aid once the Syrian army is in control.
https://www.gamersworldbd.com/images/ModernWarfare2/mw2soldiers.jpg


13. The Grand Ethiopian Renaissance Dam, Benishangul-Gumuz Region, Ethiopia (Cost: $4.8 Billion US)
The Grand Ethiopian Renaissance Dam (GERD or Taehige), formerly known as the Millennium Dam and sometimes referred to as Hidase Dam, is a gravity dam on the Blue Nile River in Ethiopia currently under construction. It is in the Benishangul-Gumuz Region of Ethiopia, about 40 km (25 mi) east of the border with Sudan.
At 6,000 MW, the dam will be the largest hydroelectric power plant in Africa when completed, as well as the 8th largest in the world sharing the spot with Krasnoyarskaya.The reservoir at 63 billion cubic meters will be one of the continent's largest. According to the Ethiopian government, as of October 2014, the dam is 40% complete.
The Ethiopian government funds the entire cost of the dam ($4.8 billion US) by itself. Courtesy of besttrader
https://upload.wikimedia.org/wikipedia/en/6/6c/GrandEthiopianRenaissanceDamSaliniRendition.jpg


----------------------------------------------------------------------------------------
Why is the the Federal Government holding back the PwC Audit Report?
Kindly leave comments to keep the thread alive.

Double Post.

Double Post.