₦airaland Forum

A forensic audit of Nigeria’s state oil firm released on Monday confirmed the accusation by Emir Muhammed Sanusi that the NNPC withheld about $20 billion that it ought to have remitted to the national treasury.
The report ordered released by President Goodluck Jonathan, more than two months after it was submitted by PriceWaterHouseCoopers confirmed that the NNPC illegally expended $18.53 billion on operational costs, kerosene and petrol subsidies, without authorisation from the National Assembly. Part of the money was also withheld by an NNPC subsidiary, without National Assembly authorisation.
Although the audit found that the firm overpaid the state by almost $750 million, within the 19 months probed, it recommended a refund of $1.5 billion to government coffers. The audit covered January 2012 to July 2013.
Outgoing Nigerian President Goodluck Jonathan released the audit days after his elected replacement, Muhammadu Buhari, pledged to probe the allegation all over again and crack down on corruption in the energy company once in office.
The probe of Nigeria National Petroleum Corporation’s (NNPC) books was instituted last year after former central bank governor Lamido Sanusi said the firm had withheld $20 billion in oil revenue from government coffers, jeopardising the country’s finances.
Sanusi had told a Senate committee in 2014 that NNPC had received $67 billion and handed over only $47 billion.
After the allegations, Jonathan publicly dismissed the claim and replaced Sanusi, saying the banker had mismanaged the central bank’s budget. Sanusi has since become Emir of Kano, the country’s second-highest Islamic authority.
The PwC audit, however, said NNPC and its upstream subsidiary, the Nigerian Petroleum Development Company, should hand over $1.48 billion arising from unsubstantiated costs, duplicated subsidy claims and computation errors.
The report also recommended an overhaul of how NNPC is run.
“The NNPC model of operation must be urgently reviewed and restructured, as the current model which has been in operation since the creation of the corporation cannot be sustained,” it said in the 200-page document.
An earlier one-page version of the report, which had been due out in September, was released in February.
The affair has caused consternation in a nation long accustomed to reports of grand graft in Africa’s largest oil producer.
Analysts say Buhari, 72, managed to oust Jonathan in elections last month because voters believed he would tackle graft in Africa’s largest economy.
Culled From Reuters

http://www.pmnewsnigeria.com/2015/04/28/nnpc-deducted-18-53bn-oil-revenue-audit-report-confirms-sanusis-allegation/

Your source is , You wrote premium times in the topic head.

Booked

As breeze don blow, fowl yansh don turn free show


OP pls edit your topic so the TANoids won't derail this thread..



Sai Sanusi!!!

Sai Buhari!!!!

Make dem deposit the money into my bank account and wen its fully complete I will return ham back

Sanusi has been vindicated, and I expect that some people will surely end up in Jail. By the way, this report is sans thorough auditing of the books of NNPC, NPDC and CBN, since they limited access to PwC. You can imagine if everything were to be thoroughly looked into, what would be revealed.

The report ordered released by President Goodluck Jonathan, more than two months after it was submitted by PriceWaterHouseCoopers confirmed that the NNPC illegally expended [size=15pt]$18.53 billion on operational costs[/size], kerosene and petrol subsidies, without authorisation from the National Assembly.

Safe to say the money is not missing as alleged by Sanusi even though he quoted $48billion initially.

The annoying thing about this brouhaha is that those screaming loudest comes from states without any drop of OIL, this is irritating.

do I really have to wait for people to do all this calculations for me?
Too many different figures arriving by the minute.

Mogidi:
Safe to say the money is not missing as alleged by Sanusi even though he quoted $48billion initially. The annoying thing about this brouhaha is that those screaming loudest comes from states without any drop of OIL, this is irritating.

Your ignorance is mind blowing.... Multiple subsidy payment Payments that don't have documentation
Explain pages 76&77 (pictured below)
Explain how come they were paying subsidy on fuel when none existed.
Explain how come NNPC allowed fuel get into Demurrage so they had to pay almost $0.76 billion
Explain how they paid $1.5billion as wages
Explain how they rounded up figures and a sum of $4million was added

The "statesman" has been confirmed as we suspected to be the most corrupt person to ever rule us.
Read through that report,as shallow as it is,then u wud wish GEJ had never set foot in aso rock.
Think of all the other scandals yet to be revealed in customs,the power privatisation, railways,military and you would be hard pressed to reason why GEJ should not be cooling his drunken heels in kirikiri.

I'm enjoying this. Let them cough out that money.

wow

fpwl yansh don open. thank we voted this guy out

Gej and his gf (diezieni) must produce our 20b

Mynd44:
Your ignorance is mind blowing.... Multiple subsidy payment Payments that don't have documentation
Explain pages 76&77 (pictured below)
Explain how come they were paying subsidy on fuel when none existed.
Explain how come NNPC allowed fuel get into Demurrage so they had to pay almost $0.76 billion
Explain how they paid $1.5billion as wages
Explain how they rounded up figures and a sum of $4million was added

I repeat the money was never missing as alleged by Sanusi, wrongly spent is a whole different scenario.

Mogidi:
I repeat the money was never missing as alleged by Sanusi, wrongly spent is a whole different scenario.

Are you okay?
67 billion generated
47 billion remitted

He got worried and said he does not know where the remaining 20 billion is. How was he wrong?

The details of the audit then told us the money was stolen/mismanaged/wrongly spent and you are here typing what only you understand

Mynd44:
Are you okay?
67 billion generated
47 billion remitted

He got worried and said he does not know where the remaining 20 billion is. How was he wrong?

The details of the audit then told us the money was stolen/mismanaged/wrongly spent and you are here typing what only you understand

He said $48billion was missing, now we know only a little over 1billion is unaccounted for, the intention was political from the onset.

Mogidi:
He said $48billion was missing, now we know only a little over 1billion is unaccounted for, the intention was political from the onset.

And all the billions spent without documentation were what?

$3.8 billion on kerosene subsidy. Which subsidy is that exactly?

Mogidi:
Safe to say the money is not missing as alleged by Sanusi even though he quoted $48billion initially.

The annoying thing about this brouhaha is that those screaming loudest comes from states without any drop of OIL, this is irritating.

@bolded, not missing ? Okay where is the money ? So because some states do not contribute to oil does that mean that they should keep quiet ? The last time i check FG are still controlling every natural resources in Nigeria.

dridowu:
@bolded, not missing ? Okay where is the money ? So because some states do not contribute to oil does that mean that they should keep quiet ? The last time i check FG are still controlling every natural resources in Nigeria.

Still irritating nevertheless.

Mogidi:
I repeat the money was never missing as alleged by Sanusi, wrongly spent is a whole different scenario.

You mean stolen

Mheeen, shit is getting realer by the day. What exactly have we done to deserve all these? See big big money wey dem dey quote..All just developed wings.

FG in connivance with NNPC defrauding Nigerians since the hay days of olobiri !!

And the stench keeps getting more and more pungent. Sanusi knew exactly what he was saying.

Gosh.

I'm close to tears here seriously.
Why does our government hate us so much? What crime exactly did Nigeria commit voting Jonathan into power??

dustmalik:
Sanusi has been vindicated, and I expect that some people will surely end up in Jail. By the way, this report is sans thorough auditing of the books of NNPC, NPDC and CBN, since they limited access to PwC. You can imagine if everything were to be thoroughly looked into, what would be revealed.

Sanusi has been wat?? Are you guys reading the report and even this article at all or just hallucinating??

Sanusi claimed that $49.5bn Oil sales was MISSING, apparently as unremitted funds from the NNPC. He later claimed that the amount was $12.5bn, before finally resting at $20bn. Both the PWC Audit report and this very article completely rubbishes those claims.

Let's agree that $18.5bn was the sum NNPC did not remit directly to the Federation Account, but as NNPC claims, was used to service 'internal' costs/expenses relating to Subsidy claims, NNPC operational costs including I suppose it's JV agreements, transfers, etc. Now, there was actually Subsidy claims to be paid. NNPC actually had operational costs to take care. Etc. All these costs must be in the billions of dollars. So that means that amongst this outstanding unremitted $18.5bn, the largest chunk of it must have been actually used 'legally' by the NNPC to defray these costs, and therefore NOT stolen or missing. This is not to say of course that some crooks in the NNPC and the Min of Petroleum as well as their Private partners/collaborators did not get their hands on some of the deferential after these legal costs were deducted, esp as relates to the very murky Subsidy claims and payments. Still, where does this leave the outrageous Sanusi claim that $49.5bn or is it $20bn was missing and hence stolen. I would think in Sanusi's own imaginative but dubious mind. That's only where the said 'missing' money can be found. FULL STOP.

NNPC, and the Nigerian Oil industry, is corrupt and murky. Very dark. And it has been like that for a very long time. Any investigation made in such an industry/company would certainly bring forth much controversy, murkiness and at least some level of corruption. Smart Sanusi knew this. He knew that he could make those silly claims and get away with it, both cos Nigerians can be touchy and frankly irrational when it comes to BIG corruption claims as well as cos he knew there going to be some murkiness discovered anyways. So once he realized that another Govt agency had prepared a report and invited him to defend himself against huge financial malfeasance allegedly committed in CBN under his watch (an allegation that was made against him BEFORE he made his own allegations by the way) , he quickly shouted 'thief, thief' in the market place before the king's guards could do so. After all, he desperately needed to be Emir of Kano (his life long dream) and didn't want anything to go between himself and that dream.

So whilst am in full support of any meaningful probe, clear prosecution and massive clean up by done in NNPC and the entire Oil industry itself, Sanusi' idiocy MUST be isolated and treated for what it actually is: a SCAM by an apparently brilliant Scamist.

Let's talk about this without mentioning Sanusi, except as the main antagonist in the plot. Nothing more.

Nuff said

midolian:


As breeze don blow, fowl yansh don turn free show


OP pls edit your topic so the TANoids won't derail this thread..



Sai Sanusi!!!

Sai Buhari!!!!

You be mad man aswear!! Whish kain picshure be that??

@ doctokwus, edit your title to reflect the actual source. It is and not premiumtimes.

SeverusSnape:
Your source is , You wrote premium times in the topic head.

Very funny. The report is culled from reuters, source is PM News, post title is premium Times.