What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) - Politics (7)

What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) - Politics (7) - Nairaland

Nairaland Forum › Nairaland General › Politics › What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) (52521 Views)

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Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Eluwilussit(m): 5:19pm On Apr 28, 2015

seunmsg:
We are starting from the NNPC forensic audit report.

There was one before this one. I hope we don't make it look like a witch hunt. We need transparency, equity and justice.

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Fourwinds: 5:19pm On Apr 28, 2015

Firefire:
your cup of tea.

and it will also be ur cup of tea for supporting blindly. Tomorrow u see some claim to be christians and muslim even activity involve in church or mosque activities

2 Likes

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by KriTic24A: 5:19pm On Apr 28, 2015

SLIDEwaxie:
because it worries me that some minorities who feed from the crumbs of the PDP will want to force their vapid and insipid achievements that were in fact primitive (like the locomotive trains), and ideas that are useless (like the national confab). All carefully wrapped and packaged by sycophants (like barcanister), hoping that we all wake up one day as senseless (as mogidi), and accept all their lies so lies like saTANoids.

But come to think of it, is it not foolish for us as youths who have seen the 16yrs of futile rule of this party, and still not want a change.

Now, we are not sure the change will work, but the only people who failed are those who never tried. So, make we try this one...they have four yrs to prove their competence.

I like the last sentence of your comment bro, No Harm In Trying.
Buhari might be an illiterate to some people but at this time in our history, we have to make do with the option.
We have seen the best of our PHD people, now lets experiment with illiterates that have the drive.

7 Likes

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by 1miccza: 5:21pm On Apr 28, 2015

I am following this same news on Channels television right I just finished with the same on it why then are they saying the accounting standards are weak and obsolete instead of stating the obvious??

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Nobody: 5:21pm On Apr 28, 2015

Jchi9876:
another PDP apologist.
wasted omi epon

You're a big fool! Must I impress you?

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by naso2(m): 5:22pm On Apr 28, 2015

when Arithmetic is a national problem , we run into issues like this. some people are even so ignorant to say that from the report, the missing amount is more than $20 billion. Did you guys see this at all?

NNPC has provided information on the difference leading to a potential excess remittance of
$0.74 billion (without considering expected remittances from NPDC). Other indirect costs of
$2.81billion which were not part of the submission to the Senate Committee hearing have
been defrayed to arrive at this position.

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Fourwinds: 5:25pm On Apr 28, 2015

MaziOmenuko:
The kind of unchecked rot in the oil sector is unimaginable. I believe we are yet to scratch the surface of this heinous crime against humanity.
When the entire plot is unearthed, the stench will be unimaginable.

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Jchi9876: 5:25pm On Apr 28, 2015

dearpreye:
You're a big fool! Must I impress you?

Thank you Sir.
I repeat you are a waste of rigorous love making, akamu. fertilization and nine months

1 Like

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by 1miccza: 5:26pm On Apr 28, 2015

This probe should not just stop at NNPC but it should stop at NPDC and the CBN anybody indicted should be brought to book.

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by 1miccza: 5:26pm On Apr 28, 2015

This probe should not just stop at NNPC but it should go down to the NPDC and the CBN anybody indicted should be brought to book.

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Jchi9876: 5:27pm On Apr 28, 2015

Firefire:
your cup of tea.

another wasted akamu

1 Like

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by 989900: 5:28pm On Apr 28, 2015

$20B=N5T (interest added)

5TRILLION =N5,000,000,000,000

Burj al Arab= $1.6B (raise your hand up if you've spent your money to go see the tower).

The 'Three Gorges' hydroelectric dam in China churning out 22,500MW (roughly 6 times NEPA's total country-wide generation)=$22-$28B.

*It is 'estimated' that, at 14,000MW, every part of Nigeria should have roughly 12hours steady power supply or more.

*At the moment, on paper, we generate 5,500W . . . 'cause most times, it is barely half that.

Thousands of jobs/businesses would have been created.

6 Likes

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by 989900: 5:30pm On Apr 28, 2015

1miccza:
This probe should not just stop at NNPC but it should stop at NPDC and the CBN anybody indicted should be brought to book.

NPDC according to NNPC, is with $6b of the said loot, though NPDC says, "no it is with NNPC".

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Sibrah: 5:30pm On Apr 28, 2015

SLIDEwaxie:
because it worries me that some minorities who feed from the crumbs of the PDP will want to force their vapid and insipid achievements that were in fact primitive (like the locomotive trains), and ideas that are useless (like the national confab). All carefully wrapped and packaged by sycophants (like barcanister), hoping that we all wake up one day as senseless (as mogidi), and accept all their lies so lies like saTANoids.

But come to think of it, is it not foolish for us as youths who have seen the 16yrs of futile rule of this party, and still not want a change.

Now, we are not sure the change will work, but the only people who failed are those who never tried. So, make we try this one...they have four yrs to prove their competence.

Same govt that was telling us taxing of champagne and private jets is the way to go in the face of failing oil prices only for them to be planning to increase VAT from 5 to 10% in June (few days after May 29).

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Fourwinds: 5:31pm On Apr 28, 2015

jossyj:
the aboki jihadist should start his probe from obasanjo's rejim as a military head of state till date including himself.

we are starting with dis. no distraction please

1 Like

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by GoldHorse(m): 5:32pm On Apr 28, 2015

These people need to be sh*t!!!

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by 1miccza: 5:33pm On Apr 28, 2015

989900:
NPDC according to NNPC, is with $6b of the said loot, though NPDC says, "no it is with NNPC".

Why are they arguing and who cares about their arguement that's what happens when thieves in Nigeria are caught in the act mtttcchheeww!!!

1 Like

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by 1miccza: 5:34pm On Apr 28, 2015

Fourwinds:
we are starting with dis. no distraction please

He's not wrong after dealing with this he should touch other regimes too...

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Herrmes: 5:37pm On Apr 28, 2015

This is Nigeria, they always find someone to lash out on, I'm coolly watching the next 8 years just like I did the past 6 years because all these stuffs don't concern me, its not my problem.

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Fourwinds: 5:37pm On Apr 28, 2015

God will punish some people up to deir coming generation dat will use our stolen money for deir selfish satisfaction

1 Like

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Fourwinds: 5:38pm On Apr 28, 2015

1miccza:
He's not wrong after dealing with this he should touch other regimes too...

no problem

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by rabimlomo: 5:40pm On Apr 28, 2015

sauceny:
I don't support the fact that anti-corruption would kick off from Goodluck Jonathan's administration.... If buhari isn't ready to trace it back from 1978,then he should forget it & start the fight against corruption from 2015 period.

It should start with him. It was gej's problem not probing the previous govt b4 him, etc.

2 Likes

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by HeavenShield(m): 5:40pm On Apr 28, 2015

Any Person(whosoever) found guilty in this BLOOD MONEY sharing should be sent to Indonesia for punishment..BUNCH of CURSED fellows managing our collective wealth..Am ashamed..Any Person(whosoever) found guilty in this BLOOD MONEY sharing should be sent to Indonesia for punishment..BUNCH of CURSED fellows managing our collective wealth..Am ashamed..Any Person(whosoever) found guilty in this BLOOD MONEY sharing should be sent to Indonesia for punishment..BUNCH of CURSED fellows managing our collective wealth..Am ashamed..

3 Likes 1 Share

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Fourwinds: 5:42pm On Apr 28, 2015

diezani:
the audit report is flawed

where is dis one coming from. huh

4 Likes

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by millionaireman: 5:43pm On Apr 28, 2015

{Both CBN and NPDC did not grant the audit firm access to nor give the requested information to the firm.}

So how did PWH arrive at the figures from its audit when NNPC and CBN could not co-operate with it?

No,, ICANTGERRIT

1 Like

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by chronique(m): 5:47pm On Apr 28, 2015

This is totally unacceptable. Those who partook in this fraud must be made to face the music.

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Fourwinds: 5:50pm On Apr 28, 2015

Oildichotomy:
Thank God you know he is Baba OneChance

That's fair enough

look at dis one. it is a pity dat some of u claim to be good christians and muslims yet will see nothing wrong with dis firthy corrupt government.. it is really a pity because Angels will look and shake deir heads in disgust

1 Like

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Fourwinds: 5:52pm On Apr 28, 2015

millionaireman:
{Both CBN and NPDC did not grant the audit firm access to nor give the requested information to the firm.}

So how did PWH arrive at the figures from its audit when NNPC and CBN could not co-operate with it?

No,, ICANTGERRIT

read d post again u will discover d last two or three parts were in conclusive

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by rabimlomo: 5:53pm On Apr 28, 2015

KanwuliaJara:
Thanoids are not PARANOIDSSSS.
Probe OBJ FIRST!
Or you can't touch GEJ!

OBJ AND PTF SCAM NKO?

Gbam!!!

Bussssshari!!!
Over to you!
You go die for probe!

These Arewa-Oduduwa tribalistic goons tink say dem get sense!

Mtcheeeeeeeeeeeew!!!!

Why didn't gej probe OBJ huh

? Why are you talking like you are really paid to do this job huh

I am really confused. I mean, you can just keep quiet and not write anything if you are lost for words.

You claim some people are corrupt, yet your hero, gej and his cabinet members couldn't probe a single person. I think that shows they are also complicit in those corrupt practises.

1 Like

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by kaboninc(m): 5:53pm On Apr 28, 2015

KanwuliaJara:
Thanoids are not PARANOIDSSSS.
Probe OBJ FIRST!
Or you can't touch GEJ!

OBJ AND PTF SCAM NKO?

Gbam!!!

Bussssshari!!!
Over to you!
You go die for probe!

These Arewa-Oduduwa tribalistic goons tink say dem get sense!

Mtcheeeeeeeeeeeew!!!!

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by Azo(m): 5:54pm On Apr 28, 2015

modath:
The most cringe inducing part of the so called report is the PWC disclaimer ; "no supporting documents" that runs through the whole thing.

Even olivia pope can't fix this.

nothing to say to u than u too gbaski. Olivia go faint evn comand no go fit analyse.

Re: What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION) by bren123: 5:58pm On Apr 28, 2015

Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013)
Confidential information for the sole benefit and use of the Auditor-General for the Federation.
PwC 12
2.1. Summary Findings
Based on the work conducted by our team from the commencement of this mandate up until 29
January 2015, our conclusions are as follows;
 Total gross revenues generated fromFGN crude oil liftings was $69.34bn and NOT
$67 billion as earlier stated by the Reconciliation Committee for the period from January
2012 to July 2013.
 Total cash remitted into the Federation accounts in relation to crude oil liftings was
$50.81bn and NOT $47bn as earlier stated by the Reconciliation Committee for the period
from January 2012 to July 2013.
 NNPC has provided information on the difference leading to a potential excess remittance of
$0.74 billion (without considering expected remittances from NPDC). Other indirect costs of
$2.81billion which were not part of the submission to the Senate Committee hearing have
been defrayed to arrive at this position.
 The resulting potential excess remittance indicates that the Corporation operates an
unsustainable model. Forty six percent (46%) of proceeds of domestic crude oil revenues for
the review period was spent on operations and subsidies. The Corporation is unable to sustain
monthly remittances to the Federation Account Allocation Committee (FAAC), and also meet
its operational costs entirely from the proceeds of domestic crude oil revenues, and have had
to incur third party liabilities to bridge the funding gap. Furthermore, the review period
recorded international crude oil prices averaging $122.5 per barrel (Average Platts prices for
2012). As at the time of concluding this report, international crude oil prices average about
$46.07 per barrel2, which is about sixty two percent (62%) reduction when compared to the
crude oil prices for the review period. If the NNPC overhead costs and subsidies are
maintained (assuming crude oil production volumes are maintained), the corporation may
have to exhaust all the proceeds of domestic crude oil sales, and may still require third party
liabilities to meet costs of operations and subsidies, and may not be able to make any
remittances to FAAC.
 We therefore recommend that the NNPCmodel of operationmust be urgently
reviewed and restructured, as the current model which has been in operation
since the creation of the Corporation cannot be sustained.
 The report reflects the fact that $3.38 billion was spent on DPK subsidy for the review period.
We also confirmed using third party vessel tracking platforms that all vessels carrying NNPC
cargoes arrived in Nigeria within the periods disclosed by PPPRA.
 A major consideration centers on the ownership of oil and gas assets controlled by NPDC.
Subject to additional information being provided, we estimate that the NNPC and NPDC
should refund to the Federation Account a minimum of $1.48billion as summarised in the
next page.
 A determination is required as to whether all or a portion of 'other costs not directly
attributable to crude oil operations can be defrayed by NNPC.

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