₦airaland Forum

An audit of Nigeria's state oil firm said it overpaid Goodluck Jonathan's government by $750-million, and had not properly accounted for $1.5-billion.

A forensic audit of Nigeria’s state oil firm said the company, accused of corruption, actually overpaid the state by almost $750-million, but should still pay it an additional $1.5-billion.


Outgoing Nigerian President Goodluck Jonathan released the audit days after his elected replacement, Muhammadu Buhari, pledged to issue the report 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.

Details in the PriceWaterhouseCoopers (PwC) audit said NNPC actually overpaid by $0.74-billion in the period between January 2012 to July 2013, after remitting $50.81-billion to federation accounts of the $69.34-billion it had received.

The balance of $18.53-billion was accounted for through various operational costs, unremitted revenues by a subsidiary and gasoline and kerosene subsidies, it said.

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.

‘Urgent review’

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.

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Honestly, am tired of this country. My brothers, It is on the record that I've tried my very best to save Nigerian, but it is now obvious that Nigeria is unsalvageable.
So, as am talking to youz now, I've done my bag and am on my way to Congo Brazzaville. I will see you all in the new Nigeria.

Hmmmmmmm

jascon1:
Lies

What is the Lies there??

This report is from Reuters and is closer to the true summary of the PWC Audit report, more than those presented by APC clowns here on NL and in the wider media

Keep track of your employee time & attendance with Biometric time Device

jascon1:
Honestly, am tired of this country. My brothers, It is on the record that I've tried my very best to save Nigerian, but it is now obvious that Nigeria is unsalvageable.
So, as am talking to youz now, I've done my bag and am on my way to Congo Brazzaville. I will see you all in the new Nigeria.

Don't give up.

Remember how great men achieve their goals.

taharqa:
What is the Lies there??

This report is from Reuters and is closer to the true summary of the PWC Audit report, more than those presented by APC clowns here on NL and in the wider media

Should I say supported.

We haff hear........... But which money is the corrupt beauty Dieazani returning to the coffer?

taharqa:
What is the Lies there??

This report is from Reuters and is closer to the true summary of the PWC Audit report, more than those presented by APC clowns here on NL and in the wider media

This is what is funny about the whole thing. Where did they get the excess to pay more? I believe some people didn't do their home work right when forging out numbers, they forge so tey they even overpaid. How much oil is the Nigerian government exporting per day? No one knows.

ifyan:
Should I say supported.

You are free...

taharqa:
You are free...

Ok sir, supported.

sexymoma:
I refuse to write a word concerning this matter

Meanwhile how come 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20Million U.S Dollars Got Missing without any trace

This country is a joke

You made a mistake, not million but billions

luvmijeje:
We haff hear........... But which money is the corrupt beauty Dieazani returning to the coffer?

Na so we hearam

ifyan:
You made a mistake, not million but billions

Are you serious

sexymoma:
Are you serious

Yes ma.