₦airaland Forum

The National Economic Council’s ad-hoc committee on
the management of the Excess Crude Account
proceeds and accruals into the Federation Account on
Thursday said it had hired two firms, the KPMG and
the PriceWaterHouseCooper, to audit the accounts of
all Federal Government’s revenue-earning agencies.
Governor Adams Oshiomhole of Edo State, who
chairs the committee, disclosed this to State House
correspondents after a meeting of the committee at
the old Banquet Hall of the Presidential Villa, Abuja.
Oshiomhole was joined at the briefing by other
members of the committee such as Governor
Akinwunmi Ambode of Lagos State; Governor Nasir
El-Rufai of Kaduna State; and Governor Ibrahim
Dankwambo of Gombe State.
He named the agencies whose accounts would be
audited as the Nigerian National Petroleum
Corporation, the Central Bank of Nigeria, Securities
Exchange Commission, Nigerian Maritime
Administration and Safety Agency, Department of
Petroleum Resources, Federal Inland Revenue
Service, Nigeria Customs Service, the Nigerian
Petroleum Development Company, Revenue
Mobilisation Allocation and Fiscal Commission,
Nigeria Extractive Industry Transparency Initiative,
Federal Ministry of Finance and Office of the
Accountant-General of the Federation, among others.
He said before the decision was taken, the
committee had earlier in the day listened to
presentations from government agencies expected to
be remitting revenue into the Federation Account in
line with the Constitution and the Office of the
Accountant-General of the Federation on the
investigation currently being carried out.
He said while the committee had taken the
presentation of some of the agencies, it would still
take more on a later date.
He said, “We have decided to hire two audit firms,
KPMG and PwC, to carry out the audit of all the
agencies and government will decide what to do. We
are doing this because we are sitting governors.
“The interaction has been quite interesting. We have
heard from the agencies and they understand what
the issues are. Many of them are new by virtue of
the recent changes. We are convinced that the audit
firms will do a professional job and help the
government. The job is going on quietly.”
Oshiomhole said while the committee did not give
the audit firms a timeline to carry out the exercise,
he expressed the hope that they would do their job
as quickly as possible without compromising their
integrity.
He said the committee expected a more thorough
job because the PwC had admitted that the audit it
carried out on the NNPC, under the administration of
former President Goodluck Jonathan, was done
under a political environment that was not
favourable.
He added that the audit firm confirmed that some
organisations did not open their books to them for
the audit.
He also noted that the KPMG confirmed to the
committee that it declined to carry out the exercise
under Jonathan because of the political environment
at that time.
The governor said there was room for the audit firms
to do more this time because the current President
had demonstrated enormous political will to ensure
that the federal agencies are run on the basis of
international best practices.
Oshiomhole said the exercise was more serious now
because the government would not run if agencies
failed to remit taxes.
“This is about making Nigeria work for the benefit of
other Nigerians and we have to bear in mind that
governments are not run on the basis of collection of
crude oil, but government regardless of colour or
political affiliation is run on taxes and so. If you have
tax-generating agencies that are not remitting taxes,
government cannot run like that. So, in the long run,
Nigeria has to live on taxes,” he added.
When asked if there would be sanctions for those
who might be indicted by the audit firms, the
governor said the exercise was not for fun.
He said the government would ensure that it would
not be “business as usual” under the current
dispensation.
When asked if the development meant that the
government would jettison the PwC report of the
audit carried out on the NNPC under the last
administration, Oshiomhole said that exercise was
limited to the NNPC while the fresh audit would
involve all revenue-earning agencies.
He added that the PwC itself confirmed that the
scope of the work they did in the first audit was
limited.

www.punchng.com/news/kpmg-pwc-to-audit-nnpc-cbn-customs-others/


Lalasticlala

That one concern them

Price water House Cooper again? I thought they did a very bad job the last time they did an audit of NNPC?
Abeg make dem go yansh down joor.

Rev. Kukah and his friends the defenseless poor are awaiting you let the politicians defend themselves.

Good Move...
I can see why Customs Comptroller wants to resign when he still has 2 more years at the post

Too many things will uncover in the next few years of this audit works.

meracool:
Good Move...
I can see why Customs Comptroller wants to resign when he still has 2 more years at the post

This is a job that he will even even lobby for an extension to his service years if it were business as usual before.

The trainee president is learning on the job

This is coming after he set up a committee made up of Oshiomole, elrufai etc to probe excess crude accounts. Career politicians who couldn't even calculate the amounts in their pocket tasked with probing on the pages of the national dailies.

He would have also nominated Okorocha, Tinubu and Aregbesola to probe NNPC and CBN....... Dumb dinosaur

divinehand2003:
Price water House Cooper again? I thought they did a very bad job the last time they did an audit of NNPC?
Abeg make dem go yansh down joor.

Did you bother reading the pwc report?... even if you didn't, at least you must have followed the discussions about the report here on nairaland. Can you imagine a case where the petroleum minister who's the chief culprit/suspect is the judge in her own case by being the one who contracted pwc?...

The previous pwc audit was just a waste of time and money because the NNPC and CBN did not cooperate with pwc. PWC just produced a blank paper to justify the money they were paid but this time, I would like to see how NNpc or Cbn would close their books from pwc or kpmg.

Flets:
The trainee president is learning on the job

This is coming after he set up a committee made up of Oshiomole, elrufai etc to probe excess crude accounts. Career politicians who couldn't even calculate the amounts in their pocket tasked with probing on the pages of the national dailies.

He would have also nominated Okorocha, Tinubu and Aregbesola to probe NNPC and CBN....... Dumb dinosaur

Here goes another one of them, scared to hell that his hero's criminal incompetence and administrative recklessness is about to be exposed.

Calling people names will not stop the truth from prevailing very soon.

MichaelSokoto:
He said the committee expected a more thorough
job because the PwC had admitted that the audit it
carried out on the NNPC, under the administration of
former President Goodluck Jonathan, was done
under a political environment that was not
favourable.

He added that the audit firm confirmed that some
organisations did not open their books to them for
the audit.

He also noted that the[b] KPMG confirmed to the
committee that it declined to carry out the exercise
under Jonathan because of the political environment
at that time.[/b]

Chaiii Jonathan's government has suffered and this is very true, going from the last report of the PwC report on the missing funds as it was noted that NPDC and others did not release their books for the audit.

Nice one though, although PwC is already auditing the CBN as it is.

divinehand2003:
Price water House Cooper again? I thought they did a very bad job the last time they did an audit of NNPC?
Abeg make dem go yansh down joor.

Did you read the report? Did you get to know the facts surrounding the audit? I bet not. Stop spewing ignorance

Is this not the same PWC the previous job given to them? Why encourage mediocrity? Are there no other reputable accounting firms around? How are u sure the PWC won't want to save face by toeing the earlier already established line in the NNPC missing money probe in order to show that they were right and wasn't compromised? Ok. They said they were carried out the last audit in a political environment. Ethically, are they not supposed to stop the audit and quit instead of giving out false, inaccurate and incomplete reports?

KPMG and PwC have conducted so many audits in Nigeria which recommendations were absolutely neglected.

What was the outcome of KPMG Audit that indicted Buhari's PTF Management of Fraud, negligence and corruption?

Nigeria and audits. Till date no tangible follow-up on audit reports handed over to successive governments.

It was CBN Audit that exposed Mallam Sanusi Lamido Sanisu frauds yet he turned it into politics to escape the gravity of the punishment.

Nigeria is not serious in fighting corruption, the best they have done is to expose corruption and allow the court of public opinion to judge without enforcing commensurate punishment.

It is worthy of note and to know that Israeli government still tries offenses and crimes committed against the Jews after and before 1940s when the country was not even in existence.

Pwc again