NNPC audit report asks for refund of $1.48billion to treasury

NNPC audit report asks for refund of $1.48billion to treasury

Thursday, February 5, 2015 3:59 pm


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The forensic audit of the accounts of the Nigerian National Petroleum Corporation, conducted by PriceWaterHouseCoopers on behalf of the Federal Government has indicted the management of the national oil company for various questionable transactions.

Part of the recommendations include that the Nigerian Petroleum Development Company, NPDC, the upstream subsidy of the NNPC should refund about $1.48billion to the Federation Account for various unreconciled transactions, the online news portal, Premiumtimes said today.

This will be a blow to President Goodluck Jonathan, as his government had insisted no money was missing from the NNPC coffers, despite the weighty allegations by the former Central Bank of Nigeria governor, Sanusi Lamido Sanusi, now Emir of Kano.

Sanusi in a petition to Jonathan had said that between $20 and $49 billion oil money was missing from the NNPC. He later stood by the $20billion estimated loss.

A Senate probe into the allegation yielded no result. Mr. Sanusi was later fired by President Jonathan after he was accused of “financial recklessness”.

In April 2014, the Minister of Finance, Ngozi Okonjo-Iweala, announced the appointment of the accounting firm, PriceWaterHouseCoopers (PwC), to conduct a detailed investigation into the accounts and activities of NNPC.

The audit was expected to last four months.

But after more than four months delay, it was submitted to President Goodluck Jonathan on Monday.

The President in turn passed the audit to the country’s auditor-general to study and make a report to the government next week.

*Source: Premiumtimes


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