BREAKING: Audit report indicts NNPC, corporation to refund $1.48billion

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Diezani-Alison-Madueke The forensic audit conducted by the audit firm of PriceWaterHouseCoopers on behalf of the on the operations of the Nigerian National Petroleum Corporation [NNPC] 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. More details of report to come. President Goodluck Jonathan had on Monday publicly received the report a day after a former Governor of the Central Bank of [CBN], Chukwuma Soludo, wrote a long, acerbic article accusing the managers of the Nigerian economy of misappropriating over N30trillion of public funds, including several billions in oil money. The forensic audit was commissioned following allegation by the immediate past Governor of the CBN, Lamido Sanusi, that about $20 billion oil money was missing from the NNPC. The had on March 12, 2014 announced, through a statement by the president’s spokesperson, Reuben Abati, that it had authorised the engagement of reputable international firms to carry out the forensic audit of the accounts of the NNPC. The allegation that the huge amount had been stolen was raised in 2013 by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who is now the Emir of Kano. Mr. Sanusi said as much as $49 billion was diverted by state oil company, Nigerian National Petroleum Corporation, NNPC. He later reviewed the amount to $20 billion, and called for investigations after writing to President Goodluck Jonathan. A Senate probe into the allegation yielded no result. Mr. Sanusi was later fired by President Jonathan after he was accused of “financial recklessness”. The government said no money was missing, but promised a forensic investigation of NNPC. 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 minister said the investigation, under the supervision of the Office of the Auditor-General of the Federation, would take about 16 weeks. That schedule meant at most by September 2014 ending, the report should have been ready. A two-month delay meant the report should have been ready by November. But the government only publicly received the report on Monday. Source: Premium Times


  1. Shobande Keymon Yomi

    February 5, 2015 at 2:50 pm

    See them wasting our money, waiting for more stories about the missing money. #ThereIsGodoooo

  2. Olubunmi Nasiru

    February 5, 2015 at 2:59 pm


  3. Tyra bello

    February 5, 2015 at 3:00 pm

    The way we talk about billion ds days like its gat just 3 zeros! Uhmp…

  4. Grace Aigbokhae

    February 5, 2015 at 3:37 pm

    Sometimes I just imagine what dis so call leaders are doing to our great country Nigeria but they should remember there is Godoooooo.

  5. Anonymous

    February 5, 2015 at 3:46 pm

    I hope that out LAW is NO more work AGAIN

  6. Owoeye Emmanuel Oluwasegun

    February 5, 2015 at 5:14 pm

    This Has Prove That What The Ex-Governor Of Cbn Said Is True.Then,why Are We Disturbing Ourselves When The People In Power Have Decided To Punish Us By Convertinq Such Huqe Amount Of Money?

  7. Chiamaka Emmanuella Onuoha

    February 5, 2015 at 6:03 pm

    Nawa oh this money dey Nigeria and our youth re still unemployed and we re dying of hunger and everyday our billions and trillion keep missing hmmmm

  8. Louis Offor

    February 5, 2015 at 9:56 pm

    So after they have watered down thr real facts about this report there by slashing the stolen money by a far larger percentage proportion, they come up with this half-truth report. Who are they deceiving? Just reading this portion of the article,”That schedule meant at most by September 2014 ending, the report should have been ready. A two-month delay meant the report should have been ready by November. But the government only publicly received the report on Monday”, states the obvious. We are await the conclusion on this matter soonest.

  9. kunle

    February 6, 2015 at 6:21 pm

    mass looting of our resources. calling billions, trillion like kobo where as majority of youth are there stranded. our potential graduate are denies with jobs to their various discipline. Nigerian shall we crossed folded our hands watching.damn