Following the assurances given by president-elect Muhammadu Buhari to revisit the $20bn oil money alleged to have been missing by the immediate past governor of the Central Bank and Emir of Kano, Sanusi Lamido Sanusi, President Jonathan ordered the release of the forensic audit report of the NNPC accounts by the Pricewaterhousecooper (PWC).
According to the special adviser on media and publicity to the president Reuben Abati , ‘President is also deeply concerned by the continuing suggestions that his administration still has anything to hide about the unproven allegation that about #20bn is unaccounted for by the NNPC during his tenure. To lay the matter to rest, President Jonathan in line with section 7(2) of the NNPC act, has directed that the full report of the PWC forensic audit of the NNPC accounts be released immediately to the public, so that all Nigerians will be properly informed on the matter.
In the report, the PWC had said ‘the accounting and reconciliation system of crude oil revenues used by government agencies appear to be inaccurate and weak.
The report says it ‘noted significant discrepancies in data from different sources. The lack of independent audit and reconciliation led to over reliance on data produced from NNPC. This matter is further compromised by the lack of independence within NNPC as the business has conflicting interests of being a standalone self-funding entity and also the main source of revenue to the federation account.
The report also identified for the period under review ‘possible errors in the computation of crude oil prices at the NNPC that resulted in a33.6m shortfall in income to the federation account.
The major beneficiaries were Fujairah Refinery – $805545. NNPC(KRPC/WRPC)$697,995 and NNPC/COMD-$2,107,275. As a result of which NNPC has amended the errors and have reflected the amendments in the remittance to FAAC in October 2014.
The report also found discrepancies in the price of DPK to the marketers. It says ‘NNPC sells DPK in bulk to DPK marketers in Nigeria at N0.90 per litre offshore Lagos. It also says that the ex-depot price is N34.51 and it requires NNPC to explain the difference between the N40.90 per litre which they sell to marketers and the ex-depot price of N34.51.
The report also noted that ‘ between January 12 to January 29,2015 NNPC provided transaction documents for additional $2.81BN related to the review period citing NNPC act LFN no 33 of 1977 which allows for such deductions.
“IPOB is being sponsored by those I will call the Coalition of the politically disgruntled and the treasury looters. They believe that by sponsoring this group to destabilize the country and trigger chaos, they will realize their ambition of escaping justice and then be free to dip their hands into the nation’s treasury again.”
-Lai Mohammed(Nigeria’s Information Minister on IPOB)
Restructuring: States step up push for more powers
Presidency’s N137b virement not listed as Senate, Reps return
Osinbajo to Meet National Assembly Leaders, CJN on Ease of Doing Business Action Plan
Royal Jordanian Air Force to collaborate with NAF on counterterrorism
Dubai’s self-flying taxi makes first concept flight
© CybokNews 2016 | All Rights Reserved