Forensic Audit Report Indicts NNPC, NPDC

The Nigerian National Petroleum Corporation and the Nigerian Petroleum Development Company were on Thursday indicted by the investigative forensic audit done by PriceWaterHouse Coopers into the allegations of unremitted funds to the Federation Accounts.

The highlights of the report was released by the Auditor General for the Federation, Mr. Samuel Ukura, in Abuja.

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.

PriceWaterHouse, was last year hired to carry out the exercise following an allegation by the former Governor of the Central Bank of Nigeria, Lamido Sanusi, that $20bn was not remitted to the Federation Account by the NNPC.

Sanusi, who is now the Emir of Kano, had written a letter to President Goodluck Jonathan that $49bn was not remitted to the Federation Account by the NNPC.

But following the controversy which the letter generated, a committee was set up to reconcile the account.

Sanusi later recanted and said the unremitted fund was $12bn which he later changed to $20bn.

The Presidency 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 accounting firm asked both organisations to refund to the federation account “a minimum of $1.48bn.”