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Nairaland Forum / Nairaland / General / Politics / NNPC AUDIT by PwC: Report Ready Later This Month (3104 Views)
HRH Sanusi Speaks Again On The Missing $20b And The PWC Report. / NNPC Audit Report Exposes Double Subsidy Payments / PWC Report Latest:CBN And NPDC Refused To Open Their Financial Statement To PWC (2) (3) (4)
NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 7:12am On Jan 04, 2015 |
![]() The full report of the forensic audit of the Nigerian National Petroleum Corporation (NNPC) initiated in the wake of the allegation of missing funds belonging to the Federation Account in the NNPC custody may be ready later this month. Sunday Vanguard learnt, at the weekend, that the interim report of the audit was already with the Auditor-General of the Federation. The APC presidential candidate, General Muhammadu Buhari, had, in his acceptance to run in the February 14 election, accused the NNPC of corruption, saying it kept two sets of accounts. Edo State Governor Adams Oshiomhole also alleged that $30 billion was missing from the Excess Crude Account. The allegations came on the heels of the claim by a former Governor of the Central Bank of Nigeria (CBN) Mallam Lamido Sanusi Lamido, that $20 billion was missing from the Federation Account. NNPC Management raised strong objection to the allegation by Buhari describing it as “political mischief”. The corporation stated that coming from a former Minister of Petroleum, under whose watch a similar allegation of $2.8 billion fraud was made in 1978, the APC presidential candidate’s statement amounted to political mischief as he was expected to have known better than to peddle beer palour gossip as facts. The Minister of Petroleum Resources, Mrs.Diezani Alison-Madueke, had, in early 2013, engaged PriceWaterHouseCoopers (PWC) for the forensic audit of the NNPC, well ahead of the Okonjo-Iweala inspired audit report on the national oil corporation. The report of that initial forensic assignment informed a lot of the management changes in the corporation. http://www.vanguardngr.com/2015/01/report-nnpc-audit-ready-later-month/ Poster's comment- I raised the issue of this report earlier in this thread and it was an eye opener: https://www.nairaland.com/2067016/photos-10-billion-us-dollars |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Eghosa1(m): 7:55am On Jan 04, 2015 |
This report was earlier announced for readiness by December last year. Hopefully we get to see it this month. PwC is a major finance audit company no doubt. Hoping their findings unearth loopholes and bring to bare / rest the sanusi allegation amongst others. Lots of Nigerian eligible voters await this report as it could make or mar their voting pattern. 1 Like |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 7:57am On Jan 04, 2015 |
On a lighter note, ![]() ![]() ![]() Notice how Vanguard didn't state their source this time. After the Buhari, Army and Certificates Brouhaha Maga don learn |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 2:40pm On Jan 04, 2015 |
It's a lie,they won't release the report until after the election. This "source" vanguard keeps using is likely Doyin Okupe or Reno Omokri feeding them these lies there is no way The goverment will not escape an indictment, Sanusi said $20 billion was missing,Ngozi Iweala said only $10.2 billion was unaccounted for out of the $20 billion because $9.8 was spent on Kerosene subsidy but that claim is suspect the Senate never appropriated that amount in the budget,so it's an extra budgetary expenditure which is criminal because it was'nt captured in the budget. Ngozi Iweala went to Harvard she knows you can't just spend money how you like that is not budgeted for,this was a way of making up for half of the missing money,now they will find a way as far as i'm concerned to cook the books for the remaining $10.2 billion 2 Likes |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 3:11pm On Jan 04, 2015 |
seges: The fallout of any 'cookery' will consume more than they can ever expect. Fingers crossed. |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Ngwakwe: 4:30pm On Jan 04, 2015 |
seges: Forensic audit will soon be published and we are yet to see the details, yet you still hold onto assumptions and prejudice. When will you be ready to accept a fact whether it favours you or run contrary to your opinions? The Senate said President Yara'dua violated the constitution by making a secret non-gazetted policy on Kerosene subsidy hence it remains null and void. Secondly, subsidy claims can be forwarded in retrospect as supplementary budget after it has been expended. Whatever becomes the outcome of the audit will remain the fact in public domain as other correspondences are unknowable, and this have more to do with the secretive nature and activities of NNPC enabled by constitution and statutes establishing the agency. In short terms, the Northern Oligarchy and military establishment never envisaged a Southerner without Military background ruling this country in a foreseeable future. 5 Likes 2 Shares |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 4:33pm On Jan 04, 2015 |
Ngwakwe: Ngwakwe my guy.. Happy Sunday...how far that matter? When this report finally comes out we go drink (softie) on top d gist o ![]() |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by SweetJoystick(m): 4:38pm On Jan 04, 2015 |
Patiently waiting |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 4:40pm On Jan 04, 2015 |
Ngwakwe:Ngozi Iweala said it with her own mouth the money on Kerosene subsidy was'nt captured in the budget,in Harvard did they teach her to spend money not budgeted for with reckless abandon?Stop trying to cover up,we all know NNPC is the most corrupt organization in the planet. Regardless of the outcome of the report we still know Goodluck Jonathan will never prosecute anyone for corruption as long as he remains in power even if he becomes life President http://www.ft.com/cms/s/0/6c4aea72-93cd-11e3-a0e1-00144feab7de.html#axzz3NrqpKzUW http://www.bbc.com/news/world-africa-26535530 |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Ngwakwe: 4:48pm On Jan 04, 2015 |
LRNZH: NNPC has much money to spare based on how the establishment is being managed. The worst that can happen is for NNPC to pay up whatever balance that remained unremitted while the NASS takes on the expended Kerosene subsidy in a retrospective supplementary budget as it has already indicated interest. 1 Like |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 4:53pm On Jan 04, 2015 |
Ngwakwe: If there is any irregularity based on this report, big heads will roll because a head has rolled already...SLS. There are powerful people waiting in the wings to serve their own justice. That report better exonerate GEJ and NNPC. If not e go bloody!! |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 4:54pm On Jan 04, 2015 |
Ngwakwe:Read this interview by Sanusi on the so called Kerosene subsidy it 's a massive scam,some people have made billions of dollars of this. If NNPC pay whatever balance,how does that change the fact the whole Kerosene subsidy was a racket that made a few individual rich. Read the interview Sanusi granted the Financial Time,many people should be going to jail over this,NNPC paying or remmitting does'nt change the fact the Kerosene subsidy was a massive fraud just like the so called oil subsidy that jumped from N250 billion under Yaradua to over N2 thrillion under Goodluck Jonathan in just over a year. http://www.ft.com/cms/s/0/6c4aea72-93cd-11e3-a0e1-00144feab7de.html#axzz3NrqpKzU |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 4:54pm On Jan 04, 2015 |
Patiently waiting for this... |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 4:55pm On Jan 04, 2015 |
seges: Gbam Who were in control of NNPC for more than 40years.? Definitely not SS and SE ![]() 1 Like |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 4:58pm On Jan 04, 2015 |
seges: Subsidy must go Any part of Nigeria that protest are beneficiaries of the scam Say no to subsidy 1 Like |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 5:06pm On Jan 04, 2015 |
WhiteTechnology:There going no where unfortunately that is why they kicked out Sanusi for exposing them. Has anyone been convicted for the oil subsidy scam so far? Look at Femi Otedola Forte Oil for example that collected the equivalent of $245 million dollars for subsidy but did'nt deliver a single cargo to Nigeria as revealed in the Subsidy report. The Kerosene scam Sanusi tried to explain works the same as the oil subsidy fraud. NNPC,DPR,PPRA are all compromised and have some of the most corrupt individuals to walk this planet that forge and sign Bill of Lading of oil cargoes that are never delivered to the country and share the money between the Oil Marketers. I have friends in the Oil industry I know how it works. 1 Like |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 5:08pm On Jan 04, 2015 |
seges: Any region thay supports subsidy is full of thieves and lazy people SUBSIDY MUST GO we will buy according to international market |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Sunofgod(m): 5:12pm On Jan 04, 2015 |
As if 'PWC' is not another corrupt organization . . . . .their people also take bribes to provide false reports. See (google) what they did to 'Tesco'.....with wayo reporting. |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Ngwakwe: 5:12pm On Jan 04, 2015 |
seges: Finance Ministry is not responsible for direct subsidy expenditures on petroleum products rather what they do before now is to reconcile whatever expenditures (figures) made by NNPC and DPPR. I have followed the Senate probe on the said illegality on Kerosene subsidy and the explanations the legal department of NNPC gave. According to them the cooperation is empowered to make expenses from the overhead (money made from sales of crude) based on subsisting policy on Kerosene subsidy having not received a gazette on the contrary meaning they don't depend on whatever estimate on subsidy captured on the budget rather that it is customary to forward a supplementary budget in retrospect to balance whatever discrepancies between the estimate and the actual. The Finance Minister is even surprise on such policy hence she wants a constitutional and statutory correction. Don't forget OBJ was the petroleum minister for eight years of his administration The only hope we have to correct the abnormally is the passage of PIB which the NASS is sitting on for the pass four years. 2 Likes 1 Share |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Ngwakwe: 5:30pm On Jan 04, 2015 |
LRNZH: The organisational structures of NNPC were reshuffled last year. The heads that ought to roll have already been dismissed and certain necessary changes made based on the previous PwC Audit report ordered by Madueke that was received last year. If you cared to note, the Mallam Sanusi suspicion that prompted the letter had nothing to do with the President or the Finance Minister per say rather the already known rot in NNPC (the most secretive and corrupt agency of government ever known to man backed by the constitution and statutes) 2 Likes 1 Share |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 5:33pm On Jan 04, 2015 |
WhiteTechnology: Quick to scream remove subsidy! How about we request for accountability first. Otherwise we are increasing the percentage of takings for the vested interests siphoning our funds. If subsidy were such a big problem, why are refineries not in the priorities of the PDP Gov't? Why is unprecedented bunkering being perpetrated by militants with GEJ's approval? Why should Nigerians pay a premium for imported fuel when they can get cheaper locally refined fuel? Sunofgod: Remember how KBR, Halliburton and Dick Cheney got their hands burnt by bribing their way into the Nigeria NLNG projects. PwC better not tow that line especially since it is likely that APC members will increase in number in the bicameral legislature. It even gets worse for PwC if eventually GMB gets the Presidency. |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 5:33pm On Jan 04, 2015 |
Ngwakwe:I'm not blaming Finance Ministry or Ngozi Iweala,I'm blaming NNPC,DPR,PPRA ,Ministry of Petroleum and the Oil Marketers(Otedola,Dangote,Rabiu etc. There all in this massive scam and racket toegether they forge Bill of Lading saying they deliver cargoes that never reach the country and share the money among themselves. Yardua put a stop to the Kerosene subsidy, the excuse NNPC never recieved the gazette is pathetic and an attempt to coverup the massive corruption and heads should roll. Is'nt NNPC accoutable,how can they claim they never received received instruction from the President of the country to stop subsidy on Kerosene? |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 5:38pm On Jan 04, 2015 |
LRNZH: Subsidy system is prone to corruption That's why it should be closed down Besides our national wealth is declining So the days of OWAMBE and RAKA DEDE is gone. |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Ngwakwe: 5:39pm On Jan 04, 2015 |
LRNZH: Seun said you should try the next day anytime it happens. I suspect you may have used up your quota for the day |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 5:44pm On Jan 04, 2015 |
Ngwakwe:[b] You admitting that the reshuffling was a punishment for the heads that ought to roll in NNPC means you agree that there was some wrong doing ie money is missing. They have been declared guilty and punished even before this audit was carried out. So, if the allegedly 'dismissed' folks are found culpable of missing funds by this report, they need to be indicted and jailed for misappropriated funds. Dismissal is not enough. Level of punishment handed to these heads is not commensurate because we don't know the level of their culpability. I bet you there are still heads in the present govt that ought to roll in that scenario of missing funds. The fact that SLS was also dismissed before the defacto evidence - this report came out is why GEJ's head will roll if Sanusi is close to being right. In summary, my point is NOI and Diezani claim there was no wrong doing, however heads have been reshuffled in NNPC as a punishment. For what? That is admitting some wrong doing. The amount of punishment is arbitrary since the heft of their crimes is yet to be determined by the PwC report. Punishing SLS before the fact is grounds to impeach GEJ if SLS is eventually right (even if 50% right). [/b] Edit: Based on the post below, no one was even dismissed. Departments were just changed for supposedly culpable people. That make the punishment nonexistent. So heads must roll of the PwC report proves NNPC etc culpability. |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 5:49pm On Jan 04, 2015 |
Ngwakwe:That is a lie nobody was sacked I have a friend that works in NNPC,they were only moved to different departments,the same people responsible for the scam are still around. The reshuffle was made to look like NNPC,wanted to make a change the Management is still the same under the oil subsidy and kerosene subsidy scam. The only diffrence is that the perpratrators are in charge of different departments,corruption is legal under this goverment,there is no punishment. |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Ngwakwe: 5:54pm On Jan 04, 2015 |
seges: Let's assume the NNPC received the gazette. It is yet illegal if it is not announced to the public (through broadcast) according to the amended NNPC Acts of 2007 hence NNPC was correct. On the issue of NNPC being accountable, you got to read through the constitution, the statutes establishing NNPC and the Acts of NASS to know that our dear NNPC is a government in itself and hardly breaks any law. As I said before the Northern Oligarchy and the Military establishment made it on purpose as an avenue to be milking the country without envisaging a time when a non military Southerner will be in power. Have you asked yourself why President Obasanjo refused to appoint a Petroleum Minister? 1 Like 1 Share |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Nobody: 6:02pm On Jan 04, 2015 |
Ngwakwe: So your justifying the massive corruption based on a technicality that it was'nt announced to the public in a broadcast.I'm beginning to suspect that you are one of accomplices of those raping the country or a beneficiary of the corruption in the system. I do agree with you NNPC was made by the Military establishment to milk the country dry now the civilians(Obasanjo,Yaradua and Goodluck Jonathan) have taking their turn to use NNPC to pillage the country. Obasanjo was the one that created NNPC in 1977 when he was President,he did'nt appoint a Minister of Petroleum because he used it as a slush fund to win political patronage and support while in power. |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by Ngwakwe: 6:09pm On Jan 04, 2015 |
seges: You forgot that the former GED of the NNPC in charge of exploration, Abiye, was sacked after he fought spiritedly to reconcile accounts on alleged missing oil funds with ex-CBN Governor Sanusi Lamido Sanusi. 1 Like |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by abdulwastecx(m): 6:11pm On Jan 04, 2015 |
seges: $9.8 billion spent on kerosene subsidy!!! what kind of stupid and insensitivity gov't does that? when such money can build a standard guage rail line linking lagos- abeokuta-akure-ekiti-ilorin-minna-Abuja-kaduna- kano and also links Abuja to cities in the east including busy onitsha, aba, asaba, innewi, port harcout etc. Do you know how much can be done with all these stolen money by stupid clueless jona? Nigerians need answers we need result we need positive transformations we need change we need APC sai BUHARI 3 Likes |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 6:16pm On Jan 04, 2015 |
Ngwakwe: I'm familiar to a considerable level with Abiye's sack story. He was sacked for being utterly stubborn with the IOCs not for the reasons mentioned above. Abiye verbally insulted the Country Managers/Directors of those IOCs in meetings between NNPC and IOCs. He refused their cash call without any consideration for workarounds Infact, he stopped some company's from drilling between 2014 and 2015. He was a risk to Gov't's revenue from the oil sector and was destroying the goodwill between the IOCs and the FG hence his sack. He barely lasted for a year If I recollect well. |
Re: NNPC AUDIT by PwC: Report Ready Later This Month by LRNZH(m): 6:18pm On Jan 04, 2015 |
...... LRNZH: |
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