olapluto:
Just to put in perspective. $9 billion on Kerosene subsidy. That equates to $60,000 per Nigerian. Or 12 million naira per Nigerian in one year.
I wonder if that slime called Barcanista will redo his maths on Buhari's ability to pay Nigerian youths monthly stipend. If oil thieves can be stealing 1 million naira from every Nigerian every month, who says we cannot have 100k monthly allowance? And this is on kerosene subsidy alone. Minus state government stealing, minus NPA& NIMASA, minus Customs, etc.
We have very very wicked leaders.

Lifebender:


Nigeria is done for.Am not sure GEJ went thru it b4 he spewed those thrash.Those money will be long gone.

ohenhen1:
We need a 5 year audit, not a one year audit.

PassingShot:


The ONLY CONDITION I can continue to support GMB is if he brings some of these crooks to justice. If he fails this litmus test, I will withdraw my support for APC. These crooks cannot just go unpunished!

SirShymexx:
Mynd44

Got to page-70. Thus far, I think PwC did a decent job, apart from the fact that they never publicly corroborated the missing $20 billion - which is obvious in the audit report. I guess that has to do with confidentiality and not disclosing the findings to third party - as posited on the first page of the report.

However, I'm shocked no one is talking about these three damning excerpts from the report:

- In January 2015 (subsequent to our initial reported conclusions), we were availed with copies of Deeds of Assignment for OML’s 26,30,40,42. We were not provided with copies of Deeds of Assignment for OML’s 4,38,41,34. We were also provided with information which indicated that the various NNPC (55%) portion of Oil leases(OMLs) involved in the Shell Divestments related to the eight ( OML’s aforestated, were transferred to NPDC for an aggregate Sum of US$1.85billion. So far, only the amount of US$100m had been remitted in relation to these assets. This means that the amount of US$1.75billion is yet to be remitted in relation to this transfer. In addition, by a comparison of the aggregate amount of US$1.85billion determined by DPR as the transfer value , and the (arm’s length) commercial value paid for by 3rd
parties for between 30% to 45% divested by Shell, we arrive at an estimated Alternative Commercial Valuation of US$3.4billion for the NNPC 55%. The point here is that while we appreciate that this is a government entity to government entity transaction, we had expected a transfer basis higher than the US$1.85billion commercial value determined by DPR.

- The total amount remitted from sale of domestic crude amounted to $14.5 billion from our analysis. This is about half of the total revenue generated from domestic crude sales and $1.5 billion lower than the amount claimed by NNPC as shown in the table below;

SOURCE Values ($)
Total Revenue 28,215,731,691
Total remitted 14,542,654,329
Difference 13,673,077,362

- The Senate Committee set up to investigate the alleged unremitted crude oil revenue for the Federation requested for submissions from elevant parties including CBN and NNPC. In addition, the Ministry of Finance set up a Reconciliation Committee (consisting of CBN, NNPC, DPR, FIRS, OAGF, the Budget Office of the Federation, Federal Ministry of Finance and Federal Ministry of Petroleum Resources) to align the differing figures that were being reported and a final reconciled remittance figure of $47 billion was agreed.


So, the senate is also complicit in the madness, no? - cray!!!

I'm done - more fun in the NBA playoffs than reading this report. The black mind is dark/black and shrouded in wickedness - gimme the loot. Just a billi should put me on the same level as Michael Jordan! Dammit!

dutchjongen:

Excerpt from the report
"confirming a Presidential directive of 15 June 2009 instructing that subsidy on DPK be stopped
(Exhibit D7). We also obtained a letter dated 16 December 2010 from the Executive Secretary PPPRA to the CBN Governor clarifying that PPPRA had ceased granting subsidy on Kerosene since the Presidential directive of 15 June 2009 (Exhibit D8).Furthermore, Kerosene subsidy was not appropriated for in the 2012 and 2013 FGN budget"page 14
NNPC claimed they spent $9.9 billion dollars on kerosene without any budgetary allocation.

jaybee3:

let's be brutally honest with ourselves. The money allegedly missing is a whole lot of money that would have almost certainly found its way into the bank accounts of some of the APC members.

Politicians regardless of their parties all share the common interest in looting Nation's wealth.

I genuinely fear for the scapegoats though

IzonOwei:
I detest the militants too...but seperation wuld further give us the chance to see within us as niger deltans...we can better focus to solve the niger delta problems...my brother the oil and gas jobs are being shared so as not to even favor the niger delta...seperation will afford us the opportunity to enjoy what is beneath us...bills like the PIB has not being signed simply because we are all still together...if at all we cant seperate then lets practice true feudalism.....chikena...I don tire abeg...

jaybee3:

let's be brutally honest with ourselves. The money allegedly missing is a whole lot of money that would have almost certainly found its way into the bank accounts of some of the APC members.

Politicians regardless of their parties all share the common interest in looting Nation's wealth.

I genuinely fear for the scapegoats though

olapluto:
Just to put in perspective. $9 billion on Kerosene subsidy. That equates to $60,000 per Nigerian. Or 12 million naira per Nigerian in one year.
I wonder if that slime called Barcanista will redo his maths on Buhari's ability to pay Nigerian youths monthly stipend. If oil thieves can be stealing 1 million naira from every Nigerian every month, who says we cannot have 100k monthly allowance? And this is on kerosene subsidy alone. Minus state government stealing, minus NPA& NIMASA, minus Customs, etc.
We have very very wicked leaders.

barcanista:
Wow, Wonderful...!!! I urge General Buhari to extend his probe from 1999 till date. I support this call for thorough probe and bring all culprit to justice.


However, the APC dudes should relax with their noise and await GMB's probe. If only they know who and who are involved...

Kx:
In the light of lack of access to required documentation to do a thorough review, what stopped PWC from issuing a qualified report?
No it would play with semantics of "minimum of" so that the pay masters would make news DAT sanusi was wrong after all.
By failing to qualify its report in view of the obvious difficulty if true and allowing its report to be used to sway public opinion,
It is my opinion that professionalism was "lowered" to suit the powers that be.

luvmijeje:


That's why I am happy when I read that Buhari warned his family by saying he'll not shield from any corruption cases. Buhari also realised corruption will fight back..... It'll be a brutal fight.

dayodare49o:
So, Sanusi is claiming that if a business generarates revenue that is worth 69 billion there won't be cost of production. Is it possible for a business to make profit without cost of production? Sanusi is madman. 69billion revenue. According to law NNPC should deduct necessu cost of the revenue had sanusi made provision for that before he said 20_billion lost.

dutchjongen:

PWC should have refused to be part of this charade,I know they wanted to chop audit fees.This report holds no water and does'nt follow global standards I expect a query of the Nigerian office from the headquarters

Wallie:
I am wholly disappointed in GEJ and his administration! The least GEJ could have done was to ensure that the result was accurate! They just wasted whatever was paid to PWC and our time spent reading the worthless report! The report is not even worth the paper it was printed on!

Mynd44:

You need to read page 76 and 77

jaybee3:

See your life ehn...
I actually thought you were intellectually sound and preferred the other side hence your reason for pitching your tent with GEJ

For your information, Sanusi was already out of the way when the forensic audit was initiated. It was Emefiele that denied them access.

Did GEJ appoint Emefiele so he can help cover tracks?

PassingShot:


So Kerosene should have been sold at N58.79 without any subsidy, yet it is sold at N120 to N140 even with subsidy!.

May God punish all the people involved in this wickedness.

Mynd44:

You need to read page 76 and 77