TheGoodJoe:


PWC Report on Audit of the NNPC

I have gone through the report and wish to comment as follows;

With respect to the audit approach and procedures used by the audit firm, they carried out their work in line with international acceptable standards of auditing. Hence, the work done was of high quality and in line with best practice despite the auditee-imposed obstacles.

Overview of their findings;

beyond what was reported in the media which I will say it's just a minute fraction of the startling revelations contained in the report, I have dug out other salient and critical weaknesses or gaps from the report which I will share with you.

In order not to bore you friends, I will be very brief and straight to point.

The auditors were starved of information during the course of the investigation. Definitely, a deliberate attempt by the auditee to frustrate the exercise. This was mentioned in all their limitations page.

NPDC the exploration and production arm of the NNPC did not submit its financial accounts for audit-page 13

NNPC enabling act gives it power to spend money without limit or control-page 16

NNPC sells DPK to bulk marketers in Nigeria at N40.90/liter as against ex-depot and regulated price of N34.51k/liter- page 18

NNPC sold its 55% interests in 8 OMLs to NPDC at an under valued amount of $1.85b. Out of this only $100m was paid by the buyer. By the auditors valuation using market basis, the actual value of the blocks should be $3.4b-page 22

NNPC does not have records of crude oil sales leading to variances in the records page 51

$13.673b being revenue from sale of domestic crude oil not remitted by the NNPC to federation accounts-page 57

Two different prices used by the NNPC to value crude oil lifted or sold. The price used to value the one going to government is lower than price paid by off-takers page 58

DPK subsidy claim over stated by $40m by the PPRA- page 71

PMS subsidy over stated by $36.05m by the PPRA- page 72

DPK subsidy over charged by $203.54m by the NNPC- page 73

Friends, these are just few of other salient findings in the report. I just hope the president-elect will call for a thorough probe to unravel other "mysteries" cleverly hidden by this rotten NNPC group and bring the perpetrators to book.

https://www.nairaland.com/2291990/summary-pwc-audit-report-nnpc#33382071

Barryseal:


The original poster of this article was trying to be clever by half. He started out saying the auditing firm was starved information, making it appear as though the nnpc was the sole accomplice. If one didn't read the full audit, he wouldn't know both Nnpc and CBN, governed by Sanusi closed their books to Pwc.
This alone exposes the OP as partizan and probably working for someone somewhere to discredit the govt.

It is best you read the full audit and find your own truth.

#Barryseal

TheGoodJoe:


Stop trying to be trickish and get the simple point.

NNPC gave excuses of what they did with the money after the debacle. Claiming they spent it on frivolous things like the kerosene subsidy.

It was after that that Pwc said they should still return about a whooping $1.5 Billion.

The question is, did they have the right to make those expenses they were claiming they did without appropriation? No they did not.

Simple. Stop trying to defend corruption.

Barryseal:

Now you have come down to $1.5B. The figures are no loner up to $47~20b claimed by Sanusi.
Sanusi's tactics was simply throwing shiit on the wall and look out for what sticks.
No oil company in the world will come out clean when audited. Not BP, shell or Total. They all run shady deals which are smartly kept off records.
The question is the nunbers being brandished and the political millage gained by the then opposition.

#Barryseal

TheGoodJoe:


Members of the NNPC were indicted by the PwC report that they spent about $20 billion dollars without appropriation. Simple.

Whether you like it or not,

Finito.

TheGoodJoe:


What are you typing?

The extent people go to defend corruption baffles me.

The point is simple. NNPC spent billions of dollars without appropriation. Simple.

Emir Sanusi's memo exposed it.

Open, close book and a countless memes does not change the fact.

Barryseal:


For the record and educational purposes, subsidy on kerosene was still in force at the time as the presidential directive of October 19, 2009. So the question of spending billions without appropriation doesn't have legs.
No wonder Sanusi kept giving different figures every day.

#Barryseal

ykalhaji:


If he is introduced 10 minutes before end of game, he might be able to use his gra gra and energy well and press forward, but even with that he still might not score. I like ighalo but, I just don't think he is deserves the unshakable trust Rohr has shown in the guy. That guy can not score a goal if the life of his children depended on it .

Barryseal:


I think you're stretching this talk about routine maintance and lawn mowers too much to defend poor display by the senior national team.
This was from a training session before the Seychelles match.

https://www.instagram.com/p/BvR1k7VnGp8/?utm_source=ig_share_sheet&igshid=ph49eqajmro

That pitch looks no different than the one I saw today. Let's not be afraid to hold our team accountable for poor display.
Such disposition breeds mediocrity.

#Barryseal

komekn:


My goodness it's you, l missed you sorry l am being sentimental and emotive Lol

tbaba1234:
The highlights


https://www.youtube.com/watch?v=YrhBWReTB7c

Marjoribanks:
Do you know that his account is unverified. Sterling jokingly mocked him about it.
However, tbaba has clarified my doubt by posting his real Account. It's not his Twitter account.

tbaba1234:
Okereke to join super eagles for Egypt friendly.

Earthquake2:


We need a destroyer in that midfield and we don't have any based abroad

Nobody in the local league have been outstanding either

tbaba1234:
Okereke to join super eagles for Egypt friendly.

Joebie:
Komekn ibabo! How Okereke com dey ahead of maja?

Valuer303:
Plz what's the minimum withdrawal on 1xbet? Cos they wrote #20450 in the withdrawal column?

Valuer303:

I want to register on it but I'm scared of the minimum withdrawal amount. plz who can enlighten me on this?

Icon4s:


That is how players get their break throughs. The boy came in very late in the game and grabbed his opportunity.

Once again well done to the Dream Team 7

BascoVanVeli:


I could have scored that goal. Dennis did all the work and Victor provided the magic touch.

tbaba1234:


His anticipation to run to the near post was commendable.

BascoVanVeli:



Yes you have to be there at the end of the day.


How did you rate Ebube Duru and Etboy Akpan?

tbaba1234:



I did not watch the match since there was no stream.

BascoVanVeli:



I could have scored that goal. Dennis did all the work and Victor provided the magic touch.

tbaba1234:


His anticipation to run to the near post was commendable.