How much is missing from the Nigerian National Petroleum Corporation’s (NNPC’s) books – $20billion? $1.48billion? $4.29billion?
The question remained unresolved yesterday – despite the release of the auditors’ report. But one fact is clear: the system is rotten.
The completed PriceWaterhouseCoopers audit of the NNPC has now been released after months of suppression.
Continue after the cut to read the full report....
Former Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi threw down the gauntlet in 2013 when he alleged that $20billion oil money was unremitted to the treasury.
A committee set up by Finance Minister Ngozi Okonjo-Iweala said about $10billion was the figure.
When auditing giant PriceWaterHouseCooper was brought in, it said, according to the government, that only $1.48 billion should have been remitted to the treasury.
The report, which the Presidency released yesterday – apparently to clear itself of shielding corrupt officials – said the oil giant should have refunded $4.29billion.
Besides, the report opened a can of worms, returning a damning verdict on NNPC’s operations.
The Nigeria Petroleum Development Corporation (NPDC), according to the auditors, was hostile. It made its job difficult.
Petroleum Minister Mrs Diezani Alison-Madueke said last week that $1.48billion was unremitted, adding that the NPDC was already returning cash.
The NNPC, said the report, was making deductions in its revenue before remitting funds to the treasury.
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