NNPC, NPDC Indicted By Forensic Audit Report, Asked To Return $1.48bn

GEJ-NNPC AUDIT REPORTThe forensic audit conducted by PriceWaterHouse Coopers into the allegations of unremitted funds to the Federation Account has indicted the Nigerian National Petroleum Corporation and the Nigerian Petroleum Development Company.

The highlights of the report, which was submitted to President Goodluck Jonathan earlier this week, was released by the Auditor General for the Federation, Mr. Samuel Ukura, in Abuja on Thursday.

In the report, the accounting firm asked both state-run firms to refund to the federation account, “a minimum of $1.48bn”.

PriceWaterHouse, was last year hired by the Nigerian government to carry out a forensic audit 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 was later unceremoniously removed from office as CBN governor, had written a memo to President Jonathan claiming 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 again changed to $20bn later.

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