Forensic Audit Report Indicts NNPC, Subsidiary, Directs Refund Of $1.48Billion

Former Nigeria's Petroleum Minister

By Nuel Suji, Abuja.

The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Nigerian Petroleum Development Company (NPDC) have been directed to refund the sum of $1.48billion to the federation account.

Nigeria's Petroleum Minister
Nigeria’s Petroleum Minister

The amount represents unreconciled figures from the crude oil sale by the Corporation.

The directive was contained in the recommendations of the forensic audit report carried out by the PriceWaterHouseCopper which was received Tuesday by President Goodluck Jonathan.

The Auditor General of the Federation, Mr. Samuel Ukura, who released the recommendations of the forensic audit report at a Press Briefing in Abuja, Thursday, said total unreconciled amount was $1.48 billion.

Former Governor of the Central Bank of Nigeria, (CBN) Mr. Lamido Sanusi Lamido, had alleged last year that the sum of $49 billion was missing from the NNPC, but later recount saying the figure was $20 billion.

Sanusi allegation generated a lot of controversies necessitating a probe by the Senate.

President Goodluck Jonathan later directed a forensic audit of the financial dealings of the NNPC, contracting the audit firm, PriceWaterHouseCopper for the job.

The release of the recommendation is in line with Jonathan’s promise on Monday while receiving the audit report from the PwC country’s representative, that the content would be made public.