PriceWaterHouseCoopers report confirms that NNPC misspend $18.5bn without permission
Category: Nigerian National News
Former CBN governor Mallam Sanusi Lamido
said that between January 2012 and July, 2013, the funds were missing,
prompting the government to ask for the NNPC's accounts to be audited.
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RELEASED reports on the recent forensic audit of the Nigerian National
Petroleum Corporation (NNPC) have confirmed allegations made by the
then governor of the Central Bank of Nigeria (CBN) that $20bn was
misspent.
Former CBN governor Mallam Sanusi Lamido
said that between January 2012 and July, 2013, the funds were missing,
prompting the government to ask for the NNPC's accounts to be audited.
PriceWaterHouseCoopers, who carried out the audit, confirmed that the
NNPC illegally expended $18.53bn on operational costs, kerosene and
petrol subsidies, without authorization from the National Assembly.
Yesterday, the government finally released the report, showing that
monies which ought to have remitted to the national treasury, was also
withheld by an NNPC subsidiary, without National Assembly authorisation.
Although the audit found that the firm overpaid the state by almost
$750m, within the 19 months probed, it recommended a refund of $1.5bn to
government coffers.
Outgoing President Goodluck Jonathan
released the audit days after president-elect Muhammadu Buhari, pledged
to probe the allegation all over again and crack down on corruption in
the energy company once in office. Last year, Mallam Sanusi had told a
senate committee that the NNPC had received $67bn and but only handed
over $47bn to the treasury.
After the CBN governor made the
allegations, President Jonathan publicly dismissed the claim and
replaced Mallam Sanusi, saying the banker had mismanaged the central
bank’s budget. He has since become the Emir of Kano after a bitter
battle with the government during which the presidency tried to halt him
being selected.
In its audit, the PwC audit said the NNPC and
its upstream subsidiary, the Nigerian Petroleum Development Company,
should hand over $1.48bn arising from unsubstantiated costs, duplicated
subsidy claims and computation errors. In addition, the report also
recommended an overhaul of how the NNPC is run.
“The NNPC model
of operation must be urgently reviewed and restructured, as the current
model which has been in operation since the creation of the corporation
cannot be sustained,” PwC said in the 200-page report.
An earlier
one-page version of the report, which had been due out in September,
was released in February. General Buhari, who won last month's
presidential elections based on his promise to tackle corruption, will
have to deal with this matter immediately upon assuming office on May
29.
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