Forensic Audit Report Indicts NNPC, NPDC

The Nigerian National Petroleum Corporation and the Nigerian Petroleum
Development Company were on Thursday indicted by the investigative
forensic audit done by PriceWaterHouse Coopers into the allegations of
unremitted funds to the Federation Accounts.

The highlights of the report was released by the Auditor General for
the Federation, Mr. Samuel Ukura, in Abuja.

In the report, the accounting firm asked both organisations to refund
to the federation account "a minimum of $1.48bn."

PriceWaterHouse, was last year hired to carry out the exercise
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 is now the Emir of Kano, had written a letter to President
Goodluck Jonathan 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
later changed to $20bn.
--PUNCH