NNPC Scam

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.