Okonjo-Iweala: Forensic Experts will Examine NNPC’s Accounts for Missing $20bn

The Minister of Finance, Dr. Ngozi Okonjo-Iweala revealed yesterday that the Federal Government will hire forensic experts to examine the accounts of the Nigerian National Petroleum Corporation (NNPC) in order to confirm whether or not it failed to remit oil revenues to the Federation Account, as alleged by the Governor of the Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi.

 

The minister disclosed this at a press briefing in Abuja after appearing before the Senate Committee on Finance which is investigating the alleged unremitted fund.

 

At last week’s Senate public hearing, the CBN Governor stated that records showed that the total amount generated from crude oil sales was $67.8 billion, but the records of remittance to the Federation Account by the NNPC was $47.8 billion – a shortfall of $20 billion still unaccounted for.

 

"We have decided to let the forensic auditors examine the accounts (of the NNPC) and let Nigerians fully know what is going on,” Dr Okonjo-Iweala said. "What the NNPC submitted was a mountain of documents on shipping, loading, when ships arrived and all that. It requires specialized forensic auditors to work on it".

 

She added that "We asked both the NNPC and the PPPRA to produce their documents and they had produced certified copies for the $10.8bn and we have asked for an independent audit. A lot of accusations are being made in this country and the only way to be satisfied is to have an independent audit."

 

The Group Managing-Director of NNPC Andrew Yakubu said that none of the subsidy fund was missing, and explained that CBN were aware of the outstanding amount and the issues relating to its non-realization.

 

According to him, unpaid amount on petroleum products was $8.76 billion; crude oil and product losses was $0. 76 billion, $0.46 billion was for national strategic reserve holding, while pipeline maintenance and management cost $0.91 billion.

 

"We don't have any problem with forensic audit...We are happy for anybody to come in and look at it, but the question is what value is it going to bring because we have gone through these things over and over, but all the same we have no problem."