No money missing, NNPC insist

Former CBN governor Sanusi Lamido Sanusi had alleged that $20 billion (he subsequently said it was $12 billion) in oil money was unaccounted for, an allegations that saw the federal government direct PWC to audit the corporation’s accounts.
“As you are aware the report of the forensic audit exercise conducted by PriceWaterHouseCoopers on the alleged un remitted $20 billion or $49.8 billion crude oil proceeds by the NNPC was submitted to his excellency, Mr President on Monday, February 2, 2015 and a few days later the auditor-general of the federation made the content public via a press conference,” Dawha said. “As a corporation with long standing fiduciary responsibility to the government and people of the federal republic of Nigeria, we are indeed pleased that the forensic audit exercise has been concluded successfully and the report has clearly vindicated our long-held position that the said unremitted crude oil revenue or missing oil revenue was a farce from day one.”
He maintained that contrary to some media reports, NNPC was not ‎indicted by the PWC forensic audit report. “The entire revenues accruable to federation during the period has been fully accounted for in the report and the various components of the accruable revenue have also been clearly categorized,” he said.
“The issue of outstanding $1. 48 billion ‘NPDC signature bonus’ is, in fact, the balance of the book value of the divested assets as assessed by Department of Petroleum Resources(DPR) yet to be paid into the federation account by NNPC. This does not in any way constitute an indictment.
Meanwhile, this value is still being reconciled with DPR. “Let me emphasise that there is no money missing.
He further stated that the forensic audit report acknowledged that the total cash remitted into the federation accounts in relation to the crude oil sales in the period under review was $50. 81 billion and not $47 billion. Regarding the kerosene subsidy issue, he said: “The forensic audit report also clarified that the subsidy on Dual Purpose Kerosene (DPK) is still in force as the presidential directive of October 19, 2009 was not gazetted in line with provisions of Section 6 sub section 1 of the Petroleum Act of 1969.”
“In most unequivocal terms, I wish to emphasise that the NNPC‎ was not indicted in the PWC report contrary to the insinuations in some quarters” He said, in closing.
Joseph Dawha, group managing director of‎ the NNPC, made this disclosure at a press conference in Abuja on Wednesday.