Audit report indicts NNPC, corporation to refund $1.48billion

The forensic audit conducted by audit firm, PriceWaterHouseCoopers
on behalf of the Federal Govt to investigate the financial transactions
within the Nigerian National Petroleum Corporation, (NNPC) has indicted
the management of the NNPC for various questionable transactions.

The federal government had contracted the auditing firm in March
last year to investigate allegations of financial impropriety within the
corporation after Former CBN Governor, Sanusi Lamido Sanusi raised an
alarm that $20m was missing from the coffers of the NNPC.

President Jonathan received the report from the audit firm on Monday February 2nd.

According to Premium Times, part of the recommendations in the audit
report includes the Nigerian Petroleum Development Company, NPDC, the
upstream subsidy of the NNPC, refund about $1.48billion to the
Federation Account for various un-reconciled transactions.

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