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Forensic Audit: NNPC to Refund N274.54 Billion to Federation Account




President Jonathan receiving the forensic audit report of finances in NNPC by PricewaterhouseCoopers

A forensic audit on the Nigerian National Petroleum Corporation (NNPC) was recently conducted by PriceWaterHouseCoopers.

You will recall that President Goodluck Jonathan received the audit report on Monday and assured Nigerians that there was no cause for alarm.

However, some highlights of the report have now been revealed, including the fact that NNPC and Nigerian Petroleum Development Company (NPDC) are to refund the sum of N274.54 billion ($1.48 billion) to the federation account.

Auditor-General for the federation, Samuel Ukura, announced the news in Abuja on Thursday, Punch reports.

According to reports, “PriceWaterHouseCoopers was last year hired by the Federal Government to carry out the forensic audit of the NNPC following an allegation by the former Governor of the Central Bank of Nigeria, Lamido Sanusi, that $49 billion was not remitted to the Federation Account by the corporation.”

Photo Credit: NAN-PHOTO


  1. Bella

    February 6, 2015 at 8:22 am

    So what happens to the balance of $47.52 billion?

    • nwa nna

      February 6, 2015 at 11:45 am

      @Bella- haba na, that na GEJ 2015 elections campaign funds. E be like sey u no sabi sey naija presidential elections no cheap, ask GEJ nollywood campaign team and dem go confirm am sharp sharp.

  2. tee

    February 6, 2015 at 9:03 am

    Bella, lets even agree that Sanusi had amnesia when he initially said that $49bn, it later changed to $20bn and now $1.48bn, who the hell do they think they are fooling???????? One woman i cant stand really is that deziani. How come no one is saying anything, people need to be jailed, there should be lessons learnt for this type of reckless behaviour. Thats why our refineries can never work. If this huge amount of money is stolen from only one govt parastatal, imagine how much is looted from Nigeria as a whole….smh for my dear country. enough already with this present govt….tired much!!!!!!!!!!!!

    • nwa nna

      February 6, 2015 at 11:41 am


    • maya

      February 6, 2015 at 7:12 pm

      tee, why should someone be jailed for mere stealing? Afterall someone said “stealing is not corruption”, i guess it is not considered an offence to be punished for.

  3. Wale

    February 6, 2015 at 10:53 am

    BN – have you guys not heard the rigging tape with koro and fayose and the rest.

    Based on this evidence I think the President of Nigeria Ebele Badluck Jonathan should be Impeached, the Ekiti elections re-conducted and the whole lot, the two ministers involved, the ex governors and the police chiefs all arrested and convicted. The whole administration sucks!

  4. The Truth

    February 6, 2015 at 11:10 am

    NNPC will have to answer for this. For those who have been saying that GEJ was personally responsible for embezzling this $20 billion, are you ready to change your tune? Or will you find a way to twist this news to suit your own purpose? While we’re at it, now that the Chad army is having success with crushing Boko H, have you changed your mind about the supposed purpose of GEJ visiting with Chad’s president?

    Nigeria has become so divided along party and ethnic lines that some people are actually disappointed that the tide had begun to turn against Boko Haram. They thrive on bad news because it gives them opportunity to criticise and then offer one magic solution: Buhari.

    I am the truth and I have spoken.

    • nwa nna

      February 6, 2015 at 11:40 am

      @ The Truth, who oversees NNPC? The reason the chadian army are fighting boko on Nigeria turf is because of the Nigerian army’s inability to execute a freaking war & destroy boko, who’s the Nigerian CIC? You my friend sound naive in your comment, typical naija mentality making excuses for inept & mediocre leaders.

    • Wale

      February 6, 2015 at 1:01 pm

      You are THE LIE!
      Incredulous-you are so proud that the Nigerian military that used to be one of the best and must feared on the continent now have to seek help from common Chad and Niger to help us fight out own self created problem. Or is it that even if 1 Kobo was misappropriated and stolen from the coffers and a reputable accounting firm has now confirmed it; and your president hasn’t thrown and fit by condeming it vehemently and promising that someone will be held responsible.
      You and the likes of you are the very reason the country is in the mess that it is today. What ethnic line are you talking about, by the way? The people who got together at the taped rig-gate meeting in ekiti was made up of Igbo-uba;Yoruba-fayose/koro and the police guy whom i believe is from the north. Their instructions and funding came from the an Ijaw man, Jonathan. If you don’t have anything to contribute then shut up and don’t make a fool of yourself.

    • The Truth

      February 6, 2015 at 3:05 pm

      Are you able to read? When I clearly state that Nigerian army has been infiltrated by Boko Haram, badly compromised and lacking in morale, does that sound like the words of somebody who is proud? Or do you not know what proud means?

      Some people like to complain but will never offer any solution. People are dying by the hundreds? How would your propose that this underfunded underarmed compromised Nigerian Army reform overnight exactly? If your house is burning and somebody fetches water to extinguish the flames, you don’t ask them which stream they fetched it from. AU has agreed to to send 7500 troops and I welcome it. Better than an american invasion. BH is bigger than Nigeria. It is a regional problem that needs a regional solution.

      I think you did not understand what I was referring to when I said ethnic lines. We the Nigerian people are divided along ethnic and party lines while politicians and government officials join hands across all lines to collectively chop, corrupt and impoverish the country. The Ekiti situation is a good example of that. It is for similar reasons that holy man Buhari would associate with the likes of openly corrupt people like Rochas Okorocha etc. All na wash. Shine your eye.

      I am the Truth and I have spoken.

  5. nwa nna

    February 6, 2015 at 11:35 am

    In my GEJ voice, my fellow Nigerians don’t be alarmed by this audit because you and I both know that stealing is not corruption & the $1.48 billion unaccounted for by NNPC is a mere chicken change compared to what that malam Sanusi claimed evaporated. Now back back to more pressing matters jare, vote me GEJ again in 2015 because I’ve fulfilled all of my promises to Nigeria that I mentioned in my 2011 inauguration speech.

    • Sunshine

      February 6, 2015 at 6:16 pm

      Lollllll got it right .exact words that will come out of his mouth.God will judge us individually.they are building der heavens small small

  6. praise

    February 6, 2015 at 12:02 pm

    Dear God,
    Please deliver us from the hands of our heartless leaders who steal our money to enrich themselves and the masses to live in poverty despite the natural resources you have given us freely. My Father in heaven, you know our endless list of problems, whatever means or way you want to intervene, Baba God act now, if not for anything but for the future of our children. And bring peace and progress to our Nation, Nigeria.
    Lord hear the collective cry of your children. IJN.

    • Sunshine

      February 6, 2015 at 6:17 pm


  7. The Truth

    February 6, 2015 at 12:35 pm

    GEJ does not personally oversee NNPC. My friend don’t be naive. Most Nigerians can’t even oversee their driver, watchman and cook without thievery happening under their nose. The president delegates matters outside of his expertise. Like I said NNPC rank and file will need to answer and account. If and when they point their finger directly at Oga Jona then we can have a different conversation. Is GEJ corrupt? Of course. Unfortunately, He’s only one more corrupt Nigerian civil servant in a long line of corrupt civil servants. Did he embezzle $20 – $40 billion from the national coffers? Nonsense. All conjecture. No proof. GEJ’s biggest mistake is that he wants a second term which some would argue that he has already had. Because apparently it was his fault that a frail president died in office.

    The Nigerian Army had been infiltrated by Boko Haram sympathizers a long time ago which sabotages efforts by leaking intel. And GEJ has always had his hand tied politically with the extent to which he execute a so called war as a Southern Christian on his Muslim Northern constituents. BH was more under control under generals like Ihejirika (a southerner) but the Northern elite (including Buhari) initially wanted a softer approach (google their documented comments in the press up till 2012) and some even started threatening to go to UN with accusations of genocide. To satisfy them, Ihejirika was replaced and BH became even bolder and committed the most atrocities. Boko Haram animals don;t deserve so called “human rights”.

    Involving Chad and other regional African armies is the best move. The Nigerian Army has been compromised and as you if you shake the army tree too hard a coup will fall out of it. In addition, the US won’t sell us the aerial armoury to properly execute the war (claiming human rights violation as if they don’t sell to the likes of Saudi Arabia where they still behead people legally). So if we have to rent the Chad army (who the French have equipped with the weapons we don’t have) to fight our war for us then so be it. They have better morale and they are motivated to wipe them out because BH has many Chadians in it. Nobody in Nigeria will accuse them of “taking sides” or “genocide” or being “PDP army”. When trouble came to other African countries, we came to their rescue. It is about time the favor is returned. We should swallow our pride and be in full support of anything that will bring stability to the North East instead of finding a way to extend the blame game.

    Even if Buhari wins, it will be better for him to inherit a country without an insurgency so that he can focus on other pressing matters.

    I am the Truth and I have spoken.

    • Confuzzled

      February 6, 2015 at 1:21 pm

      I wish more people took the time to read this comment. You are indeed the truth.

    • B

      February 6, 2015 at 1:56 pm

      Lol. From your tone one can easily say which part of the country you are from, your religion etc. I laugh, Ihejirika that embezzled all the funds allocated to BH issue. The man spent almost 3 years as a chief.

      Well my opinion is that even if u can’t manage how people steal in your government, the identified thieves should be punished. After knowing your driver is a thief will you just allow him continue stealing from you? If you allow such that is called mismanagement.

      It is simple, Jonathan is equally corrupt.
      The country is a total mess, even Buhari has nothing to offer.

    • The Truth

      February 6, 2015 at 2:44 pm

      I come from a minority ethnic group that has been completely marginalized out of Nigerian politics almost . No oil sits on our land we and don’t have MEND to agitate for us. There has only been 1 minister from my part of the country in the last 25 years. Did you guess all that from my “tone”?

      In your excitement to reply, it seems you did not read what I typed. I have no horse in the race as they say. I am not here to defend any man’s personal character. i don’t know any of them personally . I am merely observing and stating fact. GEJ shuffled his military cabinet to appease his critics. Ihejirike and co were fired. The insurgency became worse not better. Casualties multiplied at least three fold! This is not my opinion, it is FACT. The numbers are out there in the public domain. Google is free. Research it. I will not do your homework for you.

      We can agree on two things.
      1. Somebody needs to lose their job. At the NNPC or at the Ministry. Jail time is not yet in the equation because Pricewaterhouse did not report any gross misconduct. Simply that remittances to the FG were not completely fulfilled. Sanusi spoke out of turn with the wrong data and was dismissed. Now, and only now that the forensic report has been concluded, it is time to fire the driver…even if the driver na your sister husband brother pikin wey no finish school set 🙂
      2. Neither GEJ nor Buhari are the answer

      I am the Truth and I have spoken.

    • nwa nna

      February 6, 2015 at 4:00 pm

      @The Truth, corruption & stealing can only thrive under a corrupt leader! You can take that to your so called truth bank any day and cash it! Stop making excuses for inept leadership, that’s a key contributing factor to why Nigeria is the shyte hole it is now because of people failing to call a spade a spade.

  8. Des

    February 6, 2015 at 1:13 pm

    You must be a stupid idiot @The Truth. You could be Raped several times and still give excuse for your rapist. Many have eyes but can’t see

  9. bruno

    February 6, 2015 at 1:18 pm

    so… who is going to be sent to prison for misuse of public funds or negligence or theft

    • Anon

      February 6, 2015 at 2:16 pm

      @bruno. you ask the best questions everytime

    • ao

      February 7, 2015 at 2:04 pm


      Prison indeed. Nothing will happen. You know that the money will be shared. Now let it be some common person on the street accused of stealing a loaf of bread and there will be plenty of people eager to deliver “jungle justice” with tire, petrol, and fire; and all over common bread.. Meanwhile, the ones in government that are causing the most damage to all of us and our country by stealing millions and billions of Naira are being celebrated by some depending on their ethnic/religious affiliation.

  10. mywifeisfiiiiiiine

    February 6, 2015 at 3:11 pm

    When did Nigerians become so unsmart if there is such a word that we can be sold lies as truth. I am not exoneration the petroleum minister or the President, but do you guys think that 49 billion or 20 billion dollars can go missing without Nigeria falling to its knees. How much is Nigerias annual budget to begin with, wake up people. It is just not possible that such an amount of money is missing, where did the money go, which bank received that kind of money and nobody took notice? I know people hate Mr President, but don’t be fooled by baseless lies.

    • mywifeisfiiiiiiine

      February 6, 2015 at 4:51 pm

      The word na exonerating o, damn auto correct, lol

  11. peyton

    February 6, 2015 at 4:25 pm

    No Wale it doesn’t happen like that Good enough electronic evidence is now admissible in court. So the tape will be brought before a court, and yes the courts are not like humans they determine and adjudicate based upon the evidence before them, speaking of which if those tapes existed or the tapes are truly worth their salt then why did APC not tender same or use them as a ground to contest the Ekiti elections. After all this is a good enough ground to do same. We are in a democracy and facts are proved by the courts not on the pages of newspapers.

  12. NagosBigBoi

    February 6, 2015 at 6:31 pm

    People, people, people! This is how our leaders deceive us. We always fail to compare apples to apples.
    Ask yourself: what were the “terms of reference” of the PWC audit?
    Sanusi mentioned at least three areas that the lost $20-30 billion disappeared from. PWC was asked to only look into some areas. They did not look into: crude oil swaps and production agreements that allowed private people to control our national revenues. Both of these areas are were the most money was lost.
    This is a standard trick. You accuse me of breaking into your house and stealing all your electronics. My in-law (the judge) sets up a panel to investigate if I stole your DVD player!
    When are we going to begin to get wise to these tricks!
    Unfortunately, Sanusi cannot fit talk anymore…………

  13. NNENNE

    February 7, 2015 at 3:42 am

    People who steal should be jailed/punished.
    But we must not do it SELECTIVELY.
    Let’s go back in time and get everyone involved till date. That’s the only way it can be effective.
    If the criminals are dead, then their estate should be made to pay what they owe.

    Any thing other than that, means that we are deceiving ourselves.
    Corruption has been here long time ago.
    How much does governors make in Nigeria that a state governor owns a brand new private jet?
    It’s ironical they are the ones shouting corruption the most. We are simply not stupid!!!

  14. Lusciouskels

    February 8, 2015 at 2:32 am

    Hmmm…Shakin my head, as the ponders in my head speedily approach explosive stage over all the menace around us! And I ask out of my many confusion “Is our Excellency GEJ really that corrupt or has this NNPC accusations from the former CBN governor, immediately he left office, and now this!, a fallacy designed with the sole aim to cripple this present government for selfish reasons??”….

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