PwC audit report indicts NNPC, minister orders corporation to refund $1.48billion


The management of the Nigerian National Petroleum Corporation (NNPC) has been found culpable of financial mismanagement and questionable transactions in the forensic audit conducted by the audit firm of PriceWaterHouseCoopers on behalf of the Federal Government on the operations of the corporation.

The forensic audit report on the allegedly missing $20billion absolved the corporation of culpability in the missing fund, saying that what is due for remittance to the Federation Account is $1.48billion from NPDC. The report, therefore, recommended that the money be remitted to the Federation Account.

However, NNPC has denied being indicted in the report. The corporation said saying the $1.48billion that the audit firm recommended it to remit to the Federation Account was not part of the allegedly unremitted revenues from crude oil lifting.

It explained that the $1.48billion was never in dispute as it is made up of statutory payments such as signature bonus, taxes and royalties which are statutory payments that come with assets acquisition.

Meanwhile, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, on Thursday directed the Nigerian National Petroleum Corporation (NNPC) to defray the outstanding $1.48billion in the Nigerian Petroleum Development Company (NPDC) signature bonus, taxes and royalties in line with the recommendation of the forensic audit report.

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