Wednesday, March 19, 2014

NNPC Faces Independent Audit

NNPC is facing a forensic audit to try and quash the recent uproar over $20 billion in state revenues that have allegedly gone missing. The audit was ordered by Nigerian president, Goodluck Jonathan.
NNPC has repeatedly denied allegations but the government has now called for an independent audit of the company’s books.
In September word was released by Central Bank Governor Lamido Sanusi that the state-run firm was almost $50 billion short in its accounting of oil revenues, later $30 billion was explained away leaving NNPC with its current bill of roughly $20 billion.
Shortly after word of the missing funds reached the public, Sanusi was suspended by Jonathan for what the president called “financial recklessness” and “gross misconduct” but it is widely held that his suspension was politically motivated.

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