EXPOSED: $18.53billion Oil Money Was Secretly Deducted

So, Sanusi Lamido Sanusi was right about the stealing of Nigeria's money through NNPC? A forensic audit of Nigeria’s state oil firm released has confirmed the accusation by Emir Sanusi that the NNPC withheld about $20 billion that it ought to have remitted to the national treasury.

The report ordered released by President Goodluck Jonathan, more than two months after it was submitted by PriceWaterHouseCoopers confirmed that the NNPC illegally expended $18.53bn on operational costs, kerosene and petrol subsidies, without any form of official authorisation.

Sanusi had told a Senate committee in 2014 that NNPC received $67bn and handed over only $47bn.



Part of the cash was also withheld by an NNPC subsidiary, without National Assembly authorisation.
According to Reuters, although the audit found that the firm overpaid the state by almost $750 million, within the 19 months probed, it recommended a refund of $1.5 billion to government coffers. The audit covered January 2012 to July 2013.

Outgoing Nigerian President Goodluck Jonathan released the audit days after his elected replacement, Muhammadu Buhari, pledged to probe the allegation all over again and crack down on corruption in the energy company once in office.

The probe of Nigeria National Petroleum Corporation’s (NNPC) books was instituted last year after former central bank governor Lamido Sanusi said the firm had withheld $20 billion in oil revenue from government coffers, jeopardising the country’s finances.

After Sanusi's allegations, Jonathan publicly dismissed the claim and replaced Sanusi, saying the banker had mismanaged the central bank’s budget. Sanusi has since become Emir of Kano, the country’s second-highest Islamic authority.

The PwC audit, however, said NNPC and its upstream subsidiary, the Nigerian Petroleum Development Company, should hand over $1.48 billion arising from unsubstantiated costs, duplicated subsidy claims and computation errors.

The report also recommended an overhaul of how NNPC is run.

“The NNPC model of operation must be urgently reviewed and restructured, as the current model which has been in operation since the creation of the corporation cannot be sustained,” it said in the 200-page document.

An earlier one-page version of the report, which had been due out in September, was released in February.



The affair has caused consternation in a nation long accustomed to reports of grand graft in Africa’s largest oil producer.

Analysts say Buhari, 72, managed to oust Jonathan in elections last month because voters believed he would tackle graft in Africa’s largest economy.

Buhari has vowed to recover our money from the looters, including all the properties to buy with them.

CLICK HERE to follow us on Google+ so as to get instant updates on published posts.

CLICK HERE to Subscribe to our BBM Channel (C002D3966 or search for '9ja Ninja') to get live updates on published post.

Follow @9ja_Ninja

Please drop your comments below

Top Stories

1. Five Richest Comedian In Nigeria And Their Net Worth (See Photos)
2. Photos And Profiles Of The 4 Nigerians To Be Executed In Indonesia For Drug Trafficking
3. Hon Patrick Obahiagbon On Xenophobic Attacks In South Africa
4. Buhari's Government: Meet The Top Men Who Will Take Charge
5. Photo: Meet Don Jazzy's Siblings, They Look So Much ALike
6. My Wife's Trying to Kill Me After Having Sex With Two Women - John Fashanu
7. Don’t Let Me Die - Lady Bathed With Acid By Ex-lover Cries (Photos)
8. PDP Was Manipulated Out Of Power, Why I Will Go Overseas + Tinubu Has Apologised To Me - Bode Georg
9. Re-Run: Governor Okorocha Wins In Imo, Ikpeazu Takes Abia
10. Photos: Jude Okoye & Wife Dedicate Their Daughter
11. APC Taraba Female Governorship Candidate Loses Rerun Election To PDP Candidate
12. Photo: Floyd Mayweather's Car Dealer Is An Igbo Man (LOOK)
13. Lovely Photo Of Oyo State Governor & His Family
14. AWWW! Tiwa Savage Declares Love For Teebillz As They Celebrate 1st Wedding Anniversary

Go Home