$1.48billion recommended to be refunded by NNPC after audit

PriceWaterHouseCoopers on behalf of the Federal Government conducted a forensic audit on the operations of NNPC (Nigerian National Petroleum Corporation). The federal government had contracted the auditing firm in March last year to investigate allegations raised by Former CBN Governor, Sanusi Lamido Sanusi after he raised an alarm that $20m was missing due to some unclear activities by NNPC. In April 2014, the Minister of Finance, Ngozi Okonjo-Iweala, announced the appointment of the accounting firm, PriceWaterHouseCoopers, to conduct a detailed investigation into the accounts and activities of NNPC.

According to Premium Times: The government just received the report on Monday and it was recommended that NPDC (Nigerian Petroleum Development Company) the upstream subsidy of the Nigerian National Petroleum Corporation (NNPC) should refund about $1.48billion to the Federation Account for various unreconciled transactions.