Summary of NNPC forensic audit report. Summarized by www. thesummary.com.ng

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It’s looks as if Emir Sanusi was right about how the missing $20b after all. The report of forensic audit of NNPC was released to the public yesterday. Here are some major points as revealed by the report.

1. $ 980 million was over charged as subsidies on Petrol and Kerosene between January 2012 and July 2013.

2. $3.38bn was spent on kerosene subsidy for the review period.

3. A total sum of $ 13, 637, 077, 362 from sale of domestic crude was not remitted.

4. The following cannot be substantiated due to lack of supporting documents:

i. $ 0.25 billion claimed as NPA charges

ii. $ 59, 324, 737.01 spent on charter Hire services

iii. $ 6, 658, 588.74 of the $ 17, 767, 683.54 claimed as management fee of MT Tuma and MT Oloibiri.

iv. $ 5, 457, 006.98 of the $ 46, 265, 215.13 claimed as crude transport payment.

v. $ 6, 707, 826.05 on marine through put.

vi. $ 11, 896, 654.71 claimed as repair cost on pipeline vandalism.

vii. Management charge out rate claim of $ 59, 712, 530.83

5. The following funds cannot be substantiated due to insufficient supporting documents.

i. $ 10, 257, 161.07 claimed as environmental remediation.

ii. A capital expenditure of $ 27, 179. 005.48 6. A total sum of $ 305, 885, 083.77 cannot be verified due to exceptions.

7. Both CBN and NPDC did not grant the audit firm access to nor give the requested information to the firm…. don’t panic, d joy of it all is dt d money went missing when $1 was equal to less than N170. If it were now dt $1 is N199, Nigerians would av been mad at d petroleum minister. If u convert d $20b to Naira, u’ll realize dt its not really much. God saved her……

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