Jonathan receives long-awaited audit report on missing $20bn oil money, but details remain secret

President Goodluck Jonathan (R) receiving The Forensic Audited Report of Finances in NNPC from the Country Senior Partner, Pricewaterhousecoopers (Pwc), Mr Uyi Akpata, In Abuja

President Goodluck Jonathan on Monday publicly received the report of the forensic audit carried out on the accounts of the Nigerian National Petroleum Corporation [NNPC] from the accounting firm that conducted the investigation.

The report submission ceremony, held a day after a former Governor of the Central Bank of Nigeria [CBN], Chukwuma Soludo, wrote a long, acerbic article accusing the managers of the Nigerian economy of misappropriating over N30trillion of public funds, including several billions in oil money.

“Now add the ‘missing’ $20 billion from the NNPC,” Mr. Soludo said. “You promised a forensic audit report ‘soon’, and more than a year later the Report itself is still ‘missing’. This is over N4 trillion, and we don’t know how much more has ‘missed’ since Sanusi cried out. How many trillions of naira were paid for oil subsidy (unappropriated?).”

Insiders in the administration had long told PREMIUM TIMES that the report was submitted months ago by auditors but that it was gathering dust in the cupboards of the Minister of Finance, Ngozi Okonjo-Iweala and the Auditor General of the Federation.

In what appeared a hurried response to Mr. Soludo’s allegations, President Jonathan suspended campaign activities Monday to receive the report from the auditors in the presence of journalists, in a move aides say was aimed at correcting the impression created by the former CBN governor that the administration was sitting on the document.

At the ceremony held at the Presidential Villa, Mr. Jonathan received the report from Uyi Akpata, the country senior partner for PriceWaterHouseCoopers, and then promised a comprehensive reform of the oil sector.

The President did not give any insight into the details of the report. He only said the document would be sent to the Auditor General of the Federation in the next one week.

He said it is at the Auditor-General’s end that details of the report would be made public saying “media will want to know the key findings vis-a-vis the senate findings and figures being bandied around in the newspaper, but Nigerians are interested”.

The President noted that as part of the recommendation made, the petroleum industry bill would correct the lapses in the oil and gas sector.

“Indeed you mentioned the issue of reform in the sector, everybody knows that the sector needs to be reformed,” he said. “By the time we go through the petroleum industry bill and pass it into law, most of this lapses will be corrected and the misconception will be properly addressed.”

Suppressing the Report

PREMIUM TIMES had on December 27 reported how the government plotted to suppress the report.
The forensic audit was commissioned following allegation by the immediate past Governor of the CBN, Lamido Sanusi, that about $20 billion oil money was missing from the NNPC.

The Presidency had on March 12, 2014 announced, through a statement by the president’s spokesperson, Reuben Abati, that it had authorised the engagement of reputable international firms to carry out the forensic audit of the accounts of the NNPC.

The audit firm had earlier submitted an interim report which the President said he rejected as the subject matter of the probe needed to be completely dealt with.

The allegation that the huge amount had been stolen was raised in 2013 by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who is now the Emir of Kano.

Mr. Sanusi said as much as $49 billion was diverted by state oil company, Nigerian National Petroleum Corporation, NNPC.

He later reviewed the amount to $20 billion, and called for investigations after writing to President Goodluck Jonathan.

A Senate probe into the allegation yielded no result. Mr. Sanusi was later fired by President Jonathan after he was accused of “financial recklessness”.

The government said no money was missing, but promised a forensic investigation of NNPC.

In April, the Minister of Finance, Ngozi Okonjo-Iweala, announced the appointment of the accounting firm, PriceWaterHouseCoopers (PwC), to conduct a detailed investigation into the accounts and activities of NNPC.

The minister said the investigation, under the supervision of the Office of the Auditor-General of the Federation, would take about 16 weeks.

That schedule meant at most by September 2014 ending, the report should have been ready. A two-month delay meant the report should have been ready by November.

But more than two months later, the government failed to release the report.

PREMIUM TIMES independently investigated the whereabouts of the report and its contents.

At each turn, relevant government offices denied having the report despite confirmation by senior officials of the finance ministry to this newspaper that the report had since been submitted by PriceWaterHouseCoopers.

The sources said the document was submitted to the office of the Auditor-General of the Federation.
Our reporters contacted the offices of the Auditor-General and the Accountant- General repeatedly, pressing for the report, without success.

A spokesperson for the Auditor-General of the Federation, Florence Dibiase, said she was not aware of the report.

Also, Abba Dabo, the Director, Extra Ministerial Department, in the Office of the Auditor general of the Federation, denied knowledge of the report. Mr. Dabo said he should be in charge of such documents if they were available.

He said the role of the auditor-general’s office was in selecting PriceWaterHouseCoopers as the auditing firm, after which the matter reverted to the finance ministry.

Mr. Dabo said only the Auditor General, Samuel Ukura, could speak authoritatively on whether any such report was ready. Mr. Ukura could not be reached for comments at the time.

PREMIUM TIMES also contacted PriceWaterHouseCoopers, where an official said the firm would only be able to comment on a later date.


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  • Rommel

    Since it is clear that the PDP has been tampering with documents and contents of people’s files like in the case of General Buhari and the missing document or Fani Kayode forging email messages from Cambridge to confuse Nigerians,would it be possible for Nigerians to get an unadulterated forensic report from the accounting firm?

    • Original_Raskal

      f00l! My certificate is with my former employer! And when former employer says, we don;t have your certificate, you say politician has tampered with it! You see the kind of brain you have? Is your former employer the custodian of your certificate? Is your former employer the issuer? For a man not to know that is certificate is lost you go back to the issuer and not your previous employer, that shows you the level of education the man acquired. You are as dull as the mumu buhari himself!

      • True Nigerian

        It doesn’t matter how much spleen you vent on the person that holds an opinion. If his facts are right, they are right.

        Rommel has only stated the obvious! You are yet to impeach the veracity of his points. Buhari’s certificate is not the issue in this news report. Buhari’s certificate is now in the court. It has gone beyond the reach of the gushes which you habour against Buhari. Another man will now decide it; another man who is trained and equipped with the right skills on how to process facts and legal issues. At this stage now, no amount of noise you make here now will have any effect on the thinking of the man who will now make that decision. Sorry!

        • Why have they not released the report until Prof. soludo spoke mentioned it? Naija brothers, forget this world bank dirty job omplementor (okonjo), they have doctored the report severally that was why it was not released on due date as found in the write up.Gej has shown and will continually shield his cronies from corruption charge leveled against them to protect his corrupt integrity.

          • Wale

            what integrity?
            He has none, I’ve never met a person that squandered an opportunity and trust as much as this president.

      • Rommel

        well when he was overthrown,the overthrowing forces turned his house upside down as was the practice and carted away documents,Buhari is not isolated in this,all victims suffer this same thing and because he has not had any need to seek employment having been head of state,he has not had any need to gather his credentials so do you get it now?

        • Original_Raskal

          you are still not reasoning, or rather you are reasoning like buhari! Yes, his document were taken, burnt, thrown into pacific ocean, sambisa forest, etc. THEN WHAT SHOULD BUHARI DO IF HE GOT A BRAIN?

          Is certificate meant to last forever? If not, when it is lost, what do you do?

  • Alcindo Satori

    I take it now that GMB would be man enough to go and debate GEJ instead of playing a freaking cat and mouse game. Nigerians deserve to know how incompetent GMB is, hence his refusal to go in front of the cameras!

  • victo amadi

    These reports has no geniuenty of any sort. How can we trust government that temper with nations statistics? Government that lied about the nations GDP government that depleted the ECA with no confirmed were about of the monies?

  • Okey

    We are making progress, thank goodness for Jonathan’s “weakness.” Under the other man who equally doubled as Minister of Petroleum, Nigerians demanded to see what was going on in NNPC; the House of Representatives – both under Masari and Bankole – moved Motion after Motion, demanding for accountability and openness of NNPC operations and transactions, Saint Emperor blatantly rebuffed it. But now, day-after-after, he is inciting gullible citizens against government of the day on account of NNPC transactions.

    • Alouche

      Yes, under “‘the other man’ who equally doubled as Minister of Petroleum”, Nigeria made enough money to pay off foreign debt that has burdened the country for more than 20 years; saved enough to leave about $22 billon in ECA; ran the economy well enough to have over $60 billion in our foreign reserves. And, believe it or not, all of this happened when crude oil sold for far far less than the price under Jonathan and his thieving lot for SIX YEARS! In that 6 years, Jonathan’s people did not only not saved anything, they stole everything. National debt has skyrocketed to alarming proportions.

      Under “‘the other man’ who equally doubled as Minister of Petroleum”, Nigeria was paying less than N200 billion on subsidy, but when the thieving lot came to power, they had multiplied that amount by ten times! Again, believe it or not, even when Nigeria was paying higher for fuel.

      Again, under “‘the other man’ who equally doubled as Minister of Petroleum”, the man set up the Nigeria Extractive Industries Transparency Initiative and appointed even his enemies into NEITI; these opponents of government did not complain that ‘that man’ interfered with their work in any way. But under the present regime of crooks, what do you have? Jonathan set up the Ribadu Committee, but when the report came out, he sat on it. He set up the subsidy fraud committee, but what did he do? Now, after soludo complained, they hurridly produce a report. Let’s see if he has the ‘balls’ (apologies to Fani-Kayode) to do something about this one.

      • Okey

        Incredible ! That the educated is more wretched in reasoning ?Quite Incredible !

        Tell yourself that under that man, population was X and now it still remains X. Tell yourself again that vehicular usage and fuel consumption under that man was Y and still remain Y today. That logic will console the soul of the inebriate, not mine.

        Still, you left the issue, which is that the man bluntly rejected and rebuffed transparency; what you saw was what he wanted and allowed to see. And what you saw was certainly less. If not he wouldn’t have disallowed accountability and openness. Was it then a surprise that despite your accolades on his “magic wand,” Transparency International has rated Nigeria more corrupt under him than under Jonathan. Need anyone who is not blind say more ?

        • Alouche

          Mr. “incredible”, why don’t you stop “Y”ing and “X”ing all over the place and just give us the numbers? I gave you mine.
          What do you mean by “the issue”? If you are blind not to see NEITI and too dumb to know what it is, then go read it up. I went on to give you the numbers because, as they say, the proof of the pudding is in the eating. If he doubled as petroleum minister and we achieved all these from crude oil sales, even when we were making less money, then what is your point?
          If we only saw what the man wanted us to see, then why don’t this president allow us to see something and not simply sweep reports of committees that even he set up under the carpet?
          Sure, you people are good at making excuses. So now it is no longer that the governors forced you people to share the money according to madam coordinating minister? Why didn’t you suggest this new theory of population “X” and fuel consumption “Y” to her at the outset, maybe, she would have had more excuses to give us in the first instance???

        • Abdul

          Silly you, Alouche just gave you numbers, pls dispute what he said or just shut up. Jonathan is the greatest economy mismanager in the world.Very bad man and a thief.

        • Oladele


          • Okey

            Agbaepo !

      • ken

        Only pple like you can contribute in making this country habitable for all citizens. Anyone who fails to see corruption as the the most unfortunate culture of this country is out of it. Jonathan is corruption personified hedged in byequally corrupt lieutenants. Let’s chase them away now.

  • True Nigerian

    The Finance Minister’s word suggest clearly that this report was certainly ready as at 4 months ago. Apparently, based on Premium Times investigations too, there are pieces of information to show that the report has been ready for the last two months! Incredible! So what could be the reason they have refused to release it till now? The answer is obvious! If the report was not ready yet, Ngozi Okonjo Iweala would have quickly stated so in the last two months that many people have been accusing her of concealing the report.

    Obviously, this so-called official receipt of the report was just a game for the cameras in order to to give us the impression that the report is only being completed now. To start with, the President does not have to hold an official receiving ceremony for a report that was commissioned by the Auditor-General. Therefore, certainly, the Auditor-General must already be in receipt of the report long before this deceitful show for the cameras which is meant to give us the impression that today is the first day the report was sighted by our government. Absolute lies!

    It doesn’t matter what anybody says. I will not and cannot trust the word of a government whose employees forge false documents to distribute online with false identities, and yet the same fraudulent characters remain in office. I also cannot trust a government which paid out N2 trillion naira for a subsidy program that had a budget limit of N240b. This is a government that set up a committee to investigate subsidy fraud, and then set up two more committees to destroy the reports of the first committee which returned a damning verdict. It is insane.
    Jonathan’s government is deceitfully corrupt; utterly, hopelessly, and desperately corrupt. No two ways about that!

    Use your votes as a weapon against deceit, lies and fraud on a Presidential scale. This country can do better than this! Certainly! Vote against the idea of government by fraud and propaganda. It will not lead us to anywhere other than darkness and unfulfilled potentials. Use your vote as a protest against the Jonathanian philosophy of leadership under PDP.

    If a President cannot even do as little as publicly declaring his assets, it will be insane of me to trust such a government on a weightier issue such as transparency on the loss of $20b. Just the question of declaring his assets was the reason he told the nation “I don’t give a damn”. How on earth is such a person going to be honest about the loss of $20b?

    Jonathan’s government has no credibility to investigate any missing money in Nigeria. He has to go! Let your votes send him back to where he belongs – obscurity! Even the poor people of Otuoke do not deserve a community leader with the character of Jonathan.

  • Alouche

    “The President did not give any insight into the details of the report. He only said the document would be SENT TO THE AUDITOR GENERAL of the Federation in the next one week.”
    Now, suddenly, they remember that there is “Auditor-General”. They do ‘forensic audit’ but give the report of the audit to auditor general. Where was the man when all the questions were being asked? Why did he not go to the National Assembly to clear the air. Is the auditing of our national accounts not a routine process anymore?
    Why is it now someone has done his job for him, they want to bury it in the bureaucracy? Shame, shame, shame on this government!

  • Alouche

    “Indeed you mentioned the issue of reform in the sector, everybody knows that the sector needs to be reformed. By the time we go through the petroleum industry bill and pass it into law, most of this lapses will be corrected and the misconception will be properly addressed.”
    Now, for anyone of you who is in doubt, Mr. President, as usual, has clearly reached a decision, that is pass the buck, on the report – pass the PIB, simple. Nobody should expect him to bring anybody to book.


    The liars will soon be shamed,those who ploy evil through the dissemination of destructive lies will soon be shamed. GEJ is definitely the most transparent leader ever in a democratic Nigeria !!

    • Jumoke

      President Jonathan, please #BringBackOur$9million from South Africa.

    • Onike24

      After redacting most of the report?

  • Ette

    This is the usual deception by the corrupt PDP government. The report was submitted since November, 2014 and attempts to hide it were not successful as the public are interested. They had asked the compromised audit firm to tinker with the sections of the report indicting them. Did they make it public when the assignment was given to the firm, and how do we know the terms of reference. How come the audit job that was done in the secret with only finance minister informing Nigerians is now made public to cover their evils. PW HOUSE should come clean on this fraudulent show of shame. AU report has confirmed all the missing funds under this wicked government, and no amount of window dressing will be accepted by Nigerians. This government lacks credibility in all its ramifications. May God Almighty deliver us from it’s wicked claw. Amen.

  • Eze1

    PT Please Scoop the report

  • Es3

    ‘Premium Times got information that the report has been gathering dust on Minister of Finance table’?

    I ask Premium Times and their APC owners if it was this same report that the audit firm just submited officially or the interim report that you reported as earlier submitted but rejected by FG in preference for the full report that they were commissioned to do???!

    All these lying will not help Buhari convince Nigerians that he has anything to offer when he cannot even coordinate his brain enough to debate with his opponents on what, how, where and when of his campaign promises!!!

    • True Nigerian

      No! The report was already handed to Auditor-General, and the president and finance minister were aware. If not, in the last few months since people have been accusing the government of not releasing the report, why did they not say a word? That is quite unlike the same government that would send sharks after anyone that does as little as mention the obvious about its failings.

      Here is the scenario on what happened (call it conspiracy theory if you like): after coming under pressure, and having spent months “discussing the report” (i.e. trying to beat the report into less damning shape)”, they then decided – after reading Soludo’s bomb – to organise an “official handover of the report to the President” in the presence of the cameras, of course with the aim of making us to think that the report has just been completed and they were seeing it for the first time.

      Like I said, credibility is everything. I cannot believe that a President which said “I don’t give damn” when he was asked to publicly declare his assets will now suddenly be transparent enough to release such a report. Everybody knows mindless crimes have been committed on the NNPC and the treasury under Jonathan. I don’t see a president like Jonathan being forthright on the facts.
      Credibility is the yardstick for me. This is a government that set up a committee to investigate subsidy fraud in which the government willingly and happily paid out N2trillion for a subsidy that had a budget of N240b. Yet, when the government got report of the committee, the same government decided to set up two other committees in order to frustrate the findings of the first committee.

      You are at liberty to believe such a horrible government whose credibility is in the gutter. I cannot believe such a government.

      • Es3

        Unfortunately you got it all mixed and wrong!!!

        First, no such report (of that magnitude) with contract awarded openly (known to all) can be submitted secretly?! The National Dialogue report was not submitted in secret either?! Besides, the full and published report would be ready and sleeps with Accountant General and Finance Minister all these while without APC getting a copy for Premium Times, Sahara reporters, etc by now??? Going by the record of the performance of APC moles in leaking official documents (previous “leaks”), how come this one was impossible even with a wider surface area???!

        That report has just been submitted and the APC mole that claimed it has been since deceived himself with an interim report which has been submitted but not the full and final report!!!

        Then on declaration of assets? Please note that the law does not stipulate “public” declaration, but leaves that at the prerogative of the people declaring?! Jonathan had earlier declared publicly but opted to declare again without publicity?!

        Please note here Jonathan satisfied the requirement of the law!!! If you want a public decalaration you can still achieve that in one or both ways:- Put FOI bill to use and, or have National Assembly amend the law!!!

        If this very open Jonathan’s government lacks credibility to you, then I wonder what Buhari’s government would conjure in your mind – going by his antecedents!!!

      • Original_Raskal

        you don’t know what you are saying! You think PWC will do secret deal? Do you knows what PWC represents? I guess you don’t hence you sound really dumb.

    • Jumoke

      When will President Jonathan receive our $9 million that he took to South Africa? #BringBackOur$9million

      • Es3

        Whether he received it yesterday, is receiving it today or will receive it tomorrow, arms is needed for the Boko Haram war?!

        Before now the US was denying blocking arms acquisition efforts by Nigeria but they had come to admit severally (openly) as actively blocking arms purchase for Boko Haram war, as such the bulk of the arms must be purchased at the black market and at a higher cost?!

        Please know now that after APC instigated South African nonsense attitude, more monies have been paid and arms received from many other sources for the use of our soldiers and that this will continue until Boko Haram war is won!!!

  • shola

    This Jonathan Administration tells so much lies, that a common sense would have the impression that this government was set out to delibrately deceive HIS folk. What a shame!

  • Des Rees


    Mr. Goodluck Jonathan has yet proved to be an intelligent person.
    He takes self-defeating, panicky steps like a policeman who ends up,
    tables-turned, as the accused person before a fleeing felon he’d been
    chasing after. That’s not what should happen to an intelligent man.

    This $20 billion NNPC probe was purely an after-thought accusation.
    It arose in tit-for tat when Financial Reporting Council of Nigeria laid a
    clear case of 650 billion Naira fraudulence against the then Governor of
    Central Bank, Sanusi Lamido Sanusi (who is now the Emir of Kano).

    • Des Rees


      Whilst Mr. Goodluck Jonathan typically dilly-dallied for the next 15 months
      after receiving that fraud alert from the Financial Reporting Council of Nigeria,
      Sanusi Lamido had time on his hands to hire spies to NNPC crude oil exports,
      and finesse his purported findings into a salacious scandal for global audience.

      Sanusi Lamido Sanusi then issued a shocking but patently false report that $47
      billion or thereabouts were stolen at NNPC under Mr. Goodluck Jonathan’s watch.

      From the on Mr. Jonathan totally lost focus of the original complaint filed by the
      Financial Reporting Council, as Jonathan failed to authorize the audits of
      Central Bank of Nigeria. In effect and by himself Mr. Jonathan became a defendant
      on Sanusi Lamido Sanusi’s revised and alleged case of $12billion theft at the NNPC
      In effect, a thief may have caught a policeman in one of the tragedies of thought
      occurring serially and without end under President Goodluck Jonathan who has,
      as yet, proved to be an intelligent person.

  • Do not expect much from the Forensic Report. This is because an Accountant’s report is a function of and/or depends on the terms of engagement. Not much should be expected from a Presidency that could decide to barely reduce the price of Premium Motor Spirit and sell Kerosene for N50.00 two weeks to an election.

  • Gideon Orkar

    Premium Terrorists. the President said the Auditor General should study and release the report in ONE week and NOT send to Auditor general in one week. You guys are a joke!

    • Jumoke

      What about our $9 million dollars in South Africa?

  • Steve

    Is it not the same PWC thats involved in a scandal with Tesco just late last year for overstating its profits??