Missing $20 million Oil Money: Why we can’t publish full details of audit report – Nigerian Govt.

The Nigerian government has finally opened up on why it has refused to disclose the full findings of investigations into the alleged missing $20 billion oil money, several months after a forensic examination had been concluded by an independent firm.

The audit report by PriceWaterHouseCoopers on the Nigerian National Petroleum Corporation, NNPC, accused of diverting the money, has been ready since September 2014, but the government has declined repeated demands to make the document public.

Amid pressure from the public and the opposition All Progressives Congress, APC, the government early February issued a “highlight” of the report, with a conclusion that the alleged missing $20 billion, exposed by a former Central Bank Governor, Lamido Sanusi, was a farce.

The “highlight” concluded that less than $2billion was missing.

Ahead of elections in March, the government has come under increased pressure to publish the full report.

On Monday, the presidential candidate of the APC, Muhammadu Buhari, urged President Goodluck Jonathan to release the full report and publish same in national newspapers to allow Nigerians establish how their money was spent.

Civil Society groups and the media have also asked PwC to disclose the full report.

In an interview with the Financial Times of London, published Monday, Nigeria’s Petroleum Minister, Diezani Alison-Madueke, said the government could not publish the report ahead of elections as only the country’s Auditor General has the powers to do so.

Even more important, the minister said the government was not making the report public to avoid a “rabid opposition”- a reference to the APC – from finding “all sorts of minute detail [in the full report] to create concern”.

President Jonathan had on February 3 received the report of the forensic audit carried out on the accounts of the NNPC from Uyi Akpata, the country senior partner for PriceWaterHouseCoopers.

The presentation came a day after a former Central Bank governor, Charles Soludo, accused the government of mismanaging the economy and refusing to table the audit report for all to see.

Finance ministry officials had long told PREMIUM TIMES that the report was submitted months ago by the audit firm, but was kept away by the Minister of Finance, Ngozi Okonjo-Iweala, and the Auditor General of the Federation, Samuel Ukura.

In what appeared a hurried response to Mr. Soludo’s allegations, President Jonathan suspended campaign activities to receive the report in the presence of journalists.

While the President did not give any insight into the details of the report, he assured that the document would be sent to the Auditor General of the Federation and also promised a comprehensive reform of the oil sector.

In her interview with the United Kingdom-based newspaper, Mrs. Alison Madueke insisted that both she and President Goodluck Jonathan were not opposed to the publication of the forensic report.

She however said the report has “vindicated” her.

The controversy over the alleged missing money started September 2013 after Mr. Sanusi sent a memo to President Jonathan, alleging that the NNPC was diverting oil revenues for at least 18 months, amounting to $49.8 billion, about N8 trillion.

Despite data and documentation provided by the CBN governor, the government denied losing any money.

At an investigative hearing by the Senate Finance committee in 2014, Mrs. Okonjo-Iweala said the un-reconciled amount stood at “only” $10.8 billion.

The government later claimed the $10.8 billion was used for payment of fuel subsidies.

The Senate probe established less than $1 billion was “missing”.

Mr. Sanusi himself later reviewed his figure to $20 billion, shortly before he was fired by the president.
The government pledged that an independent audit by PwC will be ready by May 2014. That promise has yet to be fully kept.


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  • Ben Ari

    If the report vindicates you, by all means, publish it and we’ll see if it truly vindicates you. This is not just a worthless government, but one that is completely venal and firm in its belief that the ruled are a bunch of idiots. This creepy cabal filled with thieving rats don’t even appreciate the illogic of their own statements. The Bible talks about the abomination that occurs when a servant becomes king in Proverbs 30:

    21Under three things the earth quakes, And under four, it cannot bear up: 22Under a slave when he becomes king…

    Men of base character – rascals, knaves and scallywags, with Jonathan at their head, are at the reins of power in Nigeria and a worse abomination cannot be imagined.

    • israel amulum

      You are misquoting the bible.the bile in you have blinded your eyes,you want to see what you want to see and hear what you want to hear

  • Emancipation

    The president Herself has spoken, Deziani Locuta Causa Finito.

  • osemwengie

    Transpiracy is demanded and nothing m o r e

  • Sahfeeyah

    President Diezani and Prime Minister Ngozi Okonjo Iweala, Please publish the report for all Nigerians to see biko.

    How can Diezani say she’s vindicated when almost $2bn is unaccounted for according to the report? Didn’t the FG borrow $1bn to fight Boko Haram? Would they have borrowed if you didn’t ‘misplace’ $1.8bn? Is N40bn chicken feed or what? Please return all stolen funds back to our treasury oh Madam.

  • DD

    It is now clear that they can’t publish the report because Diezani, Jonathan and other members of their gang are seriously implicated by its contents.

    Don’t worry, the next government shall publish the report and all of you will pay dearly for your sins.

  • Derek

    I have lost hope in this ZOO called Nigeria A country were thieve rule…. Infact presidency and his cabal are not just careless thieves but they are also armedrubers! They uses both our military, airforce, navy, police, Judiciary and legislatures to steal! God i want Biafra oooooo. Imagine that useless woman! Who de hell does she even thinks she is? Is Nigeria your father’s proparty? I blame my self for agreeing to live the day my mother born me into this sick hole call Nigeria….. Both Presidency and all PDP cabals are condemn!!!

  • Jerry Marok

    Mhnnnm, “rabid opposition”, “all sorts of minute details to create concerns”. Jesus Christ of Nazareth come and help us out. Truth they say has no fraction. Details whether large, big, small, macro, micro or minute can only be one single whole grain of truth no matter how they are stated, whether they are stated in part or in whole details can only add up in either being true or false. Sale of oil and remitting money to the national coffers is not an abstract thing and can never be subjected to individual description. Again the picture is getting clearer each day why they are hanging on to power at all cost. March 28, please come, we are waiting.

  • As e be….

    Hahahahahahahaha……President Deziani has spoke, you all can go to bed. What a nation… Tufiakwaaaa

  • GbemigaO

    As fas as i am concerned, asking NNPC to pay back $1.8B is missing the point. They will still use our money to pay back the money. Nobody is prosecuting those that kept the $1.8b in the first instance !

  • pheliciti

    I’m sure we can clearly see one of the many compasses directing Jonathan. At this rate, sticking with Jonathan is straight forward to a shipwreck…

  • Maitama Tambari

    God Willing, GMB, when he becomes our President, all the details will be in our hands and culprits be seen naked. II should be public knowledge. Has it been marked “RESTRICTED” or “SECRET”. CHANGE! YES WE CAN.

    • Benny

      Dream on! Buhari will surely be your president and that will be in your Arewa Republic. Nigeria is gone beyond on this primordial subjugation of some parts of the country in the interest of the “born-to-rule” hegemonist.

      • tundemash

        Is Dumbo President only at your creek ?

  • harry

    it is because of election thats why you can not publish an audit that was paid with our tax money?are you guys for real? the audition was ready since since September 2014 and then buhari was not a presidential candidate,so why didnt u people published it far back September when it was ready? the fraud in the audit is boldly written on the audit ever for the blind to see,if your ass were clean you would have published it long ago to vindicate your office because it was this missing $20billion that actually destroy your image,although you have been doing worse stealing in the past but it was this missing $20billion that made all Nigeria fed up of your government and decided to vote against you. It was this same $20billion that created the word ‘stealing is not corruption” so if truly stealing is not corruption,i would strongly advise you publish the audit report so that we nigerians will now know how to separate our yam from Nigerian goat as a way of fighting corruption in the country.

  • Blu Sucre

    Why is this woman talking now self?…..which report cant you publish,because there are so many irregularities in it thats why you can tpublish it. A lie may run for 100 years but it take just 1 day(even too much) for hte truth to catch up. Its now you realise that you may not come back to that seat now you are trying to clean your dirty acts. Absolute rubbish.

  • Guguru

    But the auditor general did not initiate the the audit, did he? These people think Nigerians and the world are liars. The world knows that Jonathan and his minions are criminals and liars. So, why is the President not asking the auditor general to publish the report since the auditor general reports to the criminal presidency?

  • CJ

    This is the very reason why I feel President Jonathan is very cozy with corruption (even if he has good intentions for the country). And it is unfortunate that the opposition is not fielding (in my opinion) a credible candidate. Oh, how I wish Fashola or Oshiomhole ran.