A Review of the Nigerian Energy Industry

Senate report on missing $20bn oil money ready next week – Makarfi

The-Nigerian-Senate14 March 2014, Abuja – The body of independent experts appointed by the Senate Committee on Finance to conduct a forensic audit on the accounts of the Nigerian National Petroleum Corporation (NNPC) over allegations of missing $20 billion will submit its report next week, committee chairman Senator Ahmed Makarfi has said.

Speaking at the conclusion of investigative hearing by the committee yesterday in Abuja, Makarfi (PDP, Kaduna), disclosed that the report will help the panel to make recommendations to the Senate.

“The report we are expecting is that the committee appointed independent consultants to do forensic examination and audit on the volume of expenses you (NNPC) incurred. We expect their report by the end of next week. And their independent report is what will make us form an opinion on the expenses and losses,” Senator Makarfi said.

He also revealed that his committee was awaiting report of verification of total money expended on subsidy for the two years under review from the Petroleum Products Pricing and Regulatory Agency (PPPRA) and another one from the Auditor General of the Federation whose office is conducting a “forensic check” on the NNPC accounts.

However, the lawmaker told the NNPC officials that the committee will among other things open fresh investigation into the crude oil swap arrangement by the NNPC where 440,000 barrels of crude oil per day allocated to the corporation for local refining was swapped with foreign refineries in return for refined petroleum products.

The NNPC boss, Mr. Andrew Yakubu, insisted that no money was missing and lamented that it was as a result of “misunderstanding about the industry.”


– Daily Trust

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