What Forensic Audit Report Of NNPC Revealed (SUMMARIZED VERSION)

I Know most people won't have the time to read the lengthy report so I have summarized it

The report of forensic audit of NNPC was released to the public yesterday in accordance with President Goodluck Jonathan's directive. 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 enviromental 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.