House of Representatives Public Accounts Committee, PAC, has called on the incoming government and other relevant regulatory bodies to appropriately sanction PriceWater House Coopers, PWC in respect to its investigation on the missing $20 billion from the accounts of the Nigeria National Petroleum Corporation, NNPC.
The committee said the audit firm had misled and deceived Nigerians on the issue of the missing $20 billion NNPC fund as alleged by the former CBN Governor and present Emir of Kano, Alhaji Sanusi Lamido Sanusi.
Nigerian Pilot recalls that on March 12, 2014, the Presidency announced that it had authorised the engagement of PWC to carry out the forensic audit of the accounts of the NNPC.‬
The forensic audit was commissioned following allegation by the immediate past Governor of the CBN, Sanusi Lamido Sanusi that about $20 billion oil money was missing from the NNPC.
The audit conducted by the PWC on the operations of the NNPC had indicted the management of the national oil company for various questionable transactions.
Part of the recommendations include: that the Nigerian Petroleum Development Company, NPDC and the upstream subsidy of the NNPC should refund about $1.48billion to the federation account for various un-reconciled transactions.
But in a press statement made available to Nigerian Pilot over the weekend, Chairman of PAC, Hon. Solomon Adeola said his committee had earlier addressed journalists on the need to make the report public as there were many shortcomings in the procedure for engaging PWC.
Adeola noted that he had been vindicated that an unprofessional work might have been done by the audit firm to deceive Nigerians on the weighty allegation of missing billions of dollars.
“From the disclosures by PWC on its work, there is no audit report on the missing money much less a ‘forensic’ audit report. From what was done by PWC, only a review and compilation of some figures was done resulting in different figures from $1.4billion to $4.3billion being bandied for refund by NNPC to the coffers of the Federation Accounts.
“PWC has not only misled and possibly defrauded Nigerians by purporting to have undertaken a forensic audit report and collecting fees for same, but may have abetted a criminal cover-up of fraud in its role in the investigation”, Adeola pointed out.
The PAC chairman, therefore, called on the incoming government to investigate the PWC for it role in the shady saga that had now unfolded and report them to such bodies as International Federation of Accounts, IFAC and ICAN to face disciplinary actions.

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