Missing $20 Billion - Summary Of The NNPC Forensic Audit Report

Summarized by www.thesummary.com.ng. It's looks as if Emir of Kano, Lamido Sanusi was right about on the missing $20 billion after all. The report of forensic audit of NNPC was released to the public yesterday. Below 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 environmental 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