Missing $20bn: Senate forensic report ready next week

....as NNPC deny missing money
ABUJA—THE Senate Committee on Finance
investigating the alleged failure of the Nigerian
National Petroleum Corporation to remit $20 billion
into the Federation Account said yesterday that the
forensic report of consultants the committee hired
to look into the account of the NNPC on the missing
fund would be ready next week.
He however clarified that the forensic audit was
carried out on the $2.1 billion which was the third
party financing as the senate does not have the
required financial resources to hire a forensic
expert that would conduct audit of the entire account
of the corporation.
Speaking at the investigative hearing on the alleged
unremitted fund, Chairman of the Senate Committee
Finance, Senator Ahmed Makarfi has also given the
Petroleum Product Pricing Regulatory Agency,
PPPRA, two weeks to submit details on certification
of subsidy for Kerosene and fuel from July 2013 to
December 2013.
Makarfi said, “We found out that they (Ministry of
Finance) don’t have the legal basis to hire forensic
experts. As a committee we cannot appoint auditors
to go into the executive arm but we can go
anywhere and ask anything.
“But if we go do we have the financial capacity to do
that. No! but there must be forensic audit. and since
we are all interested in this forensic audit, the
president can direct that forensic audit be carried
out”
He added that the Auditor General even though the
constitution says he cannot appoint the auditor he
can recommend auditors from corporations and he
can do this special investigation which technically
is the same thing as auditing.
He said, “We have to find a legal and constitutional
way of doing something so that someone would not
challenge it on the basis of law because you don’t
know what you are going to find out that’s why we
demanded that the report of the auditor general on
the forensic audit should be made directly to the
National Assembly.”
Makarfi therefore said that the outcome of the probe
being carried out by the Auditor – General would
form the basis for whatever action that the National
Assembly may wish to take because it can rely on
the auditor general’s report.
The Senator Ahmed Makarfi-led committee has also
given the Petroleum Product Pricing Regulatory
Agency, PPPRA, two weeks to submit details on
certification of subsidy for Kerosene and fuel from
July 2013 to December 2013.
The authorities of PPPRA had requested that the
senate committee should give them three weeks to
get all the necessary information on the certification
of subsidy for kerosene and fuel for six months, but
the committee gave the agency two weeks to that
affect.
Speaking at the investigative hearing on the alleged
unremitted fund, Chairman of the Senate Committee
Finance, Senator Ahmed Makarfi said the committee
was waiting for the report of the independent
consultants appointed by the committee to carry out
forensic examination and audit of expenses incurred
by NNPC which would be ready next week.
Senator Makarfi who said that the committee had
decided to stand down any other assignment so as
to conclude investigations on the alleged missing
funds further said that the Auditor-General of the
Federation had written formally to the committee
confirming he was conducting forensic checks on
the said unremitted funds.
No money is missing, NNPC insists
But the Group Managing Director, Mr. Andrew
Yakubu insisted that there were no missing funds,
adding that each business is governed by different
business arrangement.
He said, “We have given a detailed account, no
money is missing, each business is governed by a
different business arrangement, if you do not trace
it to the business arrangement and the governance
structure, you will not understand.
“Now you heard here, we had under lifting and
reconciliation are held quarterly, when you say to
reconcile, you will be able to balance your books
and come up with the true position of things.