The Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Nigerian Petroleum Development Company (NPDC), have been indicted by PricewaterhouseCoopers (PWC), which carried out an extensive forensic audit of unmerited funds to the Federation Accounts.
Auditor General for the Federation, Mr. Samuel Ukura, released the report in Abuja on Thursday.
Part of the recommendations is that the two organisations should refund about $1.48billion to the Federation Account for various transactions.
The Federal Government had last year commissioned PWC to look into the finances of the corporation following allegations made by former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi that the corporation had diverted over $20 billion meant for the government.
Sanusi, who is now the Emir of Kano, had written a letter to President Goodluck Jonathan that $49bn was not remitted to the Federation Account by the NNPC.
But following the controversy which the letter generated, a committee was set up to reconcile the account.
Sanusi later recanted and said the unmerited fund was $12bn which he later changed to $20bn.
He was later sacked by President Jonathan after he was accused of “financial recklessness”.
Minister of Finance, Ngozi Okonjo-Iweala, announced the appointment of PWC in April 2014 to conduct a detailed investigation into the accounts and activities of NNPC.
The minister said the investigation, under the supervision of the Office of the Auditor-General of the Federation, would take about 16 weeks.
PWC only submitted the report to Jonathan on Monday, February 2, 2015.
