Okonjo-Iweala Confirms At Least $10.8bn Missing from NNPC, Pressures Jonathan for Urgent Action

Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala has confirmed that there is a shortfall of $10.8bn in NNPC remittances to the Federation account.

She asked for urgent action with regard to an independent forensic audit of conflicting claims of unaccounted funds made by the Nigerian National Petroleum Corporation (NNPC) and suspended Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamdio Sanusi”.

“My position on this has been clear from the start. The Ministry of Finance’s reconciliation showed a shortfall of $10.8bn in NNPC remittances to the Federation account. After this, the conflicting claims continued with new figures such as $20bn being mentioned, said Mrs Iweala in a statement British Broadcasting Corporation (BBC).

“So since 13th February I have called for an independent forensic audit.

“President Goodluck Jonathan indeed announced last night that there will be an investigation into whether there are any funds missing from NNPC. He also indicated that the correct process needs to be followed in this investigation and I understand that the entity that has the proper authority to initiate such an investigation is the Auditor-General of the federation.

The minister added that that she has called for the probe of the NNPC account by carrying out a forensic audit of the oil corporation’s book.

“I therefore want to see the truth from an investigation under the auspices of the Auditor-General, which in my view should be undertaken as a matter of extreme urgency by independent external auditor.”

The suspended CBN Governor, Sanusi Lamido has earlier blown a lid on a certain $49.8 billion oil revenue which the NNPC allegedly did not remit to the Federation Account, but later capitulated when he agreed during a reconciliation meeting with the Finance Minister, Petroleum Minister and the Group Managing Director of NNPC, that the missing money was no longer $49.8 billion, but $10.8 billion.

But while investigation is ongoing on the missing fund, President Goodluck Jonathan suspended the Central Bank governor last week insisting that his decision to suspend the governor was taken “in absolute good faith, in the overall interests of the Nigerian economy and in accordance with our laws and due process”.

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