PriceWaterHouse Coopers audit firm had instructed that the NNPC returns unspecified amount of money to the federation account after an audit by the presidency some months back.
The Minister of Petroleum Resources Mrs. Diezani Alison-Madueke, on Wednesday disclosed that the Nigerian National Petroleum Corporation has started refunding the $1.48bn unremitted fund into the Federation Account as recommended by an audit firm.
She said that,
The PriceWaterHouse Coopers forensic audit that was done few weeks ago in his recommendation mentioned that $1.48bn was owed by the NPDC for a block that had hitherto been assigned from the NNPC to the NPDC which is its subsidiary
They felt that the right process would be that the NPDC will refund that money to the Federation Account. The NPDC has apparently started those refunds and it is also in discussion with the NNPC and the DPR on same. So the refund has actually began
The sum was not missing but transferred by the NNPC to the NPDC.
Nigerians are asking if this is because of the president-elect, General Muhammadu Buhari as he had make it clear that he will prosecute all corrupt officials.
Doy News