Missing $20bn: Forensic Audit Needed To Unravel This Mystery – Okonjo-Iweala

Must Read

Minister Arrested Over Shooting Incident

Babu Owino, an Embakasi East Member of Parliament has been arrested by police over the shooting incident that took...

Video: Serving Minister Shoots DJ Inside A Night Club

A video has surfaced showing a serving minister shooting a DJ at a club. According to online reports, the Kenyan...

Police Arrest Mom, Grandparents For Locking Children In Wooden Cages

The Police in Alabam, US, has arrested a mum, grandmother and grandfather for allegedly locking children in cages. The suspects...

Ashley Young Completes Medical With Inter Milan

Englishman, Ashley Young has completed his medicals with the Italian side, Inter Milan. The wing-back would now join the Nerazzurri...

EFCC Detains Benue Assembly Clerk, Wife, Two Daughters Over N220m Fraud

  The Economic and Financial Crimes Commission (EFCC) as arrested Torese Agena, clerk of Benue state house of assembly, over...


The Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, on Thursday in Abuja called for independent forensic audit to resolve the puzzle over unremitted funds to the CBN.

Okonjo-Iweala made the call at the Senate Committee on Finance hearing on the alleged missing 20 billion dollars.

The News Agency of Nigeria (NAN) reports that Minister of Petroleum, Mrs Deizani Alison-Madueke, was also at the hearing.

Also at the hearing were NNPC Group Managing Director, Mr Andrew Yakubu, and CBN Governor, Mallam Lamido Sanusi.

“Let us now focus on the original 10.8 billion dollars which was the shortfall we had as at July 2013.

“Another reconciliation meeting was held at which NNPC presented data of how they utilised the balance of 10. 8 billion.

“This includes amount withheld for subsidy 8. 76 billion dollars, holding cost of strategic reserve 0. 4599 billion and pipeline crude oil and product losses of 0. 761 billion.

“There was also pipeline management at the cost of 0. 905 billion dollars,” the minister said.

According to her, the data presented are all certified by Petroleum Products Pricing Regulatory Agency (PPPRA).

She said the reconciliation committees called for backup documents to enable it verify the certified papers.

“Our judgment is that a proper examination of these documents requires technical expertise beyond the capacity of the reconciliation team.

“Therefore, we believe we should have an independent forensic audit to manage these submissions,” she said

She said that the 20 billion dollars alleged by the CBN as missing featured in the original reconciliation effort in the cascade presented by NNPC.

She said that the committee agreed that the issues surrounding the alleged fund was legal and required careful legal interpretation.

Earlier, the chairman of the committee, Ahmed Makarafi, had charged reconciliation group to carry out the forensic audit and get back to the committee in one month.

He said that the committee would reconvene on Feb. 20 to enable the Attorney General of Federation to give a legal advice on the issue. [NAN]

- Advertisement -


Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -