NNPC Missing $20Billion: Senator- Elect Wants Punitive Action Against PWC

Please find below, a press release from the office of the Chairman, House Committee on Public Accounts.

The Senator-Elect for Lagos West Senatorial District and Chairman of the House of Representatives Committee on Public Accounts, Hon. Solomon Adeola has called on the incoming Federal Government and relevant financial and auditing regulatory bodies to appropriately sanction the auditing firm, PriceWater House Coopers (PWC) for misleading and decieving Nigerians on the issue of the missing $20billion NNPC fund as alleged by the former CBN governor and present Emir of Kano, Alhaji Sanusi Lamido Sanusi.

Speaking to journalists against the backdrop of revelations from the ‘Forensic’ Audit Report of the Missing NNPC $20billion and the disclosure by PWC that it did not really audit NNPC accounts contrary to impression created, Hon. Adeola said his Committee that addressed the Press on the need to make the report public as there appears many shortcomings in the procedure for engaging PWC and its subsequent work has been vindicated on its alarm that an unprofessional work might have been done to deceive Nigerians on the weighty allegation of missing billions of dollars .

“From the disclosures by PWC on its work, there is no audit report on the missing money much less a ‘forensic’ audit report. From what was done by PWC, only a review and compilation of some figures was done resulting in different figures from $1.4billion to $4.3billion being bandied for refund by NNPC to the coffers of the Federation Accounts” he stated adding that PWC not only misled and possibly defrauded Nigerians by purporting to have undertaking a forensic audit report and collecting fees for same but may have abetted a criminal cover up of fraud in its role in the investigation.

The senator-Elect called on the incoming Federal Government to investigate the PWC for it role in the shady saga that has now unfolded and report them to such bodies as International Federation of Accounts (IFAC) and ICAN to face disciplinary actions adding that the accounting firm should be suspended and prevented from further participation in similar exercise undertaken by the Federal Government.

“For such a highly rated auditing firm to release such a report is dangerous and unethical. Indeed all other reports by PWC for the Federal Government should be investigated as they were also involved in the Fuel Subsidy Investigation and they should be made to refund money for work not done or done appropriately” Hon. Adeola stated.

The Lagos West Senator-Elect commended the incoming administration for its promised to revisit the issue of missing NNPC fund as a step in the right direction adding that the deceptive cover up role of PWC in this investigation must not be overlooked as it strikes at the heart of our constitutional provisions and the development of Nigeria.

“We are talking about $20billion and not millions. This is almost the budget of Nigeria for about two years” Hon Adeola stated.