NNPC to refund $1.48billion, audit report indicts the corporation

The forensic audit conducted by audit firm, PriceWaterHouseCoopers on behalf of the Federal Govt to investigate the financial transactions within the Nigerian National Petroleum Corporation, (NNPC) has indicted the management of the NNPC for various questionable transactions.

The federal government had contracted the auditing firm in March last year to investigate allegations of financial impropriety within the corporation after Former CBN Governor, Sanusi Lamido Sanusi raised an alarm that $20m was missing from the coffers of the NNPC.

President Jonathan received the report from the audit firm on Monday February 2nd.

According to Premium Times, part of the recommendations in the audit report includes the Nigerian Petroleum Development Company, NPDC, the upstream subsidy of the NNPC, refund about $1.48billion to the Federation Account for various un-reconciled transactions.

More details of report later.