Missing $20bn: Nigerians Demand Forensic Audit Report

Dr Brimah Protests

by Comrade Timi Frank

This is what they told us:

“That all parties, i.e. CBN, NNPC, Ministry of Finance and Ministry of Petroleum Resources  had resolved through reconciliation undertaken by them that $47billion had been received into the Federation Account out of the total oil lifting valued at $67billion between January 2012 and July 2013.”

……..Report of the Senate Committee on Finance on the missing $20billion

Jonathan and Diezani, the 'oil godess'
Jonathan and Diezani, the ‘oil godess’

“We at the Ministry of Finance have for two years been reconciling these figures with the NNPC to know what they are supposed to remit to the Federation Account. Our feeling is that the only way is to have a forensic audit that would let Nigerians know the issue. There is a forensic audit that the government has approved and it is being done by PricewaterhouseCoopers (PwC) under the supervision of the Auditor General for the Federation  and they said they need 12 to 16 weeks to do that and all these would be clarified.”

……Minister of Finance and Coordinating Minister for the Economy, Mrs. Ngozi Okonjo-Iweala, at the 24th World Economic Forum on Africa in May.

“Initially, it was $48bn, then $20bn; but the figure we have always had is $10.8bn. I am the Minister of Finance; if money is missing, I want it – to use it for good things for the country and that was why when we went to the Senate; we demanded for forensic audit. The President supported it and asked for it to be done. We engaged PwC with the Auditor General of the Federation taking the lead. They asked for 16 weeks to complete the work; they have spent 11 or 12 weeks so far and they will be done in a couple of weeks.”

……..Okonjo-Iweala, at the Financial Times Africa Summit 2014 in London on October 6th.

Nigerians demand for the report of the forensic audit on the missing $20billion or $10.8billion (according to OkoNjo-Iweala).

They told us 16 weeks (4 Months)
Now it is over 24 weeks (6 Months)

We hope the PricewaterhouseCoopers (PwC) is being mindful of its international reputation on this matter. Hope they know that this is a national issue and the world is waiting to see whether they will uphold their integrity and credibility.


Finally, Madam Minister why the delay on the Forensic audit report?



Comrade Timi Frank
Twitter: @iamtimifrank
Email: [email protected]
Website: www.timifrank.com