Buhari tell Jonathan to..., ordered audit into Nigeria's oil company
found that it needs to be completely and urgently overhauled, after
corruption scandals and suspect spending have tarnished its reputation.
Outgoing president Goodluck Jonathan's administration hired PriceWaterhouseCooper to audit the Nigeria National Petroleum Company (NNPC) in 2014, after the firm was accused of misappropriating roughly $20 billion (18.3 billion euros) in public funds through 2012 and 2013.
Outgoing president Goodluck Jonathan's administration hired PriceWaterhouseCooper to audit the Nigeria National Petroleum Company (NNPC) in 2014, after the firm was accused of misappropriating roughly $20 billion (18.3 billion euros) in public funds through 2012 and 2013.
The accusation came from then central bank governor Sanusi Lamido Sanusi, who was sacked after he made the charge publicly.
The PwC audit did not entirely support the allegations levelled by
Sanusi, who has since become the Emir of Kano, Nigeria's second most
powerful Islamic cleric.
The audit found that NNPC only paid $50.81 billion into the federation
account out of the $69.34 billion it received from crude sales in 2012
and 2013.
It said the outstanding balance of $18.53 billion was spent on various
operational costs, many of which were frivolous and wasteful
