The recently concluded forensic audit carried out by PriceWaterhouseCoopers on unremitted funds due to the Federation
Account has indicted the Nigerian National Petroleum Corporation (NNPC)
and the Nigerian Petroleum Development Company (NPDC).
Both organisations are to refund at least $1.48 billion to the Federation Account.
Based on the information available to PriceWaterhouseCoopers and from
the analysis, the audit firm submitted that NNPC and NPDC should refund
to the Federation Accounts a minimum of $1.48 billion.
In addition to the report, PriceWaterhouseCoopers recommended that
the NNPC model of operation must be reviewed and restructured as the
current model which had been in operation since the creation of the
corporation could not be sustained.
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