NNPC Refunding $1.48bn After Claiming No Money Is Missing

The fear of General Buhari is sweeping across the corrupt institutions in Nigeria even before May 29.



Minister of Petroleum, Diezani Alison-Madueke, on Wednesday confirmed that the NNPC has started the process of refunding the $1.48bn unremitted fund into the Federation Account as recommended by an audit firm, PriceWaterHouse Coopers. But before Buhari defeated Goodluck Jonathan, the same NNPC claimed that no money is missing.


PriceWaterHouse Coopers had in the report of its forensic audit report of the corporation recommended that the NNPC should refund the amount to the Federation Account. Alison-Madueke however explained that the unremitted fund was owed by the NPDC for a block that had been assigned from the NNPC to the NPDC. She said, “The PriceWaterHouse Coopers forensic audit that was done few weeks ago in his recommendation mentioned that $1.48bn was owed by the NPDC for a block that had hitherto been assigned from the NNPC to the NPDC which is its subsidiary. “They felt that the right process would be that the NPDC will refund that money to the Federation Account. The NPDC has apparently started those refunds and it is also in discussion with the NNPC and the DPR on same. So the refund has actually began.”