Rivers State Commissioner Of Information (Ibim Semenitari) Shares Her Opinion On Report Of $20bn Missing NNPC Fund

Ibim Semenitari Rivers State Commissioner for Information and Strategy shares her opinion on the released report on the probe of $20bn missing NNPC Fund:
Here is what she posted on her Facebook

“IF THIS MAKE YOU ANGRY , YOU ARE IN GOOD COMPANY.

The report of forensic audit of NNPC was released to the public yesterday in accordance with President Goodluck Jonathan's directive. Here are some major points as revealed by the report.


1. $ 980 million was over charged as subsidies on Petrol and Kerosene between January 2012 and July 2013.

2. $3.38bn was spent on kerosene subsidy for the review period.

3. A total sum of $ 13, 637, 077, 362 from sale of domestic crude was not remitted.

4. The following cannot be substantiated due to lack of supporting documents:

i. $ 0.25 billion claimed as NPA charges

ii. $ 59, 324, 737.01 spent on charter Hire services

iii. $ 6, 658, 588.74 of the $ 17, 767, 683.54 claimed as management fee of MT Tuma and MT Oloibiri.

iv. $ 5, 457, 006.98 of the $ 46, 265, 215.13 claimed as crude transport payment.

v. $ 6, 707, 826.05 on marine through put.

vi. $ 11, 896, 654.71 claimed as repair cost on pipeline vandalism.

vii. Management charge out rate claim of $ 59, 712, 530.83

5. The following funds cannot be substantiated due to insufficient supporting documents.

i. $ 10, 257, 161.07 claimed as enviromental remediation.

ii. A capital expenditure of $ 27, 179. 005.48

6. A total sum of $ 305, 885, 083.77 cannot be verified due to exceptions.

7. Both CBN and NPDC did not grant the audit firm access to nor give the requested information to the firm.

And we still wonder why anyone should shout change?”

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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