Call for PWC to account for NNPC funds inquest

PriceWater House Coopers

PriceWater House Coopers

from OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – THE Chairman of Nigeria’s House of Representatives Committee on Public Accounts, Solomon Adeola, has called on the incoming Federal Government to investigate PriceWater House Coopers (PWC).

This follows reports the firm allegedly misled the public on the issue of the missing $20billion Nigerian National Petroleum Corporation fund as alleged by the former Central Bank governor, Alhaji Sanusi Lamido Sanusi.

Adeola, who is the Senator-Elect for Lagos West Senatorial District, said the accounting firm should be suspended and prevented from further participation in similar exercise undertaken by the Federal Government.

He was speaking to media following revelations from the ‘Forensic’ Audit Report of the Missing NNPC $20billion and the disclosure by PWC that it did not really audit NNPC accounts contrary to impression created.

“For such a highly rated auditing firm to release such a report is dangerous and unethical. Indeed all other reports by PWC for the Federal Government should be investigated as they were also involved in the Fuel Subsidy Investigation and they should be made to refund money for work not done or done appropriately,” said Adeola.

He said from the disclosures by PWC on its work, there was no audit report on the missing money much less a ‘forensic’ audit report.

“From what was done by PWC, only a review and compilation of some figures was done resulting in different figures from $1,4 billion to $4,3billion being bandied for refund by NNPC to the coffers of the Federation Accounts.

“PWC not only misled and possibly defrauded Nigerians by purporting to have undertaking a forensic audit report and collecting fees for same but may have abetted a criminal cover up of fraud in its role in the investigation.”

The accounting firm could not be reached for comment.

– CAJ News





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Posted by on May 4 2015. Filed under Energy, Featured, Finance, Finance & Banking, Oil & Gas. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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