NNPC finally remits missing “1.48bn dollars” Diezani Alison-Madueke

In a recent development!Petroleum Minister,on wednessday while addressing State correspondents disclosed that Nigerian National Petroleum Corporation has started refunding the ‘notorious‘$ 1.48bn unremitted fund into the Federation Account as recommended by an audit firm, PriceWaterHouse Coopers.

The Federation Account Allocation Committee had on Monday night constituted a committee to find reasons for the initial delay in the refund of the sum.

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.

In her words, “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.”

Mrs Alison-Madueke further insisted that the sum was not missing but transferred by the NNPC to the NPDC. Hope this is a good sign of clean up in governance.