MISSING $49BN: WHY WE CAN’T AUDIT NNPC ACCOUNTS - AUDITOR GENERAL

The Senate Committee on Finance probing the alleged missing $49.8 billion oil money was told on Wednesday that the office of the Auditor General of the Federation(AGF) lacks the constitutional powers to audit the accounts of the Nigerian  National Petroleum Corporation(NNPC).

The AGF, Mr Samuel Ukura, who made the disclosure before the committee said that the 1999 Constitution did not allow the office to audit the NMPC.

He, however, said that his efforts in checking the corporation were limited to routine checks.
The committee had asked the Auditor-General to explain the link between what he called routine checks and the probe being conducted by the committee.

He however cited section 85 of the 1999 Constitution  and stated that the laws did not empower his office to  audit the accounts of the NNPC  even though he conduct routine checks on the accounts .

Senator Makarfi had told the sitting : “We want you to, in writing confirm to us what you are  checking in the NNPC accounts Does it cover what we are looking for. We will only make further directives on this matter when you write letter to us to tell us whether or not what you are doing covered our own area of investigation”
Also on Thursday, the senate hearing learnt of the confusion over the sum of $2 billion said to have been committed to third party  financing by the NNPC.

The corporation had earlier submitted some uncertainties.

Group Managing Director of NNPC, Andrew Yakubu,  who appeared before the committee, said that the NNPC would withdraw the memo and represent on a latter day.

He said: “In view of the confusion there is need to further clarify and align figures. So we will withdraw the submission and present it again.”

Speaking in an interview after the  sitting the  GMD said: “It is good that we have this opportunity to drill down to the dynamics of these funds and that is what we have been saying all along. We cannot take it on the face values without looking at the details. Now we are going into detailed disbursements of these money. A substantial frame has gone back to the federation account and that is what we have been saying that if we had been patient enough to go into the details, we would be able to see them. Yes, we captured $2bn but we are seeing clearly in our details that it was actually $2.4bn and a substantial part of it had gone back to the federation account.”