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Ngozi Okonjo-Iweala, Nigeria's Minister of Finance, calls for 'forensic audit' over NNPC's unremitted $20billion funds

13/02/2014 19:42

Ngozi Okonjo-Iweala, the Coordinating Minister for the Economy, on Thursday in Abuja called for independent forensic audit to resolve the puzzle over unremitted $20billion funds to the CBN.


Okonjo-Iweala made the call at the Senate Committee on Finance hearing on the alleged missing $20billion.
"Let us now focus on the original $10.8billion, which was the shortfall we had as at July 2013.
"Another reconciliation meeting was held at which NNPC presented data of how they utilised the balance of $10.8billion.
According to her, the data presented are all certified by Petroleum Products Pricing Regulatory Agency.
She said the reconciliation committees called for backup documents to enable it verify the certified papers.
"Our judgment is that a proper examination of these documents requires technical expertise beyond the capacity of the reconciliation team.
"Therefore, we believe we should have an independent forensic audit to manage these submissions," she said.
She said that the $20billion alleged by the CBN as missing, featured in the original reconciliation effort in the cascade presented by NNPC.
She said that the committee agreed that the issues surrounding the alleged fund was legal and required careful legal interpretation.
Earlier, the chairman of the committee, Ahmed Makarafi, had charged reconciliation group to carry out the forensic audit and get back to the committee in one month.
He said that the committee would reconvene on February 20 to enable the Attorney General of Federation to give a legal advice on the issue.

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