PWC Report: Diezani Orders NNPC To Pay Up $1.48b Debt

PWC Report:  Diezani Orders NNPC To Pay Up $1.48b Debt

THE Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has allegedly directed the Nigerian National Petroleum Corporation (NNPC) to defray $1.48 billion remittances due to the Federation Account by the Nigerian Petroleum Development Company (NPDC) an upstream subsidiary of the NNPC, being signature bonus, taxes and royalties on the assets transferred to the firm.
However, the Corporation insists that the forensic audit report on the alleged missing $20bn unremitted oil revenue carried out by PriceWaterhouseCoopers, did not indict it.
A release signed by the Group General Manager, Group Public Affairs Division of the NNPC, Ohi Alegbe, said that the audit report absolved the Corporation of culpability over the allegation of non- remittance of $20bn adding that that the release of the forensic audit report has finally laid to rest the controversy surrounding allegations of “missing oil revenue” or non-remittance to the Federation Account.
Alegbe explained that contrary to speculations by some quarters, the Corporation was not indicted in the Forensic audit report as the $1.48bn that the audit firm recommended the Corporation to remit to the Federation Account was not part of the alleged unremitted revenues from crude lifting.
It hinted that the $1.48bn was never in dispute because it comprised statutory payments such as signature bonus, taxes and royalties, which are statutory payments that come with assets acquisition.
It stated that the delay in payment was due to the reconciliation processes between the Department of Petroleum Resources (DPR) and the NNPC.

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