New Twist in Alleged Missing $20Bn Oil Money Probe

A dramatic twist was added to the alleged missing $20 billion oil money as Mr. Samuel Ukura, auditor general of the Federation, yesterday, told the Senate Committee on Finance investigating the disappearance of the money that his office lacked the constitutional power to carry out forensic audit on Nigerian National Petroleum Corporation (NNPC) account.

Citing section 85 of the 1999 Constitution, the auditor-general, informed the committee that his office lacked the constitutional power to audit the accounts of the NNPC

Mallam Lamido Sanusi, suspended, governor og Central Bank of Nigeria (CBN) had raised the alarm that the $49.8 billion, which was supposed to be remitted to the coffers of the Federal Government through the nation’s apex bank was nowhere to be found.

Sanusi’s allegation and petition to the Senate Committee led to the ongoing probe of the missing fund where Dr. Ngozi Okonjo-Iweala , coordinating minister for the economy and minister of Finance, had told the committee that she was going to hire foreign experts for forensic audit of NNPC.

NNPC submission at the hearing has been marred by confusion.

The Senator Ahmed Makarfi-led committee then asked auditor-general of the Federation to explain the link between routine checks by his office in NNPC and the committee’s investigation.

Okura was asked to furnish the committee with information on whether the periodic checks his office carries out in the NNPC had to do with the subject matter of its investigation.

The auditor-general, citing section 85 of the 1999 Constitution, informed the committee that his office lacked the constitutional power to audit the accounts of the NNPC, but that he had begun a routine check on the corporation as provided for in the constitution.

Said Makarfi: “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 a letter to us to tell us whether or not what you are doing covered our own area of investigation.”

On the confusion generated by an earlier memo submitted to the committee, Andrew Yakubu, group managing director of NNPC, informed the lawmakers that, “in view of the confusion, there is the need to further clarify and align figures. So, we will withdraw the submission and present it again.”

The committee had pointed out that figures in the memo as read out during yesterday’s hearing were confusing as they did not add up to the $2.4 billion earlier claimed by the NNPC.

In her submission to the committee yesterday, Dr. Sarah Alade, acting governor of the Central Bank of Nigeria (CBN), said that the apex bank will remain on the side of the law with respect to what fraction of the revenue generated by the NNPC should be remitted to the Federation Account.