General News
Reps Seek Sanction for PwC over Missing $20Bn
House of Representatives Committee on Public Accounts has urged the incoming government of President-elect Muhammadu Buhari and regulators of the accounting profession to probe and sanction PricewaterhouseCoopers (PwC) over “unprofessional auditing” of the alleged missing $20 billion oil funds.
Solomon Adeola, is chairman, added that any amount paid to the company for the audit of the accounts of the Nigeria National Petroleum Corporation (NNPC) should be recovered by the Federal Government “because no auditing was done”.
Adeola, who spoke in Abuja with reporters on the purported release of the forensic audit report by the firm, said it was meant to mislead, deceive and to send wrong signal to the citizens.
He hailed Gen. Buhari for signaling his resolve to probe the alleged missing oil money after taking over from President Goodluck Jonathan’s government at the end of the month.
He said: “There is need for us to revisit and know the truth behind this particular issue. Where is this $20 billion? Is it really missing? This is not N20 billion; it is billions of dollars, which represent more than two years’ budget of this country in terms of funding.
“If you could remember, there was a press statement by this committee, where we requested that this all important forensic report be laid before the National Assembly, and a copy sent to this committee within a specified period of time.
“This was because we noticed there was some foul-play in that particular report as submitted by this reputable firm, the PricewaterhouseCoopers, where in that report it was adjudged that the amount of money that the NNPC ought or need to pay back was just $1.485 billion.
“Now, the PwC has said there was no report and that what they did was not a forensic audit, but just gathering of information; that a lot of documents were not released to them to carry out this exercise.
“But prior to now, all these were not brought to the notice of this country and the country has been deceived all along.
“And if a reputable firm like PricewaterhouseCoopers can go to that level, I think it’s only fair and proper for such body to be reported to the International Federation of Accounting, Association of Conference, and also to the Institute of Chartered Accountants of Nigeria; and to face disciplinary action of all these bodies by explaining their role in this $20 billion saga.”
He called on the incoming government “to henceforth suspend PricewaterhouseCoopers from carrying out any financial audit or investigation on behalf of the Federal Government or into any of its agencies with immediate effect.
“And not only that, it has collected audit fees from the Federal Government. If there was no audit carried out and if there was no report submitted, I think they should go ahead and refund back into the Federal Government coffers the amount collected in carrying out this exercise; failure which should be met with very stiff disciplinary action from the Federal Government and relevant professional bodies.”
He said for a highly rated firm like PwC to be allegedly involved in such financial saga showed that “there is more to it”.
Adeola said all audit exercises and investigations that have been carried out by PwC in the past few years should be revisited by the incoming government.
According to him, this should include the oil subsidy report tendered by PwC.
“Don’t forget during the oil subsidy issue, PricewaterhouseCoopers was engaged to carry out audit exercise. I also implore the incoming administration to carry out verification of the report submitted on the issue of the oil subsidy,” he said.
The lawmaker said his committee and the National Assembly have been vindicated in their insistence that the report was fraudulent.
“We must get to the root of this matter, and we must address this issue once and for all,” he said.
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
The Standards Organisation of Nigeria (SON) says it is intensifying efforts to standardise locally manufactured products, including Made-in-Aba brands, in order to enhance both local and international acceptance.
Aharanwa Chuks, Director of Region (South East), SON, communicated this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
Chuks said through the Mandatory Conformity Assessment Programme (MANCAP), SON ensured that all Nigerian-made products conformed to the relevant Nigerian Industrial Standards (NIS).
According to him, MANCAP involves direct engagement with manufacturers to certify that their products meet established quality benchmarks.
“This process includes inspecting production facilities, sampling products and testing them against NIS requirements.
“Successful compliance results in the issuance of the MANCAP certification, signifying adherence to quality standards.
“In Aba, SON has been proactive in educating manufacturers about standardization.’’
The director said SON also conducted stakeholder interactions; gathering manufacturers from various sectors to provide guidance on producing goods that met both local and international standards.
“For instance, leather manufacturers in Aba have been sensitized on standardization practices to enhance the global competitiveness of their products.
“Manufacturers are encouraged to collaborate with SON to obtain MANCAP certification, ensuring their products are not only marketable within Nigeria but also competitive internationally.
“This initiative aims to boost consumer confidence and promote the acceptance of Made-in-Aba products globally,” Chuks said.
Operatives of the Economic and Financial Crimes Commission (EFCC), has busted a Ponzi Scheme Academy and arrested 133 suspects in Abuja.
They were arrested at the Compensation Layout in Gwagwalada area of the Federal Capital Territory, FCT, Abuja, following actionable intelligence on the existence of the Academy.
The Academy, named Q University (a.k.a Q-Net) is in the business of recruiting gullible young Nigerians who are trained to recruit more gullible citizens into the scheme with the promise of getting unrealistic profit returns.
The suspects are enrolled into a training codenamed: “Special Training for New Generation Billionaire” and brainwashed to believe that they would graduate into the league of billionaires.
They got into the training by obtaining a form the promoters called “Independent Representative Application Form” with promotional slogans such as: “I’m a Champion” “I’m Unstoppable”, “I’m Infinity”, among others.
The EFCC carried out the operation in collaboration with officers and men of 176 Guards Battalion, Nigerian Army.
Items recovered from the suspects include phones, computers and other electronic gadgets.
They will be charged to court as soon as investigations are concluded.
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