Over missing $20bn, Reps panel wants pricewater house cooper probed

Report gathered that the House of Representatives Committee on Public Accounts on Sunday asked the Federal Government and its agencies to stop further dealings with Pricewater House Cooper,   the firm that investigated the alleged $20bn missing oil money.

The committee said considering the controversy generated by the firm’s report on the missing money,   the International Federation of Accounting and the Institute of Chartered Accountants of Nigeria should   probe   past audits carried out on behalf of the Federal Government the PwC.

A former Central Bank of Nigeria Governor and now the Emir of Kano, Muhammadu Sanusi had last year   raised the alarm that   the Nigerian National Petroleum Corporation did not remit the said sum to the federation account.

Initially,   Sanusi had   said   in a letter he wrote to President Goodluck Jonathan   that $49bn was not remitted by the corporation.

However, as a committee appointed by government set out   to reconcile the accounts of the NNPC, Sanusi recanted and said the amount was $12bn. In the weeks that followed, he changed the amount involved to $20bn.

The House Committee on Public Accounts, in its first official reaction to the report, noted that the firm “deceived” Nigerians by not telling the truth about its findings.

Its Chairman,   Solomon Olamilekan, stated in Abuja that while the PwC made Nigerians to believe all along that it conducted a forensic audit on the missing fund , it had now admitted that the auditing   was not detailed.

Olamilekan observed that from the initial $1.4bn the firm recommended that the NNPC should remit to the Federation Account, other figures had emerged.

He said, “The PwC is now saying that there was no forensic audit; that a lot of documents were not released to them.


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