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Forensic Audit Report: ‘No Oil Money Missing’

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The Nigerian National Petroleum Corporation (NNPC) has said that the report of the forensic audit carried out on its books by PricewaterhouseCoopers (PwC) did not indict it in anyway.
The Group Managing Director of the NNPC, Dr Joseph Dawha, said at a news conference in Abujaon Wednesday  that the report, rather, absolved NNPC of culpability on all counts.
The managing director, who was clarifying the highlights of the PwC forensic audit report, expressed joy at the successful completion of the exercise.
He said the report had laid to rest the 15-month long controversy over the allegation of missing 49.8 billion dollars.
“The report has clearly vindicated our long held position that the alleged unremitted crude oil revenue was a farce from day one,” he said.
On the issue of the outstanding 1.48 billion dollars, he explained that the amount was the balance of the book value of the divested assets that were transferred to NNPC upstream subsidiary.
Dawha said the amount transferred to its subsidiary, the Nigerian Petroleum Development Company (NPDC), excluded taxes and royalties.
“This does not constitute indictment; rather this value is still being reconciled with the Department of Petroleum Resources (DPR).
“It is pertinent to note that the 1.48 billion dollars is not part of the alleged unremitted revenues from crude oil sales,” Dawha.
He explained that what the DPR sent to NNPC as the estimated value of the assets was 1.847 billion dollars.
He said out of this, the corporation paid over 300 million dollars as a token to indicate its commitment to acquiring the assets pending resolution and reconciliation by NNPC and DPR.
On remittances of proceeds from crude oil sales into the Federation Account from Jan.1, 2012 to July 31, 2013, he said the PwC forensic audit report was clear on this.
He stated that NNPC remitted 50.81billion dollars out of a total of 69.34billion dollars.
He added that the report acknowledged that the balance was spent on petrol and kerosene subsidy as well as the corporation’s operation costs.
He explained that both the Senate Finance Committee probe report and the PwC forensic audit report corroborated the corporation’s position on kerosene subsidy.
He said that subsidy on kerosene was still in force as the presidential directive of Oct.19, 2009 was not gazetted in line with the provisions of the Petroleum Act of 1969.
Dawha explained that though the forensic audit report recommended a review of the laws to stop NNPC from deducting its costs and expenses from crude oil sales proceeds, they were not illegal.
He, however, stated that the management of NNPC fully supported the ongoing process of reviewing the laws governing its operations.
He said the corporation had commenced internal transformation ahead of the passage of the Petroleum Industry Bill (PIB) which was currently undergoing legislative processes at the National Assembly.
He called on the media to eschew sensationalism and help disseminate the facts regarding the alleged missing money as contained in the reports of the various probes.
He urged Nigerians to shun malicious reports linking the corporation with missing or unremitted oil revenue.
He said that the various probe reports, including the latest PwC report, had clearly stated that “no oil money is missing”.

Executive Director, MCC Nigeria Ltd, Mr. Nelson Jaja (left) in a handshake with Chief Nabil Saleh (right), during the Garden City Corporate Award in Port Harcourt recently. With them is Mr. Saleh Habib.       Photo: Egberi A. Sampson

Executive Director, MCC Nigeria Ltd, Mr. Nelson Jaja (left) in a handshake with Chief Nabil Saleh (right), during the Garden City Corporate Award in Port Harcourt recently. With them is Mr. Saleh Habib. Photo: Egberi A. Sampson

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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