Monday, 4 May 2015

Reps Urge Gen. Buhari to Probe PWC Over Poor Forensic Report

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The incoming administration of General Muhammadu Buhari has been called upon to probe and sanction PriceWaterCoopers, PwC, the international firm that audited the account of Nigerian National Petroleum Corporation, NNPC, for allegedly doing a shoddy forensic audit of the corporation, with regards to the missing $20 billion.

Honorable Solomon Adeola, chairman, House of Representatives Committee on Public Accounts and Senator-elect, made the call yesterday while speaking with journalists in Abuja.
It would be recalled that the immediate past Central Bank of Nigeria, CBN governor, now Emir of Kano, Alhaji Sanusi Lamido Sanusi, had earlier alleged that $20 billion was missing from the corporation’s coffers.
Adeola also called on the incoming government to suspend PricewaterCoopers in carrying out any financial audit or investigation on behalf of the Federal Government of Nigeria or any of its agencies with immediate effect.
Adeola, who is now Senator-elect for Lagos West Senatorial District, while reacting to disclosures by PWC that it did not actually carry out full audit of NNPC accounts, maintained that his committee had long ago noticed there was foul play in the PricewaterCoopers report.
According to him, “now, PriceWaterCoopers have said there is no report, 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.
“There were a lot of figures in the air where there was $4.985 billion as against $1.485 billon. And if a reputable firm like PricewaterCoopers could go to that level, I think it is only fair and proper for such body to be reported to the International Federation of Accounting and also to the Institute of Chartered Accountants of Nigeria, ICAN, which I believe that firm is an affiliated body,” he stated.
He maintained that PWC should be able “to explain their role in this $20 billon saga.
“PricewaterCoopers has collected audit fee from the Federal Government. If there was no audit carried out, if there was no report submitted, I think they should go ahead and refund back into the Federal Government coffers the amount collected by this body in carrying out this audit exercise, failure of which it should be met with very stiff disciplinary action from the Federal Government and relevant professional bodies.
“Because, for a highly rated reputable auditing firm to come out to Nigerians and release such reports shows there is more to it. And also all investigation or audit exercise that has been carried out by PricewaterCoopers for the last couple of years should be revisited with immediate effect by the incoming administration.
“And don’t forget that during the oil subsidy issue PricewaterCoopers was engaged to carry out audit exercise of this particular issue.
“I also implore the incoming administration to carry out verification of report submitted on this particular matter by PricewaterCoopers on the issue of oil subsidy.

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