A new report by the Office of the Auditor-General of the Federation has indicted the Nigerian National Petroleum Company Limited (NNPCL) for questionable expenditures totalling about N684 million on abandoned projects, unexecuted contracts and irregular procurements.
The findings are contained in the 2022 Auditor-General’s annual report, an 808-page document recently submitted to the National Assembly in compliance with the Constitution.
The audit paints a troubling picture of weak controls, opaque transactions and potential diversion of public funds by the state-owned oil company.
MESSAGE us @ https://Wa.me/+2348072633727 / 08072633727 for business & brand promotion/relationship/partnership, Advert, PR, Publicity, Awareness, Interviews, Feature Stories, Press Release/Statement and any task related to Media…
The report shows that NNPCL made several payments without evidence of project execution, renewed contracts irregularly, and failed to enforce financial regulations designed to safeguard public funds.
In some cases, auditors found no proof of work done despite full payments to contractors.
According to the report, making payments on abandoned contracts violates the Nigerian Constitution and Financial Regulations (FR) 3104 and 3106 (2009), which govern the economy and accountability in public expenditure.
https://youtube.com/@dehonourables?si=ZJwWbyQJAybS5htG
The regulations specify: “Where a contractor or supplier who is paid a mobilisation fee for a job fails to perform after collecting the fee, he shall be given 30 days’ notice to refund the money. Failing which, the mobilisation fee shall be recovered en bloc, and the contractor shall be blacklisted and referred to the Economic and Financial Crimes Commission (EFCC) for prosecution.”
Similarly, FR 3104(ii) states: “Where a contractor presents a false certificate of completion and is paid, he shall be given 21 days to complete the job or refund the full contract sum. In addition, the contractor shall be referred to the EFCC for prosecution.”
Morocco will now face Senegal in the final of the competition. Hosts Morocco, known as…
Nigeria is set to pass the National Digital Economy and E-Governance Bill, positioning it among…
News Update Visa applicants from Nigeria, Somalia, and Russia will now face fresh uncertainty as…
FG signs, unveils renegotiated agreement with ASUU THE federal government has finally signed a renegotiated…
...Party projects 9 million The All Progressives Congress (APC) has announced that more than two…
THE first set of Ambrose Alli University Students arrested by the police over the anti-kidnapping…