KPMG indicts NNPC over $65 million demurrage Reviewed by Momizat on . An official of KPMG, an audit firm, has revealed that the inefficiency of the Nigerian National Petroleum Company (NNPC) in the payment of demurrage on imported An official of KPMG, an audit firm, has revealed that the inefficiency of the Nigerian National Petroleum Company (NNPC) in the payment of demurrage on imported Rating:
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KPMG indicts NNPC over $65 million demurrage

An official of KPMG, an audit firm, has revealed that the inefficiency of the Nigerian National Petroleum Company (NNPC) in the payment of demurrage on imported fuel at the ports has cost the country $65 million.

The official of the audit firm, Mr Dimeji Salaudin disclosed this when he appeared before the Senate Committee investigating the management of fuel subsidy in the country.

Mr Salaudin also told the committee that the Petroleum Product Pricing Regulatory Agency (PPPRA) overpaid oil marketers a whopping N25 billion in subsidy.

The Senate committee had summoned KPMG on Thursday over its failure to tender vital documents relating to the fuel subsidy scheme.

Not wanting to incur the wrath of lawmakers, two officials of audit firm KPMG appeared before the senate committee investigating the management of the fuel subsidy scheme.

The Minister of Finance had commissioned the international auditing firm in 2010 to review the subsidy regime from January 2007 to June 2010.

Giving details of the report, the KPMG representative said they discovered from their investigations that documents from the PPPRA to pay oil marketers were doctored.

The KPMG official also faulted the governance framework of PPPRA describing it as weak.

The committee directed the Minister of Finance to appear before it on Tuesday 5th June and also subpoenaed the CEOs of Oando PLC and Folawiyo Petroleum Company Limited to appear before it also on Tuesday.

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  • funsho,germany

    still wondering what kind of information is needed for people to  be brought to book in the fuel subsidy scam.

    • bank anthony

      My brother, i ask thesame question.Is like  they injected the whole nation a venon.No matter any amount involved,people takes it to be normal and our government will come out with long story and american slangs,and before you know it those involved will come out tmrow to contest an election  with their fraud money,and worst still, get elected.Is that a democracy?No,is a bananacracy.Here in western world people will throw to the street,if neccesary heads could roll.I said it again,is better 60 million nigerians to die so that the 100 remains to live better.Comrades,i’m not sounding drastic,is just the stone truth.

      • Seun6790

        These issues have been handled already except for demurrages. We have had enough of the sector. Let the Efcc be allowed to do their thing as this new one will confuse everybody and perhaps rubbish the other report. The Senate is a much matured house.

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