‘Report on missing NNPC $10.8b ready soon’
Just as the alleged $10.8 billion fraudulent dealings in the Nigerian National Petroleum Corporation (NNPC) is receding in memory, the Minster of Finance Dr. Ngozi Okonjo-Iweala, kicked it alive again on Monday.
Typical of Nigerians, the alleged diversions in the NNPC that generated much furore that threatened the government had almost been entirely forgotten.
Okonjo Iweala in London on Monday that the report would be ready next month.
She spoke at the Financial Times Africa Summit 2014.
The minister said that the audit report was commissioned because of the need for transparency and the interest generated on the matter.
She said, Initially it was $48bn, then $20bn; but the figure we have always had is $10.8bn. I am Minister of Finance; if money is missing I want it – to use it for good things for the country and that was why when we went to the Senate, we demanded for forensic audit. The president supported it and asked for it to be done.
“We engaged PwC, with the Auditor General taking the lead. They asked for 16 weeks to complete the work; they have spent 11 or 12 weeks so far and they will be done in a couple of weeks.”
Also speaking, the Director General of Securities and Exchange Commission (SEC) Ms Arunma Oteh, tried put in perspective the recent emphasis on the small and medium enterprises (SMEs) in the capital market.
She said Nigeria had been focusing on SME development as a way of creating more jobs and improving the standards of living.
She said, “I think first and foremost is the recognition globally about the importance of SMEs because they are the ones that create jobs. I think there is a greater focus on how SMEs can be supported.
“In our own country, President Goodluck Jonathan recently set up an SME council. He sets up a job board; all of that is focused on how we can practically address the challenges we are facing with SMEs.
“We need to provide funding at reasonable cost; capital that is patient so that people can grow their businesses and banking finance is not patient. What we need is capital that would be there for a long time; a market-based finance that is long term and there is a global recognition of this fact.
“Housing is big and government is definitely focusing on it. This is because apart from providing housing for Nigerians to bridge the housing deficit; the sector is also capable of providing the much-needed jobs to move the economy forward.”
