NNPC QUESTIONABLE PAYMENTS: KEY ISSUES
BAYO OJULARI GCEO NNPC LTD
GREATRIBUNETVNEWS–THE Auditor-General’s report has revealed questionable payments by NNPC, totaling over $51 million to contractors.
The findings, contained in an extensive 808-page audit report, highlight deep-rooted financial management failures, weak internal controls, and systemic breaches of procurement and accountability procedures within the national oil company.
Here are the key issues:
– Lack of Documentation: Payments made without adequate documentation, clear evidence of work done, or proper contract verification.
– Controversial Contracts: Transactions executed under unclear contract arrangements, raising concerns about abuse of process and inflated invoices.
– Financial Mismanagement: Persistent violations of federal financial rules, including improper approvals and inadequate supervision.
– Financial Risks : Weak internal controls and systemic breaches expose NNPC and the federal government to significant financial risks and potential losses.
– Procurement Breaches: Failure to reconcile accounts and breaches of procurement procedures
Transparency advocates have described the revelations as another troubling indication of the long-standing challenges surrounding accountability in Nigeria’s oil and gas sector.
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