THE sleaze, incompetence and sloppiness that are commonly cited as the bane of the management of the nation’s cash cow, the Nigerian National Petroleum Corporation (NNPC), are well documented in an audit report released by the Nigeria Extractive Industries Transparency Initiative (NEITI). It was also learnt at the weekend that the recent choice of auditors for the nation’s extractive industries is now mired in controversy.
The NNPC has however faulted the audit report. The Group General Manager, Group Public Affairs Division of the NNPC, Dr. Levi Ajuonuma, told The Guardian that there was no time NEITI and NNPC undertook audit reconciliation meeting, which is one of the processes required for a comprehensive and an acceptable standard. .He also denied an allegation by the House of Representatives Committee on Downstream Sector that the Federal Government is losing about N700 billion due to the non-refining of crude oil by the Kaduna Refining and Petrochemicals Company (KRPC).