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HomeBusinessA forensic audit of NDDC reveals funds conceal in 362 bank accounts

A forensic audit of NDDC reveals funds conceal in 362 bank accounts

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President Muhammadu Buhari, on Thursday, received the final report of the forensic audit of the Niger Delta Development Commission, NDDC.

President Buhari, who was represented by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, received the documents, which were conveyed in sacks and presented by the Minister of Niger Delta Affairs, Godswill Akpabio.

Akpabio while speaking at the hand over event, disclosed that the forensic audit covered a total of 13,777 contracts that were awarded from 2001 to 2019 at a final contract value of over N3 trillion.

Responding after he received the report, the AGF, noted that the Federal Government approved about N6 trillion for the NDDC in 18 years.

He said FG was concerned that the NDDC operated a total of 362 bank accounts, leading to “lack of proper reconciliation of accounts.”

The AGF maintained that the Buhari-led government would in consequence, apply the law to remedy the deficiencies outlined in the audit report, as well as to recover funds that were not properly utilized for the public purposes they were meant for.

“I welcome you all to the presentation of the Report on the forensic audit of the Niger Delta Commission (NDDC), which report I am to receive on behalf of the President of the Federal Republic of Nigeria, President Muhammadu Buhari, GCFR.

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“You will recall the President had ordered for a holistic forensic audit of the activities of the Commission from inception to August 2019 in response to the yearnings of the people the Niger Delta Region to reposition it for effective service delivery.

“It is imperative to state that, the call for the audit by the people of the Niger Delta Region arose from the huge gaps between resources invested in the region vis a vis the huge gap in infrastructural, human and economic development.

“It is on record that between 2001 and 2019, the Federal Government has approved N3, 375, 735,776,794.93 (Three Trillion, Three Hundred and Seventy Five Billion, Seven Hundred and Seventy Six Thousand, Seven Hundred and Ninety Four Naira, Ninety Three Kobo) as budgetary allocation and N2,420,948,894,191.00 (Two Trillion, Four Hundred and Twenty Billion, Nine Hundred and Forty Million, and, Eight Hundred and Ninety Four Thousand, One Hundred and Ninety One Naira) as Income from Statutory and Non Statutory Sources, which brings the total figure to the sum of approximately Six Trillion Naira given to the Niger Delta Development Commission.

“Consequently, the Federal Executive Council (FEC) approved the engagement of a Lead Forensic Auditor, as well as 16 reputable Audit Firms to conduct the audit exercise.

“The President is delighted that the auditors have now completed this exercise and the Report is today being presented.

“Furthermore, the President is not oblivious of the interest generated by Stakeholders towards the forensic audit exercise and the agitation for the constitution of the Board of the NDDC.

“However, this Administration is determined to address challenges militating against the delivery of the mandate of the NDDC to the people of the Niger Delta Region.”

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