Subsidy Saga: FG Axe Two Auditing Firms Over Ignoble Role

Huhuonline.com understands that Federal government has fired two renowned auditing firms over their ignoble role in the fuel subsidy regime. Specifically, Akintola Williams & Co and Adekanola & Co were axed,Saturday, for unethical approval of subsidy for oil companies. Huhuonline.com checks reveal that the two auditing firms, which were responsible for certifying the documents and claims of marketers before payment, approved payment for 'brief case' companies that were neither registered with the Corporate Affairs Commission (CAC), nor the Petroleum Products Pricing and Regulatory Agency, (PPPRA).

Huhuonline.com gathered that the auditing firms, which were appointed in 2006 and 2011 respectively, acted as representatives of the ministry of finance (FMF) and collected N275, 000.00 per vessel. In their estimation, it was business as usual; they colluded with others to violate checks enshrined in the Petroleum Support Fund (PSF).

Particularly, a vessel which was alleged to have brought product for Nigerian National Petroleum Corporation (NNPC) and was recorded in the documentation of the NAVY, NPA,PPRA, and FMF, was found to have been in South Africa and not in Nigerian water, as at the date recorded.

Huhuonline.com learnt that Akintola Williams Delliote & Co and Adekanola & Co, engaged in rapid and meteoric escalation of subsidy claims in order to buoy its profit.

Announcing their sack, Paul Nwabuikwu, Senior Special Assistant to the Coordinating Minister for the Economy and Minister of Finance,said,'The services of the audit and accounting firms responsible for certifying the documents and claims of marketers before payment have been terminated. The companies are Akintola Williams and Co and Adekanola and Co.'

He stated that 'the Ministry has established a committee made up of credible and experienced persons from the private and public sector with strong technical component under the chairmanship of Mr. Aigboje Imoukuede to examine the claims of payment arrears for 2011 currently being made by marketers. This is to ensure that only genuine claims are honoured.'

Continuing he said, 'Based on other outcomes of the review, the ministry will take further actions as necessary.' 'In a related development, the Federal Accounts Allocation Committee (FAAC) has put on hold further depletion of the Excess Crude Account (ECA).'

However, it remains to be seen, if Mr. Aigboje Imoukuede a.k.a God`s Banker, will succeed where others have failed.