Echotitbits – Nigeria News

Tag: forensic audit

  • Marketers push for forensic probe into ₦11.35tn refinery rehab spending and funding trail

    Marketers push for forensic probe into ₦11.35tn refinery rehab spending and funding trail

    2026-01-02 06:00:00
    Punch reports petroleum marketers are urging the federal government to open a forensic investigation into about ₦11.35 trillion reportedly spent on rehabilitation of Nigeria’s state-owned refineries, arguing that the scale of spending demands public accounting.

    The call focuses on transparency: who approved what, which contracts were awarded, how funds were drawn, and what deliverables were actually achieved across Port Harcourt, Warri and Kaduna facilities.

    Marketers warn that continued opacity undermines public trust and makes future turnaround plans harder to finance credibly—especially as Nigeria still leans on imports and faces pricing volatility.

    Leadership reports marketers “seek investigation into ₦11.36trn spent on refineries,” calling for transparent tracking of borrowed and spent funds. A BusinessDay analysis notes the long-running nature of the claim and says Nigeria’s legislature previously alleged “N11.35 trillion… spent on the rehabilitation of the refineries” with little to show.

    Echotitbits take: This isn’t just a numbers fight—it’s about credibility for Nigeria’s energy transition and downstream pricing. If an audit happens, watch for contract disclosures, recovery actions, and whether future refinery policy leans more decisively toward privatisation or performance-based concessions.

    Source: The Punch — January 2, 2026 (https://punchng.com/probe-n11-35tn-spent-on-refineries-marketers-tell-fg/)
    The Punch 2026-01-02

    Photo Credit: The Punch

  • Court Orders NDDC to Publish Forensic Audit Within 90 Days, Raising the Bar on Transparency

    Court Orders NDDC to Publish Forensic Audit Within 90 Days, Raising the Bar on Transparency

    Photo Credit: Punch

    2025-12-17

    From court filings cited by *The Punch*, a court has reportedly given the Niger Delta Development Commission (NDDC) a 90‑day window to publish its long-awaited forensic audit report.

    The decision renews public attention on how intervention funds have been spent in the Niger Delta and whether alleged project inflation, abandoned contracts, and procurement lapses will be formally documented.

    If the report is released in full, it could influence prosecutions, contract reviews, and a broader reset of how the NDDC plans and executes projects.

    Other reporting on the same development includes:
    – Channels TV: “Civil society groups say publication is essential for accountability in the Niger Delta.”
    – Premium Times: “Transparency advocates argue the audit should be released without redactions.”

    Analysis/Echotitbits take: Publication is only step one—action is step two. Watch whether the report triggers recoveries, blacklisting, and a credible reform plan, or whether it becomes another document that sparks headlines without consequences.

    Source: The Punch — December 17, 2025 (https://punchng.com/court-gives-nddc-90-days-to-publish-forensic-audit-report/)