The Federal Executive Council (FEC) on Wednesday approved a contract of N318 million to engage the firm of Olumuyiwa, Bashir and Co. Ltd as Lead Consultant for the forensic audit of the Niger Delta Development Commission (NDDC).
The Minister of Niger Delta Affairs, Godswill Akpabio, who briefed journalists after the FEC meeting at the State House today, said President Muhammadu Buhari ordered the audit after a request to him by nine governors of the Niger Delta States in October 2019.
He said the Interim Management Committee (IMC) of the NDDC would collaborate with the lead consultant.
He said, “Of course, it’s as a result of the fact that we have not had value for the money expended in that commission since inception. Foresic audit will cover from 2001 to 2019.
“Forensic audit is quite different from statutory audit as it audits the annual audit in order to ensure that when there is evidence that could lead to recovery of funds or prosecution, they will unveil it. It is much detailed than annual audit.
“The process has started. We have ordered that they commence with compiling documentations which forensic auditors will begin assessment with. The influx of claimants across Nigeria made us to extend the process of documentations beyond 14 days.
“Technical teams are going around taking pictures and assessing things.
“By the time forensic auditors come, it will be a question of looking at value for money.”