The Honourable Minister of Niger Delta Affairs, Senator (Dr.) Godswill Obot Akpabio, CON, on Wednesday, February 12, 2020 presented and obtained the approval of the Federal Executive Council (FEC) in respect of the memorandum on the appointment of Messers. Olumuyiwa Bashir & Co as the Lead Forensic Audit Consultant for the forensic audit exercise of the Niger Delta Development Commission (NDDC) at a fee of N318,903,750.90 with a completion period of nine (9) months.
The conception of the forensic audit exercise on NDDC followed agitation by concerned stakeholders on the inability of NDDC to deliver on its mandates, largely due to financial impropriety, fraudulent contract dealings and abandoned projects reported at the meeting of the Governors of the nine (9) Oil Producing States with Mr. President on October 17, 2019.
The conduct of the forensic audit exercise will among others achieve the following:
- Identify projects executed by the Commission from inception to date and report on their implementation status;
- Ascertain the total fund and actual expenditure of the Commission;
- Establish the actual and the contingent liabilities of the Commission;
- Identify contracts awarded and for which payments were made but the related values not received for appropriate executive action; and
- Establish a database of genuine claims on the Commission to enable appropriate planning for settlement; and review the management system in place to achieve a fit-for-purpose Agency that would, going forward deliver on its mandate.
As the Lead Consultant, Messers. Olumuyiwa Bashir & Co is expected to:
- Make recommendations for the appointment of nine (9) Forensic Auditors that will carry out forensic exercise for each of the nine (9) States of the Region;
- Develop Terms of Reference for the Forensic Auditors;
- Co-ordinate the activities of the Forensic Auditors;
- Establish and schedule periodic meetings with the Steering and Technical Committees for the Forensic Audit;
- Arrange regular meetings with the Forensic Auditors;
- Monthly briefing of Progress Report to the Honourable Minister;
- Collation and review of Reports of the Forensic Auditors;
- Submission of interim and final reports;
- Supervise the provision of physical and material resources in all locations for the success of the exercise; and
- And any other assignment relevant to the Forensic Audit exercise as may be determined by the Honourable Minister.