The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Petroleum Development Company (NPDC) have been indicted by the investigative forensic audit done by PriceWaterHouse Coopers into the allegations of unremitted funds to the Federation Accounts.

A summary of the report was released this afternoon in Abuja by the Auditor General of the Federation, Mr. Samuel Ukura, as directed by President Goodluck Jonathan.

The report recommended that NNPC and NPDC should refund to the federation account “a minimum of $1.48bn.”

PriceWaterHouse was hired last year by the Nigerian Government to carry out the forensic audit in the heat of the allegation by then Central Bank of Nigeria (CBN) Governor Lamido Sanusi, that oil revenue worth billions of US dollars had not been remitted to the Federation Account by NNPC.

Sanusi, who was suspended in the heat of the controversy, is now the Emir of Kano.

•Photo shows Auditor General of the Federation, Mr. Samuel Ukura.