As the oil subsidy scam grips the nation, the Federal Government has fired two accounting and auditing firms responsible for verifying claims of oil importers for alleged dereliction of duty.
Both Akintola Williams and Adekanola and Co were relieved of their contracts due to the unfolding subsidy scam rocking the nation.
Confirming the sack of the two firms in Abuja, Senior Special Assistant tothe Coordinating Minister for the Economy and Minister of Finance, Dr. Okonjo Iweala, Paul Nwabuikwu, disclosed that the two firms were sacked following an indepth review of the implementation of the subsidy regime which he said provided a lot of details as to what went wrong within the system.
According to him,the review process kicked off in February when the ministry and relevant government agencies held a meeting with bankers and marketers at the instance of President Goodluck Jonathan.
The meeting with the president, he noted, led to subsequent sessions with the accounting and auditing firms to re-evaluate their work during which he said a lot of irregularities were discovered.
Based on the review, he said the ministry took three critical decisions to sanitise the system namely that “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 said other decisions included establishment of “a committee made up of credible and experienced persons from the private and public sectors with strong technical component under the chairmanship of Mr. Aigboje Imoukhuede to examine the claims of payment arrears for 2011 currently being made by marketers. This is to ensure that only genuine claims are honoured.
“The ministry is also finalising a new and more effective system to replace the current arrangement and, in this regard, a second committee has been set up to propose a good way forward.”
It was, however, not clear if the government is considering taking legal action against the two firms which certified the controversial payments made to the oil importers.
“Based on other outcomes of the review, the ministry will take further actions as necessary,“ the minister‘s assistant noted.
But in the end they are making a good job for the two firm and that is really cool.
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