KPMG, PwC to audit NNPC, CBN, Customs, others

The National Economic Council’s ad-hoc committee on the management of the Excess Crude Account proceeds and accruals into the Federation Account on Thursday said it had hired two firms, the KPMG and the PriceWaterHouseCooper, to audit the accounts of all Federal Government’s revenue-earning agencies.

Governor Adams Oshiomhole of Edo State, who chairs the committee, disclosed this to State House correspondents after a meeting of the committee at the old Banquet Hall of the Presidential Villa, Abuja.

Oshiomhole was joined at the briefing by other members of the committee such as Governor Akinwunmi Ambode of Lagos State; Governor Nasir El-Rufai of Kaduna State; and Governor Ibrahim Dankwambo of Gombe State.

- See more at: KPMG, PwC to audit NNPC, CBN, Customs, others

More workers to be sacked in NNPC – GMD

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August 14, 2015 | By naijaHZ

NATIONAL

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The Group Managing Director, Nigerian National Petroleum Corporation, Dr. Emmanuel Kachikwu, said on Thursday that more purges were on the way as part of activities aimed at restructuring the company for better performance and accountability.

He said the restructuring would affect all levels of the corporation with the new group executive directors and group managing directors taking the exercise to the lower cadres.

Kachikwu spoke with State House correspondents shortly after meeting President Muhammadu Buhari behind closed doors at the Presidential Villa, Abuja.

“Things have been done wrongly and things need to be done differently. We are doing a lot of work in terms of repositioning, restructuring, getting the right personnel in key places and setting a culture of accountability and service delivery so that the new NNPC that you are going to see will be a different institution altogether,” he said.

When asked specifically how far the restructuring could go, the NNPC boss said it would be a complete exercise.

Kachikwu also said after the personnel aspect must have been done with, he would order for a proper forensic audit covering 2014 and 2015.

- See more at: More workers to be sacked in NNPC – GMD

Europe's Greatest Cover-Up Could Mean The Death Of The Euro

It’s kind of like selling goods to consumers with very bad credit and then being surprised when they don’t pay.

But before I get into that, we all know Greece owes Germany, the ECB, and the IMF a lot of money.

Last week I explained that if they went the "Grexit" route, 75% of Greece’s government debt would’ve been wiped clean. That’s $90 billion to Germany alone and about $250 billion to the rest of the euro zone. It would have hurt, but there’s no avoiding pain at this point, and now it’s only going to be worse.

But there is another level of debt almost no one is talking about.

In fact, we have a harder time getting good information on it because the EU has increasingly hidden it.

However, this debt gets at the heart of why Germany and some of the strongest opponents to a Grexit were so desperate to keep Greece in the euro zone.

This not-much-talked-about debt are the TARGET2 loans Greece (and other euro zone importers) owes the rest of them.

It’s a fancy way of saying "past due accounts receivables." Another way of saying this: “The check’s in the mail." Or: “We’ll pay you when we can."

Fat chance.

- See more at  Europe's Greatest Cover-Up Could Mean The Death Of The Euro

Dodgers' Latos stumbles in 10-3 loss to former Reds team

LOS ANGELES (AP) — Mat Latos is searching for his old self on the mound and so far coming up short in three starts for the Los Angeles Dodgers.

He stumbled to a 10-3 loss against the Cincinnati Reds on Thursday night, losing his first matchup against his former team, which traded him to Miami last December. He had some harsh words for the Reds after his departure.

"Who cares?" he said about the opponent. "Turn the page. It's done and over with. I got to worry about what I got here."

Latos (4-9) gave up five runs and seven hits in 4 2/3 innings. He struck out seven and walked one. The right-hander, acquired by the Dodgers last month, pitched well in a no-decision of his debut against the Angels, but his last two outings have ended in defeat.

- See more at: Dodgers' Latos stumbles in 10-3 loss to former Reds team