Nigeria and other African countries should reform their regulatory, fiscal and licensing systems to attract oil and gas investors, a professional services firm, PwC, has said.
The National Economic Council (NEC) has revealed that the Nigerian National Petroleum Corporation (NNPC) spent N3.8 trillion in three years without approval.
Four Months after former President Goodluch Jonathan directed the Nigerian National Petroleum Corporation to refund $1.48bn (N291.56bn) into the Federation Account, the corporation has yet to do so.
The new President of the Association of National Accountants of Nigeria (ANAN), Mr. Anthony Nzom has called on the Financial Reporting Council of Nigeria (FRC) to conduct a forensic audit on activities of the Nigerian National Petroleum Corporation (NNPC).Nzom, who was reacting to allegations and counter allegations over what he described as “the so-called missing money,” made the suggestion in a statement at the weekend. 
As reactions continue to trail the release of the full audit report of the Nigerian National Petroleum Corporation, industry experts have said a thorough audit of the process and operations of the NNPC needs to be carried out as the audit failed to show that revenue from condensates was accounted for.
President Goodluck Jonathan on Monday said his administration had nothing to hide in respect of the claim by a former Central Bank of Nigeria Governor, Lamido Sanusi, that $20bn oil money was not remitted to the Federation Account by the Nigerian National Petroleum Corporation.
Buhari's statement deviates from the one made by the All Progressives Congress (APC) Campaign Organisation’s Director in charge of Policy and Strategy, Dr. Kayode Fayemi, who told Bloomberg last week that the incoming administration would publish the forensic audit report of PricewaterhouseCoopers (PwC), which was contracted by the Jonathan administration to investigate the finances of NNPC when the issue of the missing $20 billion was made public over a year ago.
The House of Representatives Public Accounts Committee (PAC) on Wednesday gave the Coordinating Minister for the Economy and Minister of Finance , Dr Ngozi Okonjo-Iweala, one week to furnish it with the PricewaterhouseCoopers (PwC) forensic audit report on the alleged un-remitted $20 billion by the Nigerian National Petroleum Corporation (NNPC).
The chamber said the demand for the audited report which was recently presented to President Goodluck Jonathan by PriceWaterHouseCooper was for “purpose of accountability,” explaining that it was acting in compliance with the Freedom of Information (FOI) Act.
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has directed the Nigerian National Petroleum Corporation (NNPC) to defray $1.48 billion remittances due to the Federation Account by the Nigerian Petroleum Development Company (NPDC), being signature bonus, taxes and royalties on the assets transferred to the firm.
The firm disclosed this in its review of the oil and gas industry in Nigeria in 2014. It estimated that by the end of 2015, the International Oil Companies, IOCs, operating in Nigeria would have sold at least 250,000 barrels per day worth of equity in onshore and shallow water producing assets in the Niger Delta region. 
