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Revenue Generating Agencies: KPMG’s Audit Report Is Garbage —George Uboh

The Chairman of George Uboh Whistleblowers Network [GUWN], Dr. George Uboh has lambasted KPMG for the audit report carried out from 2010 to 2015 on 18 Revenue Generating Agencies (RGAs).

The report revealed that N526 billion and $21 billion were not remitted to the FGN.

The report has been trending since May 17, 2018, per National Economic Council’s revelation.

Speaking on Rhythm FM Radio on  Monday, May 21, with host, Victor Iroele, George Uboh, who was a guest at the program, posited that “KPMG’s audit belongs in the garbage!”

Speaking further, he said that the figure he has for NNPC alone is more than KPMG’s purported audit figure for 17 RGAs.

He noted: “In 2014, Emir Sanusi, then CBN Governor, blew the whistle on NNPC via a 20-page report with 30 appendices alleging that NNPC diverted $20 Billion between January 2012 and July 2013.

“This led to PWC’s [PriceWaterhouseCoopers] audit report that about $18 billion was lost.

“If PWC came up with over $18 billion in 2015, a report even PWC admitted is not truly accurate hence issued a caveat that the report should be for internal consumption, that it should not be relied upon by third parties, then why is KPMG insulting our intelligence with this farce called audit?

This brings me to the meat of my argument: Nigeria should rely on Whistleblowers like Emir Sanusi, George Uboh etc. if Nigeria and Nigerians truly want to get to the bottom of fraud or the dignified cliche in Nigeria called “un-remitted funds” by RGAs.

“The best way to unravel fraud in any institution is to encourage Whistleblowers to come forward.

“Bradley Birkenfeld, my idol in whistleblowing, blew the whistle on UBS (giant bank in Switzerland), his former employer, for over $20 billion fraud the bank committed with its U.S clients.

“Bradley got paid $140 million for blowing the whistle against UBS.

“It should be noted that same UBS, just like any other bank, had been going through yearly audits without being found wanting.

“EFCC had been claiming to have been audited and submitted financial records until I, George Uboh, found out in 2013 that EFCC failed to remit N1.993 Trillion (about $6B then).

“In fact, part of my allegations is that EFCC colluded with its auditor, Aminu Ibrahim, and I have the evidence.

“Simply google Whistleblowers awards you will see cases Whistleblowers cracked in the U.S against Fortune 500 companies that supposedly go through audits yearly.

“Now let’s look at KPMG.

“KPMG sacked its top management in South Africa in 2017 over collusion with the Gupta brothers for not finding the Gupta brothers culpable when evidence was overwhelming that they did commit monumental fraud with Zuma hence the phrase “State Capture”.

“It should be noted that auditing any organization epitomizes the slogan: “garbage in, garbage out”.

“Meaning, it is what that organization chooses to give the audit company that they will work with. This is what led PWC to issue the caveat aforementioned.” [End]

KPMG is a professional service company and one of the Big Four auditors, along with Deloitte, Ernst & Young, and PricewaterhouseCoopers

It provides audit, tax and advisory services including industry insight to help organizations negotiate risks and perform in today’s dynamic and challenging environments.

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