According to Premium Times reports, both companies were indicted by an audit carried out by KPMG their activities in the mis-management of the fuel subsidy scheme. The probes into the management of Nigeria's fuel subsidy scheme has claimed its first victims, the auditors.
The federal government on Saturday announced it has terminated its contracts with Akintola Williams and Co and Olusola Adekanola and Co for their role in the mismanagement of Nigeria's fuel subsidy scheme.
The ministry of finance revealed the action in a statement, after mulling over the move for over one month.
"The services of the audit and accounting firms responsible for certifying the documents and claims of marketers before payment have been terminated," the statement said. "The companies are Akintola Williams and Co and Olusola Adekanola and Co."
Both companies were indicted by an audit carried out by KPMG on their activities in the mismanagement of the fuel subsidy scheme.
The report faulted Akintola Williams Deloitte and Olusola Adekanola and Co, for not detecting that marketers were inflating petrol importation expenses, defrauding the nation of billions of naira in the process.
The report also revealed that both audit companies mingled with the marketers and were involved in producing financial claims that drained the country of over a trillion Naira in two years.
Akintola Williams and Co, when contacted by Premium Times on an earlier story about its ethical standards and involvements in the subsidy scam, as stated in the KPMG report, said it observed "best global practices" in it's dealings.
The KPMG report, in addition to the recent House of Representative ad hoc committee report indicted companies and individuals most of whom are yet to convincingly deny their involvement in the scam which is dubbed Nigeria's most costliest in years.
Those indicted ranged from the serving petroleum minister, Dieziani Allison Madueke to heads of different government agencies connected to the scheme and stalwarts of the People's Democratic Party such as Ahmadu Ali, who once served as the party's chairman.
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