Audit-Report-on-NNPC

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Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) 6.3. List of Stakeholders & Meetings held 6.3.1. List of Stakeholders AGENCIES Central Bank of Nigeria (CBN) Nigerian National Petroleum Corporation (NNPC) Nigerian Petroleum Development Company (NPDC) Petroleum Products Pricing Regulatory Agency (PPPRA) DESCRIPTION The Central Bank of Nigeria (CBN) is charged with the overall control and administration of the monetary and financial sector policies of the Federal Government. The regulatory mandate of the bank includes ensuring price and monetary stability, issuing legal tender, maintaining the external reserves, promoting a sound financial system and acting as banker to the Federal Government. The Nigerian National Petroleum Corporation (NNPC) is the state oil Corporation which was established on April 1, 1977. In addition to its exploration activities, the Corporation was given powers and operational interests in refining, petrochemicals, and products transportation as well as marketing. The Corporation has refineries in Warri, Kaduna and Port Harcourt and took over the 35,000-barrel Shell Refinery established in Port Harcourt in 1965. The NNPC was later commercialized into 12 strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments. The Nigerian Petroleum Development Company (NPDC) Ltd is a fully-owned subsidiary of the Nigerian National Petroleum Corporation (NNPC) established in 1988 with responsibility for petroleum exploration and production activities. The company engages in oil & gas exploration and production activities in the hydrocarbon-rich regions of coastal Nigeria, both onshore and offshore; and more recently, around Equatorial Guinea. Operations are centered mainly in the Niger Delta and span five states in Nigeria (Edo, Delta, Imo, Bayelsa and Rivers). The activities of the company cover the entire spectrum of the upstream oil and gas business from exploration to abandonment. Vanguardngr PPPRA is an agency of Government responsible for fixing the benchmark prices of petroleum products and regulating and monitoring the transportation and distribution of petroleum products in Nigeria. The functions of the PPPRA include establishing an information data bank to facilitate the making of informed and realistic decisions on pricing policies, moderating volatility in petroleum product prices, establishing code of conduct for operators, maintaining surveillance on key indices and preventing collusion and restrictive trade practices that are harmful to the sector among other things. Ministry of Petroleum The Ministry of Petroleum Resources (MPR) has the mandate to initiate policies for the oil and gas sector and supervise the 190
Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) AGENCIES Resources (MPR) Department of Petroleum Resources (DPR) Ministry of Finance (MoF) Office of the Accountant General of the Federation (OAGF) Ministry of Justice (MoJ) Federal Inland Revenue Service (FIRS) Office of the <strong>Audit</strong>or-General for the Federation (AuGF) DESCRIPTION implementation of approved policies. The Agencies and Parastatals under the supervision of the Ministry also ensure the execution of the approved policies for the sector. The Ministry has four service departments of Planning Research and Statistics, Finance and Accounts, Human Resources Management and Procurement. The technical arm of the Ministry of Petroleum Resources which has the statutory responsibility of ensuring compliance to petroleum laws, regulations and guidelines in the oil and gas Industry. The DPR ensures compliance with industry regulations; processes applications for licenses, leases and permits, establishes and enforces environmental regulations. The Federal Ministry of Finance has the responsibility for the control and management of the public finance of the Federation. The ministry's functions include formulating policies on fiscal and monetary matters, preparing annual estimates of revenue and expenditure for the Federal Government, managing revenue allocation matters, monitoring revenue from oil and non-oil resources, maintaining adequate foreign exchange reserves and relating with international organizations and financial institutions. The Office of the Accountant General of the Federation is responsible for the overall management of all receipts and payments of the Federal Republic of Nigeria. The mandate of the OAGF includes supervision of the accounts of MDAs, presenting and publishing statutory financial statements required by the Ministry of Finance, managing federal government investments, maintaining and operating public funds, ensuring revenue monitoring and accounting among other things. The Federal Ministry of Justice is responsible for ensuring justice for all. It provides a sound legal framework to maintain the rule of law as well as economic and social reform. Other functions include; the prosecution of criminal cases, defense of civil suits, provision of legal advice to government organizations and institutions, drafting of bills, handling of complaints of breaches of citizens' rights, publication of revised laws and white papers Vanguardngr Federal Inland Revenue Service (FIRS) was established to control and administer the different taxes and laws specified in the First Schedule or other laws made from time to time by the National Assembly or other regulations made thereunder by the Government of the Federation and to account for all taxes collected. FIRS is charged primarily with the responsibility of accessing, collecting and accounting for the various taxes to the Federal Government. The Office of the <strong>Audit</strong>or-General for the Federation is saddled with the following responsibilities; enforcing accountability responsibility in Ministries and Extra-Ministerial Developments, ensuring prudent disbursement and utilization of public funds, manpower resources and other public properties, ensuring regular and prompt audit of all 191
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Audit-Report-on-NNPC

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