Audit-Report-on-NNPC
Audit-Report-on-NNPC
Audit-Report-on-NNPC
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Office of the <str<strong>on</strong>g>Audit</str<strong>on</strong>g>or-General for the Federati<strong>on</strong><br />
Abuja<br />
Nigeria<br />
2 February 2015<br />
Dear Sir,<br />
REPORT ON THE INVESTIGATIVE FORENSIC AUDIT INTO THE ALLEGATIONS OF<br />
UNREMITTED FUNDS INTO THE FEDERATION ACCOUNTS BY THE <strong>NNPC</strong><br />
Per our engagement letter dated 5 June 2014, PricewaterhouseCoopers Limited (“PwC”) has performed the<br />
investigative forensic audit into the alleged unremitted funds into the Federati<strong>on</strong> Accounts by the Nigerian<br />
Nati<strong>on</strong>al Petroleum Corporati<strong>on</strong> (“<strong>NNPC</strong>”) between January 2012 and July 2013.<br />
Our services were performed and this <str<strong>on</strong>g>Report</str<strong>on</strong>g> was developed in accordance with our engagement letter dated 5<br />
June 2014 and subject to the terms and c<strong>on</strong>diti<strong>on</strong>s included herein.<br />
Our Scope of work included the following:<br />
1. Analysis of remittance shortfalls from <strong>NNPC</strong> into the Federati<strong>on</strong> Accounts;<br />
2. Analysis of submissi<strong>on</strong>s made by key stakeholders in relati<strong>on</strong> to these alleged shortfalls; and<br />
3. Producing an independent Forensic report detailing our findings.<br />
The procedures we performed did not c<strong>on</strong>stitute an examinati<strong>on</strong> or a review in accordance with generally<br />
accepted auditing standards or attestati<strong>on</strong> standards. Accordingly, we provide no opini<strong>on</strong>, attestati<strong>on</strong> or other<br />
form of assurance with respect to our work or the informati<strong>on</strong> up<strong>on</strong> which our work was based.<br />
Our report, submitted <strong>on</strong> 28 November 2014, was limited to the specific procedures and analysis described<br />
herein and was based <strong>on</strong>ly <strong>on</strong> the informati<strong>on</strong> made available through 31 October 2014. In adherence to your<br />
instructi<strong>on</strong> dated 7 January 2015, we have received and analysed further informati<strong>on</strong> made available by <strong>NNPC</strong><br />
subsequent to 28 November 2014 through 29 January 2015. Accordingly, changes in circumstances after this<br />
date could affect the findings outlined in this <str<strong>on</strong>g>Report</str<strong>on</strong>g>.<br />
This <str<strong>on</strong>g>Report</str<strong>on</strong>g> and all PwC deliverables are intended solely for the Office of the <str<strong>on</strong>g>Audit</str<strong>on</strong>g>or-General for the<br />
Federati<strong>on</strong>, for their internal use and benefit and are not intended to nor may they be relied up<strong>on</strong> by any other<br />
party (“Third Party”). Neither this deliverable nor its c<strong>on</strong>tents may be distributed to, discussed with, or<br />
otherwise disclosed to any Third Party without the prior written c<strong>on</strong>sent of PwC. PwC accepts no liability or<br />
resp<strong>on</strong>sibility to any Third Party who gains access to this deliverable.<br />
We appreciate the opportunity to assist you with this matter.<br />
Yours faithfully<br />
For: PricewaterhouseCoopers Limited<br />
Pedro Om<strong>on</strong>tuemhen<br />
Engagement LeaderVanguardngr<br />
PricewaterhouseCoopers Limited,<br />
252E Muri Okunola Street, Victoria Island, P.O. Box 2419, Lagos, Nigeria<br />
T: +234 (1) 271 1700, F: +234 (1) 270 3108, 270 3109, www.pwc.com TIN: 00290010-0001 RC 39418<br />
Directors:<br />
S Abu, UN Akpata, O Alakhume, D Asapokhai, C Azobu, R Eastaugh (South African), E Erhie, I Ezeuko, F Gumel, P Kinisu (Kenyan), D McGraw (American), A Nevin<br />
(Canadian), P Obianwa, B Odiaka, T Ogundipe, P Om<strong>on</strong>tuemhen, A Oputa, T Oyedele, AB Rahji, GI Ukpeh