Audit-Report-on-NNPC

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Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) 3.2. Scope Reconciliation Below is a summary of the scope of the engagement as set out in the Terms of Reference, the status of work done and relevant comments regarding areas of departure from scope: Objectives per engagement letter Analysis of remittance shortfalls from NNPC into the Federation Accounts (i) $49billion and later $20billion by the CBN (ii) $12billion by the Ministry of Finance Analysis of submissions by key stakeholders in relation to the alleged shortfalls (i) Working with the National Assembly and the AuGF to identify all submissions (ii) Reviewing all video records of the Senate Hearings, identifying oral submissions for prospective interviews (iii) Examining documents submitted by various agencies in respect of the allegations (NNPC and subsidiaries, CBN, PPPRA, FAAC, OAGF, MoF, FIRS, Others) (iv) Analysing and reconciling proceeds (cash and non-cash) from the sale of petroleum products (processed locally, exported, refined abroad under OPAs, SWAPS, etc) by NNPC and their remittance to the FGN (v) Independently verifying the quality of information received in respect of the alleged shortfalls Examine crude oil and gas production records covering: (i) Records of monthly crude oil and gas production in barrels/metric tonnes (ii) Schedule of domestic Status Scope changes (if any) Comments Done Not applicable Remittance shortfalls appropriately analyzed Done Not applicable Performed objectives stated in scope Vanguardngr Done We examined crude oil production records only rather than crude oil and gas as per the signed contract We did this because the allegations on unremitted funds relate to revenues accruing from crude oil sales Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 34
Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) Objectives per engagement letter Status Scope changes (if any) Comments allocation of crude oil to NNPC in barrels and values in USD and N (iii) Crude oil allocated to refineries in barrels (iv) Crude oil processed by the refineries and the unutilized balance (v) Sale of balance of domestic allocation of crude oil allocated to NNPC (vi) Monthly production returns from refineries on product basis Examine crude oil and gas sales records covering: (i) Monthly sales of crude oil and gas (export and domestic) in barrels and metric tonnes (ii) Sales of crude oil and gas dedicated to specific projects – CBN and NNPC projects (iii) Average selling price of crude oil and gas on monthly basis (iv) Schedule of buyers of crude oil and gas showing detail of purchases (volume and value), the total payment made for the year’s purchases and the outstanding balance standing against each (v) Contract agreements with crude oil and gas buyers (vi) Schedule of crude oil and gas debtors with the age analysis of the debts (vii) Schedule of demurrage incurred by crude oil and gas buyers on overdue debts and details of subsequent settlements (viii) Summary of monthly reconciliations and billing of crude oil and gas sales and Done We examined crude oil sales records only rather than crude oil and gas as per the signed contract We did this because the allegations on unremitted funds relate to revenues accruing from crude oil sales Vanguardngr Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 35
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