Audit-Report-on-NNPC
Audit-Report-on-NNPC
Audit-Report-on-NNPC
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Investigative Forensic audit of crude oil revenues and remittances by <strong>NNPC</strong> (January 2012 – July 2013)<br />
Objectives per engagement<br />
letter<br />
Status<br />
Scope changes<br />
(if any)<br />
Comments<br />
receipts<br />
Examine importati<strong>on</strong> and<br />
sales of refined petroleum<br />
products covering:<br />
(i) Records of importati<strong>on</strong> of<br />
petroleum products by <strong>NNPC</strong><br />
giving details of each product<br />
(ii) Details of sales of imported<br />
petroleum products <strong>on</strong> m<strong>on</strong>thly<br />
basis<br />
(iii) Schedule of subsidies<br />
deducted from sales of crude oil<br />
and gas for imported petroleum<br />
products<br />
Examine payment of crude<br />
oil and gas revenue to the<br />
Federati<strong>on</strong> Account<br />
covering:<br />
(i) Foreign sales of crude oil and<br />
gas (USD)<br />
(ii) Domestic sales of crude oil<br />
and gas (N)<br />
(iii) Excess crude oil and gas<br />
proceeds (foreign and domestic)<br />
(iv) Mandates sent to CBN by<br />
<strong>NNPC</strong> to transfer crude oil and<br />
gas revenue to the Federati<strong>on</strong><br />
Account and to excess crude<br />
account <strong>on</strong> a m<strong>on</strong>thly basis<br />
D<strong>on</strong>e Not applicable Performed objectives stated in<br />
scope<br />
D<strong>on</strong>e<br />
We examined crude oil<br />
sales records <strong>on</strong>ly<br />
rather than crude oil<br />
and gas as per the<br />
signed c<strong>on</strong>tract<br />
We did this because the<br />
allegati<strong>on</strong>s <strong>on</strong> unremitted funds<br />
relate to revenues accruing from<br />
crude oil sales<br />
Vanguardngr<br />
C<strong>on</strong>fidential informati<strong>on</strong> for the sole benefit and use of the <str<strong>on</strong>g>Audit</str<strong>on</strong>g>or-General for the Federati<strong>on</strong>.<br />
PwC 36