Audit-Report-on-NNPC

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Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) 3.3.3. Domestic crude oil and revenue flow Vanguardngr Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 40
Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) 3.3.4. Other crude oil and revenue flow to the Federation LEGEND Oil flow Funds flow 1.1 Oil field 1.2.2.1 Royalty-inkind to DPR 2.2 CBN/DPR JPMorgan USD Crude Oil Account 1.2.2 Other liftings 1.2 Terminals 1.2.2.2 PPT-in-kind to FIRS 2.3 CBN/FIRS JPMorgan USD Crude Oil Account Federation Account Figure 1.4: Other crude oil and revenue flow to the Federation Source: Discussion with COMD 1.2.2 Liftings by other producers The Federation’s equity interest in crude oil production also includes what is paid in kind as Royalty and Petroleum Profit Tax by other oil producers operating in the country. Royalties and taxes are also deducted on crude liftings under Modified Carry Arrangements, Other Third Party Financing Arrangements, as well as liftings in favour of NPDC. 1.2.2.1 Royalty-in-kind Royalties due on the various liftings as explained above are paid in kind. As such, NNPC lifts and sells the crude equivalent on behalf of DPR. Sale proceeds are then paid into 2.3 CBN/DPR USD Account maintained with JP Morgan 1.2.2.2 PPT-in-kind Taxes due on the various liftings as explained above are paid in kind. As such, NNPC lifts and sells the crude equivalent on behalf of FIRS. Sale proceeds are then paid into 2.2 CBN/ FIRS USD Account maintained with JP Morgan These amounts are then transferred from the two accounts to the Federation account. Vanguardngr Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 41
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