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 />
PMS Imports and<br />
producti<strong>on</strong> between Jan<br />
2012 and Jul 2013<br />
Verified and advised by<br />
PPPRA between January<br />
2012 and July 2013<br />
Verified and advised by<br />
PPPRA in 2014<br />
Acknowledged and verified<br />
by PPPRA but yet to be<br />
advised<br />
Volume<br />
(Litres)<br />
Subsidy<br />
N<br />
Subsidy<br />
$<br />
5,956,799,041.00 341,368,411,161.38 2,204,225,551.50<br />
8,296,808,838.15 405,724,354,637.17 2,619,773,711.09<br />
1,754,158,047.00 86,470,326,324.45 558,341,359.36<br />
16,007,765,926.15 833,563,092,123.00 5,382,340,621.96<br />
Table D1: Summary of PMS Subsidy (January 2012 – July 2013). Source: PPPRA Payment Advice, PPPRA records of<br />
verified imports, PwC Analysis<br />
4.4.4.2.2. DPK Subsidy<br />
<br />
<br />
<br />
<br />
There was no evidence that PPPRA verified any of the DPK imported into Nigeria by<br />
<strong>NNPC</strong>/PPMC between January 2012 and July 2013 within the same period.<br />
In 2014, PPPRA verified and advised 4,406,522,494 litres of DPK and issued Payment Advice<br />
of N464,040,405,196.50 for this volume.<br />
During our field work at PPPRA, we were provided with and reviewed schedules c<strong>on</strong>taining<br />
additi<strong>on</strong>al 838,042,186 litres of DPK imports and producti<strong>on</strong>, with computed subsidy of<br />
N94,864,657,747.39 acknowledged and verified by PPPRA but for which it had not issued<br />
Payment Advice.<br />
Table D2 below is a summary of our finding <strong>on</strong> DPK subsidy:<br />
DPK Imports and producti<strong>on</strong><br />
between January 2012 and July<br />
2013<br />
Volume<br />
(Litres)<br />
Subsidy<br />
N<br />
Subsidy<br />
$<br />
Verified and advised by PPPRA<br />
Nil Nil Nil<br />
between January 2012 and July 2013<br />
Verified and advised by PPPRA in 2014 4,406,522,494 464,040,405,197 2,996,322,110<br />
Acknowledged and verified by PPPRA<br />
but yet to be advised<br />
838,042,186 94,864,657,747 612,543,796<br />
Vanguardngr<br />
5,244,564,680 558,905,062,944 3,608,865,906<br />
Table D2: Summary of DPK Subsidy (January 2012 – July 2013) . Source: PPPRA Payment Advice, PPPRA records of<br />
verified imports, PwC Analysis<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 69