Audit-Report-on-NNPC

Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013)
1.1. Introduction
The Office of the <strong>Audit</strong>or-General for the Federation (AuGF) engaged PricewaterhouseCoopers
Limited (PwC) to investigate any and all crude oil revenues generated by the Nigerian National
Petroleum Corporation (“NNPC”) that was withheld or unremitted to the Federation Accounts
between 1 January 2012 and 31 July 2013.
In November 2014, we submitted a report of our work in which we indicated that the findings in our
report were based on the information we had received up until 31 October 2014 and that any
subsequent information received could change aspects of our report.
In January 2015, we were recalled by the <strong>Audit</strong>or General for the Federation and asked to visit with
NNPC (the nominal <strong>Audit</strong>ee) to share our key findings and receive feedback from them. We have now
done so and a significant amount of additional information and clarification was received during this
process.
This <strong>Report</strong> has significant changes from the previous report, although covering the same period and
issues primarily because a significant amount of additional information has been provided, enabling
us to change some of our previous positions in the light of new and additional evidence.
As this is our definitive report on this forensic work/exercise, all previous positions taken or views
expressed are henceforth invalid and only the views and positions presented in this report are our
views and findings with regard to this engagement.
Vanguardngr
Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation.
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