Audit-Report-on-NNPC

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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. PwC 8
Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) 1.2. History of allegations This project follows the timeline of events beginning with a letter in September 2013 by the former Governor of the Central Bank of Nigeria (“CBN”), HRH Sanusi Lamido Sanusi (“The Governor”) to the President of the Federal Republic of Nigeria, Dr Goodluck Ebele Jonathan GCFR, stating that from January 2012 to July 2013, NNPC had lifted $65bn worth of crude on behalf of the FGN but remitted only $15.2bn into the Federation Accounts 1 , with $49.8bn as outstanding to the FGN. Vanguardngr 1 NNPC/CBN JP Morgan Account, DPR/CBN JP Morgan Account, FIRS/CBN JP Morgan Account and CBN/NNPC Remittance Pool Account Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 9
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