PAGE 19.
2.2. Our approach to this mandate
 It is important to note that although PwC has reviewed documents submitted by the key
stakeholders involved, our work was conducted independently, and our findings are based on
the review of documentation, analytical reviews of data, and interviews conducted.
 Due to this approach, our findings and the way we presented them in this report may not
necessarily reflect the formats of the various submissions made by the different stakeholders.
 In certain instances where we were not provided with information or access to key
stakeholders (Section 6.3.2 ) we leveraged on external and available sources of information to
reach our conclusions. These external and available sources of information are clearly
highlighted in the relevant sections of this report.
 Any information and/or documentation which may come to our attention subsequent to the
date of this report may alter our findings.
 We have also listed some of the limitations to our scope in Section 3.2.
 The procedures performed and specific limitations to scope are also discussed under the
various work stream sections.
 Based on specific instructions from the Auditor General for the Federation, we returned to do
additional work, after NNPC had represented that our initial process did not provide an
opportunity for formal discussions of our findings with top management, in the form of an
exit interview.
 With the exception of the Deputy Group Managing Director/ Group Executive Director
Finance and Accounts of NNPC, the Auditor-General for the Federation, and the Honourable
Minister of Petroleum Resources, we have not discussed the findings of this report with any
stakeholder.
 Our work was split into two work streams as follows;
1. We estimated how much revenue is due to the FGN from crude oil liftings; and
2. We reconciled the revenues due to the FGN against the actual cash received by the
federation.
 Our findings and conclusions considered the impact of some matters which require legal
opinion to be sought by the FGN.

PAGE 54
4.2.3. Limitations
1. Up till the time of writing this report, our request for bank statements from CBN was not
responded to.
2. Due to the limitation identified above, we relied on the account statements obtained from
other stakeholders to carry out our independent check on the remittances made.

PAGE 58
4.2.7. Information provided subsequent to 28 November 2014.
After the submission of our initial report to the Auditor-General of the Federation on 28 November
2014, the following was brought to our attention by NNPC regarding our findings on Revenue
Remittance:
 Unremitted DPR revenue: NNPC notified DPR of our finding (in Section 4.2.4.4) that the
payments for four DPR liftings did not reflect into the CBN/DPR JP Morgan account.We
then received confirmation from DPR evidencing that the payments were made by NNPC.We
Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013)
Confidential information for the sole benefit and use of the Auditor-General for the Federation.
PwC 59
traced the payments to CBN/DPR JP Morgan account bank statements and confirmed the
inflows were made in the months following the due dates.
 Unremitted Domestic crude revenue: Following our finding in Section 4.2.4.3 that domestic
crude revenues remitted to the Federation was short by $1.5billion, NNPC provided us post-
FAAC reports confirming that the outstanding amounts were remitted in months after they
were due. The table below summarizes the new position:

PAGE 61
4.3.3. Limitations [/B]
We relied on the submissions made by Mobil and Total at the Senate hearing, as we were granted
limited access to both IOC’s during our review.

[b] PAGE 67
4.4.3. Limitations
 We were not provided with and could not review all the working papers used in
generating the market prices and volumes used in the joint submissions of DPR,
PPPRA and NNPC to the Senate.
 We did not test the authenticity of the documents presented to us by PPPRA, NNPC as
well as all other subsidiaries of NNPC.
 Lloyds List Intelligence and Thompson Reuters Eikon databases could not provide
information on the ownership of the products being carried by vessels or the kind of
petroleum products (e.g. DPK or PMS) being carried.
 We could not verify all additional costs incurred by other marketers after buying DPK
from PPMC to explain the difference between the official retail price of DPK (N50) and
the actual retail price (N120 – N14042).

PAGE 81 - 82
4.5.2. Procedures Performed

The following were the procedures performed to meet our objectives:

 Requested for but did not receive the following from NPDC:
o Detailed breakdown of the crude oil assets transferred to NPDC
o Terms of divestment and contract documents involving the assets taken over
o Strategic Alliance agreements between NPDC and counterparties
o Monthly volume allocations to Strategic Alliance Partners
o Monthly balance of NPDC crude over/under lifts by Strategic Alliance partners
o List of receiving banks, account numbers and bank statements for NPDC crude
proceeds

4.5.3. Limitations
We encountered some limitations in the course of executing some aspects of our scope of work. The
key limitations were:
 Unavailability of relevant NPDC personnel to provide information on the NPDC’s processes
particularly around its operations, business objectives and internal accounting/financial
reporting, etc.
 Change of management at NPDC during the course of the engagement which further
contributed to our inability to successfully obtain responses to our request for information.
 Non-response of NPDC to our request letter which meant that we weren’t provided with the
following requests:
o Detailed breakdown of the crude oil assets transferred to NPDC.
o Terms of divestment and contract documents involving the assets taken over.
o Strategic Alliance agreements between NPDC and counterparties.
o Monthly volume allocations to Strategic Alliance Partners per partner.
o Monthly balance of NPDC crude over-lifts by Strategic Alliance partners.
o List of receiving banks, account numbers and bank statements for NPDC crude proceeds.

PAGE 91
4.6.3. Limitations
 Unsubstantiated claims:We were not provided with support documents for some items of
expenditure categorized under the pipeline maintenance and management cost.

OilGas:
If Nigeria was your company, Chibok girls were ur daughters, NNPC $20bn was ur money, immigration scam victims were ur relatives, pension scam victims were ur parents, borno was ur village......... will u come here and type GEJ till 2019?

TGM2015:



The document is of 199 pages and up to 12MB file size, I will update necessary clauses later

Yeske2:
I talk am, GEJ is a fraud.

Toby77:


Booked

OilGas:
If Nigeria was your company, Chibok girls were ur daughters, NNPC $20bn was ur money, immigration scam victims were ur relatives, pension scam victims were ur parents, borno was ur village......... will u come here and type GEJ till 2019?

jalaludeen1:
God has vindicated Sanusi

Mynd44:
Guy, we are going to need more and bigger prisons.

Hell, PWC absolved themselves

enaijize:
We are currently recruiting some excellent bloggers to join the Enaijize blog team. If you think you’re one helluva blogger, let us know by sending an email to contact@enaijize.com.

See you later!


http://enaijize.com/blog/2015/04/30/greetings-enaijizers/

dayodare49o:
How much can you pay?

enaijize:


Depends on the quality of the writing.

dayodare49o:
My writing is categorised into three: HLT, HST, GSW

HLT is the best of all you can not afford it. Followed by HST maybe the term might be too hard for you. I can collect anything you have to offer for GSW.

enaijize:


Can you expatiate?

enaijize:


Can you expatiate?

enaijize:


Can you expatiate?

dayodare49o:
OK! I will do that before today runs out. Good morning.