This is a brief summary
I have read the full report and I can boldly say it
was just a tissue of paper as it is so unreliable.
Despite the scope set for the exercise, the
auditors could not perform their responsibilities
due to lack of co-operation on the part of CBN
and NPDC. Important documents are either not
made available or required personnel refused to
show up.
I was able to come up with the following
limitations as itemised by PwC.
1. Our findings are based on the review of
documentation submitted, 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.
2. In certain instances where we were NOT
provided with information or access to key
Stakeholders we leveraged on external and
available sources of information to reach our
conclusions.
3. The data gathered by the various Agencies and
sub-units are kept within the custody of the
respective Agencies/SBUs. There is no single
reliable data repository that can provide a holistic
overview of the crude oil sales process from end
to end. As such, variances in the records which
would flag issues may be missed. Also, the
opportunity to take informed decisions based on
robust underlying data is limited.
4. More so, the various Agencies and sub-units
administering the crude oil sales process work in
silos and there is no single point accountability.
This is characterized by record duplications,
reconciling items, opacity regarding the activities
of certain Agencies/SBUs and inefficiencies.
5. Reconciliation was particularly challenging as
we needed an independent source to verify the
lifting records provided by COMD. The data
obtained from DPR and the PIAs were
incomplete, duplicated or difficult to interpret.
6. The reports generated by the Agencies/SBUs
have different formats and classifications which
creates difficulties in comparison of similar data
sets from different Agencies/SBUs. For example,
the export data as captured by the PIAs and DPR
does not break down the crude oil exports per
category like Tax Oil, Royalty oil, Export crude etc.
7. Up till the time of writing this report, our
request for bank statements from CBN was not
responded to. We therefore relied on the account
statements obtained from other stakeholders to
carry out our independent check on the
remittances made.
8. 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.
9. 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.
10. We did not test the authenticity of the
documents presented to us by PPPRA, NNPC as
well as all other subsidiaries of NNPC.
11. 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.
12. 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.
13. 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. Non-response of NPDC to our
request letter which meant that we weren’t
provided with the following requests: Detailed
breakdown of the crude oil assets transferred to
NPDC, Terms of divestment and contract
documents involving the assets taken over,
Strategic Alliance agreements between NPDC and
counterparties, Monthly volume allocations to
Strategic Alliance Partners per partner, Monthly
balance of NPDC crude over-lifts by Strategic
Alliance partners, List of receiving banks, account
numbers and bank statements for NPDC crude
proceeds.
14. Unsubstantiated claims: We were not
provided with support documents for some items
of expenditure categorized under the pipeline
maintenance and management cost.
15. We requested for meetings and information
from the Central Bank of Nigeria (“CBN”) but were
not granted access to nor given the requested
information by the CBN.
16. We requested for meetings and information
from the Nigeria Petroleum Development
Company (“NPDC”) but were not granted access to
nor given the requested information by the
NPDC.

This sounds like a complaints rather than report.

ok

tkcosby02:
This sounds like a complaints rather than report.

We are interested in the money...their foottracks and prints as they dissapear from one unaccountable point to the next. The process of extracting hard evidence and proofs iis important for analysis.

There is an aggregate...focus on that, and leave alone the style of reporting, which is what you are attacking.

ImperialYoruba:


We are interested in the money...their foottracks and prints as they dissapear from one unaccountable point to the next. The process of extracting hard evidence and proofs iis important for analysis.

There is an aggregate...focus on that, and leave alone the style of reporting, which is what you are attacking.

I think report is all about findings. All i could see there was "UNABLE", "COULD NOT", and sorts off. Theres no coclusion and recommendations. I didnt really attack it.