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A Brief Summary Of 'PWC REPORT' by tuncy(m): 12:38pm On Apr 28, 2015 |
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. |
Re: A Brief Summary Of 'PWC REPORT' by Nobody: 12:51pm On Apr 28, 2015 |
This sounds like a complaints rather than report. |
Re: A Brief Summary Of 'PWC REPORT' by efilefun(m): 12:54pm On Apr 28, 2015 |
ok |
Re: A Brief Summary Of 'PWC REPORT' by ImperialYoruba: 1:09pm On Apr 28, 2015 |
tkcosby02: 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. |
Re: A Brief Summary Of 'PWC REPORT' by Nobody: 1:15pm On Apr 28, 2015 |
ImperialYoruba: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. |
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