PWC Report on Audit of the NNPC

I have gone through the report and wish to comment as follows;

With respect to the audit approach and procedures used by the audit firm, they carried out their work in line with international acceptable standards of auditing. Hence, the work done was of high quality and in line with best practice despite the auditee-imposed obstacles.

Overview of their findings;

beyond what was reported in the media which I will say it's just a minute fraction of the startling revelations contained in the report, I have dug out other salient and critical weaknesses or gaps from the report which I will share with you.

In order not to bore you friends, I will be very brief and straight to point.

The auditors were starved of information during the course of the investigation. Definitely, a deliberate attempt by the auditee to frustrate the exercise. This was mentioned in all their limitations page.

NPDC the exploration and production arm of the NNPC did not submit its financial accounts for audit-page 13

NNPC enabling act gives it power to spend money without limit or control-page 16

NNPC sells DPK to bulk marketers in Nigeria at N40.90/liter as against ex-depot and regulated price of N34.51k/liter- page 18

NNPC sold its 55% interests in 8 OMLs to NPDC at an under valued amount of $1.85b. Out of this only $100m was paid by the buyer. By the auditors valuation using market basis, the actual value of the blocks should be $3.4b-page 22

NNPC does not have records of crude oil sales leading to variances in the records page 51

$13.673b being revenue from sale of domestic crude oil not remitted by the NNPC to federation accounts-page 57

Two different prices used by the NNPC to value crude oil lifted or sold. The price used to value the one going to government is lower than price paid by off-takers page 58

DPK subsidy claim over stated by $40m by the PPRA- page 71

PMS subsidy over stated by $36.05m by the PPRA- page 72

DPK subsidy over charged by $203.54m by the NNPC- page 73

Friends, these are just few of other salient findings in the report. I just hope the president-elect will call for a thorough probe to unravel other "mysteries" cleverly hidden by this rotten NNPC group and bring the perpetrators to book.

Buhari won't do anytin
Don't over hype d old man
Else ya will be disappointed
Temitemi1 ma role model
Barcanista ma icon
Tit ma legend

It is well!

More and more discovery keep raising its head up with the release of the report......



That shows that the actual money is more than what Sanusi did say.....
God save this country

Great Analysis

...

Keneking:
Great Analysis

Thank you sir. I am humbled. Moderator, please move this to front page

OP, you have done a good job. Instead of people to urge the incoming government to take all necessary action to sanitise NNPC based on the audit report, they are ignorantly attacking PWC for doing their work. The findings in this report is enough for any serious minded government act accordingly.

OP, nice job from you...I will recommend you for minister of finance to GMB...Lol

Very articulate and intelligent.

Thanks sir.

I fault the submission of the member of house of rep calling for the in-coming government to probe the audit firm. Whilst I am not speaking for the latter, the auditors have protected themselves by inserting limitations faced in the conduct of the exercise. I want to state that it will only take an ignorant to make such a superficial comment. Our lawmakers need to ensure they understand issues in detail before rushing to press to comment.

The oil beaSt economic leakage of this clueless corrupt government will be probe and surely brought to book by the incoming government by fire by force which will be pushed by we the people incase they decide to cover up for them!!!!