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Nigeria: Auditor-General releases PWC forensic audit report on allegations of unremitted revenue by NNPC

Author: Pricewaterhousecoopers, Published on: 1 February 2015

'Auditor General for the Federation Report on the investigative forensic audit into the allegations of unremitted funds into the federation accounts by the NNPC', 1 Feb 2015:…The Office of the Auditor-General for the Federation (AuGF) engaged PricewaterhouseCoopers…(PwC) to investigate…crude oil revenues generated by the Nigerian National Petroleum Corporation (“NNPC”) that was withheld or unremitted…between 1 January 2012 and 31 July 2013… This…follows…(concerns raised in) September 2013 by the former Governor of the Central Bank of Nigeria (“CBN”), HRH Sanusi Lamido Sanusi…that…NNPC had lifted $65bn worth of crude on behalf of the FGN but remitted only $15.2bn into the Federation Accounts, with $49.8bn…outstanding… [O]ur conclusions are…that the Corporation operates an unsustainable model…[as it] is unable to sustain monthly remittances…and also meet its operational costs…from the proceeds of domestic crude oil revenues, and…had to incur third party liabilities to bridge the funding gap…We therefore recommend that the NNPC model of operation must be urgently reviewed and restructured...[and] that NNPC be required to disclose the consolidated position of the Group and its subsidiaries, and expected remittances to the Federation accounts be determined from the available consolidated net revenues...[Refers to Agip, Atlantic Energy, Chevron, Duke Oil, Esso, Fujairah Refinery, General Marine and Oil Services, JP Morgan, Konsult Control Services, Lloyd's List, Marine Technical Services International, Mobil, National Petroleum Investment Management Services, Nexen, Nigerian National Petroleum Development Corporation, Nigerian Petroleum Development Corporation, Oando, Pricewaterhousecoopers, Product and Pipeline Marketing Company,Reuters, Sada Idris and Company, SGS Inspection Agency, Shell, Total]

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Related companies: Chevron Esso (part of ExxonMobil) ExxonMobil J.P. Morgan (part of JPMorgan Chase) JPMorgan Chase Mobil Oil (part of ExxonMobil) Nexen Nigerian Agip Oil Company (NAOC) (joint venture Nigerian National Petroleum Corporation, Eni, ConocoPhillips) Nigerian National Petroleum Corporation (NNPC) PricewaterhouseCoopers Reuters (part of Thomson Reuters) Shell Total