NEITI 2016 OIL AND GAS FULL REPORT Prepared by: Haruna Yahaya & Co, (Chartered Accountants) Ahmadu Bello House, Shiroro Road Minna, E-Mail:
[email protected], www.harunayahaya.org Tel: 08078490827, 08034547524 1 NEITI 2016 OIL AND GAS FULL REPORT 3rdDecember, 2018 The Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), 60, Nelson Mandela Street, Off Kwame Nkrumah Street, Asokoro, Abuja FINANCIAL, PHYSICAL AND PROCESS AUDIT OF THE NIGERIAN OIL AND GAS INDUSTRY: AN INDEPENDENT REPORT ASSESSING AND RECONCILING PHYSICAL AND FINANCIAL FLOWS WITHIN NIGERIA’S OIL AND GAS INDUSTRY - 2016 The Firm of Messer HARUNA YAHAYA & CO. (Chartered Accountants) was appointed by National Stakeholders Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiative (NEITI) as the Fifth Independent Administrator (IA) to undertake the review and reconciliation of Financial, Physical and Process Audit of Nigeria’s Oil and Gas Industry for the year ended 31stDecember 2016 in line with the requirements of NEITI Act 2007. The engagement was carried out in accordance with the International Standards on Related Services (ISRS 4400), applicable to agreed-upon procedures. The procedures performed were as set out in the Terms of Reference (ToR) appended to this report as appendices. In the ToR, it was the responsibility of the Management of the covered entities to provide us with the required information/data on production levels and financial flows to the Federation Account while it is our responsibility to carry out independent review of the information/data provided and report our observations together with recommendations to NSWG. The methodology and approach adopted for this engagement, was not designed to constitute an investigation/audit or review engagement made in accordance with International Standards on Auditing or on review of engagement.