NEITI-EITI CORE AUDIT REPORT OF OIL & GAS - 2009 TO 2011
Nigerian Extractive Industries Transparency Initiative (NEITI), through the National Stakeholders Working Group (NSWG), continued its statutory mandate of ensuring transparency and accountability of the oil and gas industry in Nigeria by the appointment of Sada Idris & Co. (Chartered Accountants) in March 2012, as Auditors for the 2009 – 2011 Oil and Gas Industry audit.
The purpose of the audit is to review and reconcile all revenues collected by Government Agencies on behalf of the Federation and payments made by all the oil and gas companies operating in Nigeria, in line with the international standards and rules of the Extractive Industries Transparency Initiave (EITI).
This Core EITI report, titled ‘Financial Audit: An Independent Report Assessing and reconciling Financial Flows within the Nigeria’s Oil and Gas Industry – 2009 to 2011, is in fulfilment of one of the reporting requirements as contained in the Terms of Reference (TOR) of the assignment.
SCOPE OF WORK
The scope of work requires a report on the revenue flows to the Federation from the covered entities as well as investment flows from the Government Agencies and related transactions made by participants in Nigeria’s oil and gas industry. The review and reconciliation exercise aimed to capture all payment streams made by all covered entities to the Federation as well as applicable State Governments and other Government Agencies that might have received revenue from oil and gas operators.
In addition, the scope of work covered investment flows involving Government payments by way of Joint Venture investments, loans and loan repayment received by the operators as well as dividends from equity investments paid by the operators.