The Nigerian Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a seven-day deadline to explain the whereabouts of N210 trillion flagged as missing in its audited financial statements between 2017 and 2023.
This directive was issued on Wednesday during a session of the Senate Committee on Public Accounts, which had in attendance NNPCL’s Chief Financial Officer, Dapo Segun, along with other top officials of the company.
Chairman of the committee, Senator Aliyu Wadada, described the financial discrepancies as “unacceptable” and stressed that the Senate would fully exercise its oversight authority to ensure accountability.
“We are reviewing over N210 trillion in just two areas—accrued expenses and receivables,” Wadada said. “These are not minor errors. They raise serious concerns about transparency and financial integrity.”
Wadada particularly questioned the inclusion of N103 trillion in accrued expenses, which allegedly contained N600 billion in retention fees, as well as unspecified legal and auditing charges—all reportedly lacking proper documentation or contract references.
“How can you list N600 billion in retention fees without a single supporting contract?” he queried. “Legal fees are being declared with no evidence of services rendered. This is completely indefensible.”
The committee warned that failure by NNPCL to provide detailed explanations within the given timeframe could prompt further legislative action.
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