Senate Gives NNPCL One Week to Account for Missing N210trn
By peterside Rejoice Eneky
The Senate on Wednesday issued a one-week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to explain discrepancies amounting to over N210 trillion uncovered in its audited financial statements covering the years 2017 to 2023.
The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (Nasarawa West), made the demand following a review of the company’s audited records and a closed-door grilling of NNPCL officials, including the Chief Financial Officer, Mr. Dapo Segun.
According to the committee, glaring inconsistencies were discovered in the areas of accrued expenses and receivables, as highlighted in reports submitted by external auditors.
“Accrued expenses alone are listed at N103 trillion, with items like retention fees, legal fees, and auditor fees left unsupported by any contractual documentation,” Senator Wadada revealed. “For example, over N600 billion in retention fees is recorded, yet there is no reference to the contracts or services behind these figures.”
The committee also raised red flags over the receivables section, which accounted for another N103 trillion, bringing the total questionable amount to over N210 trillion.
Adding to the controversy, the committee said NNPCL submitted a new document shortly before the hearing that contradicted the officially audited statements. “This last-minute document presented figures that were entirely inconsistent with what is publicly available. That is not just disturbing it’s dangerous for public confidence,” Wadada stated.
He emphasized that such discrepancies are unacceptable, particularly under an administration that has promised transparency and fiscal discipline through the Renewed Hope Agenda of President Bola Ahmed Tinubu.
“In a country where every kobo is needed for development, figures like these must be accounted for not ignored,” he said.
Senator Wadada also questioned NNPCL’s decision to release the audited reports despite admitting to ongoing internal reconciliation processes. “You can’t release financials that are still under reconciliation, especially when planning to launch an Initial Public Offering (IPO). These are not minor issues; they impact investor trust and the country’s image,” he warned.
In a related issue, the committee flagged discrepancies between profit declarations from the company and its subsidiary, National Petroleum Investment Management Services (NAPIMS). While NAPIMS reportedly recorded a profit of N9 trillion from 2017 to 2021, NNPCL declared a ₦16 billion loss for the same period.
The committee submitted 11 key questions to the NNPCL and expects full, documented responses within seven days.
Wadada assured Nigerians that the Senate will not allow the matter to be swept under the rug and is committed to ensuring full accountability.
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