The Nigerian Senate has issued a stern ultimatum to the Nigerian National Petroleum Company Limited (NNPCL), demanding that it account for the alleged disappearance of ₦210 trillion from its audited financial statements spanning 2017 to 2023 within one week.
The directive came from the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (SDP, Nasarawa West), following a detailed review of NNPCL’s financial records. The committee expressed serious concerns about unexplained figures, under-accrued expenses, and inconsistencies in receivables reported by the company.
According to the committee, the audited statements revealed accrued expenses totaling ₦103 trillion, covering retention fees, legal fees, and auditor fees. However, supporting documents to substantiate these transactions were reportedly missing. The committee described these discrepancies as “mind-boggling” and “unacceptable.”
“Retention fees alone are quoted at over ₦600 billion without any referenced contracts. Legal fees also lack proper documentation explaining the engagements,” Senator Wadada stated. “When you combine these accrued expenses with questionable receivables, the total discrepancy amounts to over ₦210 trillion.”
The issue escalated when NNPCL submitted a new document on receivables just before the hearing, which the committee found to be entirely inconsistent with the audited financial statements. Senator Wadada described this inconsistency as “ridiculous” and “deeply troubling.”
He emphasized that the Senate’s concerns are based solely on publicly available audited reports, highlighting the need for transparency under President Bola Tinubu’s Renewed Hope Agenda. “Accurate financial information is crucial for funding national development. Such enormous discrepancies require clear answers, not silence,” the senator said.
Further scrutiny revealed contradictions in profit and loss reports between NNPCL and its subsidiary, National Petroleum Investment Management Services (NAPIMS). While NAPIMS declared a ₦9 trillion profit from 2017 to 2021, NNPCL recorded a ₦16 billion loss during the same period.
Senator Wadada also questioned why NNPCL approved and signed off on audited financial statements despite ongoing internal reconciliations. He warned that this could undermine investor confidence, especially as the company plans to go public through an Initial Public Offering (IPO).
The committee has formally presented 11 specific questions to NNPCL and expects a comprehensive response within one week. The Senate pledged to pursue the matter vigorously, ensuring accountability for every kobo.
