The Nigerian Senate has issued Nigerian National Petroleum Company Limited a seven-day ultimatum to account for N210 trillion in missing funds in its coffers as contained in audited financial statements spanning 2017 to 2023.
This was made known on Wednesday during a session of the Senate Committee on Public Accounts, where NNPCL’s Chief Financial Officer, Dapo Segun, and other executives of the state-owned oil firm were present.
According to the Chairman of the committee, Senator Aliyu Wadada, he described the inconsistencies in NNPCL’s financial records as “unacceptable”; and warned that the Senate would pursue the matter to the full extent of its oversight powers.
“We are looking at over ,210 trillion in just two categories-accrued expenses and receivables. These are not mere rounding errors; they raise fundamental questions about transparency and financial integrity,”; Wadada said.
He lamented how accrued expenses of N103 trillion, which included N600bn in retention fees, unspecified legal fees, and auditor charges-all without any accompanying documentation or referenced contracts.
“How do you quote N600bn in retention fees with no contract to back it up?”; Wadada queried. “There are legal fees with no record of the legal services rendered. It’s completely unjustifiable,”; he added.
