Senate Gives NNPCL 7 Days to Explain Missing ₦210 Trillion in Audited Financial Reports
NPCL
Written by SpringnewsNG Media Limited – June 19, 2025
The Nigerian Senate has issued a one-week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide a detailed breakdown of over ₦210 trillion in discrepancies uncovered in its audited financial statements spanning from 2017 to 2023.
The demand was made by the Senate Committee on Public Accounts during a session held on Wednesday, following a thorough review of the company’s audited reports. The Senate raised alarms over unexplained “accrued expenses” and “receivables” listed in the financial records, which lacked supporting documentation.
Appearing before the committee were Dapo Segun, NNPCL’s Chief Financial Officer, and several top executives of the company. During the inquiry, committee chairman Senator Aliyu Wadada described the inconsistencies as “mind-boggling” and “unacceptable”, especially at a time when the federal government is aggressively seeking to increase national revenue.
“The audited statement shows accrued expenses of ₦103 trillion, including retention fees, legal fees, and auditor fees—yet there are no contract documents or justifications for these massive expenditures,” Wadada said.
He further revealed that retention fees alone were quoted at over ₦600 billion, without any corresponding contractual references. Even more alarming, the receivables section also listed ₦103 trillion, but a new document submitted by NNPCL shortly before the hearing contradicted details in the officially audited reports.
“The receivables figure in this new submission is completely inconsistent with the figures published in the official audited statement,” the senator noted.
Wadada emphasized that the Senate’s concerns are based solely on information already in the public domain through NNPCL’s audited reports. He stressed the need for full transparency and accountability, particularly under President Bola Tinubu’s Renewed Hope Agenda.
“With President Tinubu’s commitment to national transformation and financial accountability, there must be no room for opaque dealings in government-owned enterprises,” Wadada added.
“At a time when every naira counts, ₦210 trillion in unexplained figures demands urgent answers—not silence.”
The Senate has given NNPCL a seven-day deadline to return with comprehensive explanations, relevant documents, and reconciliations, or risk facing further legislative actions.
