The Nigerian Senate has issued a stern seven-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL), demanding a comprehensive explanation for over N201 trillion in unaccounted funds as flagged in its audited financial statements spanning 2017 to 2023.
This development emerged on Wednesday during a public hearing convened by the Senate Committee on Public Accounts, with top NNPCL executives, including the Chief Financial Officer, Dapo Segun, in attendance.
Chairman of the committee, Senator Aliyu Wadada, expressed deep concern over what he described as “unacceptable inconsistencies” in the financial records of the state-owned oil company. He emphasized that the Senate would not relent in deploying its full constitutional oversight powers to ensure accountability.
“We are looking at over N201 trillion in just two accounting categories—accrued expenses and receivables,” Senator Wadada stated. “These are not minor discrepancies. They pose serious questions about transparency, fiscal discipline, and the integrity of financial disclosures at the NNPCL.”
He further disclosed that accrued expenses alone stood at N103 trillion, which included a staggering N600 billion in retention fees, along with vaguely described legal fees and auditor charges. Notably, these figures were presented without supporting documentation, contractual references, or detailed breakdowns.
“How do you justify N600 billion in retention fees with no contract to substantiate it?” Wadada queried. “There are legal charges listed with no evidence of services rendered. It is completely indefensible.”
The committee has now directed the NNPCL to submit all relevant documentation and clarifications within seven days, warning that failure to do so would prompt further legislative actions, including possible sanctions.
