The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has raised serious alarm over discrepancies involving trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC), describing the revelations as mind-boggling and worrisome.
During an investigative session held on Wednesday, the Senate committee raised concerns over the lack of detailed records to justify the Nigerian National Petroleum Company Limited’s (NNPCL) substantial legal and auditing fees. The session featured the appearance of the company’s Chief Financial Officer, Dapo Segun. Lawmakers flagged inconsistencies in reported receivables totaling over ₦210 trillion between 2017 and 2023, citing contradictions between presented documents and previously audited financial statements.
The panel stated, “Legal fees were accumulated without any supporting documentation outlining the legal services provided. Similar issues arise with the auditors’ fees—there’s no clear justification. What we’ve reviewed so far in the audited financial statements is deeply troubling.”
Senator Sani Wadada emphasized that the primary issue lies in the receivables.
“Trillions of naira are in question, and the new document submitted this afternoon contradicts the figures in the audited report. It appears to be an entirely separate and conflicting account,” he said.
The committee emphasized that its findings are based directly on NNPCL’s audited financial statements for the period from 2017 to 2023, rather than on conjecture. In response, the committee has issued a list of 11 queries to the company’s finance team and has given them a one-week deadline to provide explanations.
Senator Wadada also issued a stern warning, stating that the matter would not be overlooked, especially in light of the Tinubu administration’s Renewed Hope agenda, which prioritizes transparency and accountability in public financial management.
In a separate development, the Sole Administrator of Rivers State, Admiral Ibok-Ete Ibas (retd.), is scheduled to appear before the Senate Ad-Hoc Committee on the Rivers State Emergency Rule. He will defend the state’s proposed ₦1.48 trillion budget for the 2025 fiscal year.
