The Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a one-week deadline to clarify discrepancies totaling over ₦210 trillion in its audited financial statements from 2017 to 2023. This directive was issued by the Senate Committee on Public Accounts after a review session where lawmakers questioned inconsistencies in the company’s financial records, particularly in the “accrued expenses” and “receivables” sections of the reports.
Discrepancies were noted in submissions presented by NNPCL’s Chief Financial Officer, Dapo Segun, and other top officials, based on external auditors’ findings. Committee Chairman, Senator Aliyu Wadada, described the inconsistencies as alarming, highlighting that accrued expenses, including retention, legal, and auditors’ fees, totaled ₦103 trillion without proper documentation.
Wadada stated that retention fees alone were quoted at over ₦600 billion, with no referenced contracts, and legal fees lacked supporting details. He pointed out that the receivables section, also amounting to ₦103 trillion, contained figures that contradicted data in the official financial statements.
He noted that a new document submitted by NNPCL shortly before the hearing included figures inconsistent with the published audit reports, calling the situation troubling. The committee stressed that these concerns were drawn directly from NNPCL’s public records.
Referencing the administration’s focus on transparency under President Bola Tinubu’s Renewed Hope Agenda, Wadada emphasized the need for accurate financial data to support development goals and maintain investor confidence, especially in light of NNPCL’s plans for an Initial Public Offering (IPO).
The committee has issued 11 queries to the company and expects comprehensive written responses within a week. Additionally, the committee noted discrepancies between NNPCL’s and its subsidiary NAPIMS’ financial declarations. While NAPIMS reported a ₦9 trillion profit from 2017 to 2021, NNPCL recorded a ₦16 billion loss during the same period.The Senate has pledged to pursue full accountability and ensure every naira is properly accounted for.
Source : https://leadership.ng/
