SENATE GIVES NNPCL SEVEN DAYS TO EXPLAIN ALLEGED ₦210 TRILLION DISCREPANCIES IN AUDITED ACCOUNTS

The Senate, on Wednesday, June 18th issued a one‑week ultimatum to the Nigeria National Petroleum Company Limited (NNPCL) to provide a comprehensive explanation for alleged discrepancies totaling over ₦210 trillion in its audited financial statements for the years 2017–2023.
The directive came from the Senate Public Accounts Committee (SPAC) following a tense grilling session where NNPCL’s top officials, including its Chief Financial Officer, Dapo Segun, were asked to justify inconsistencies discovered in the company’s publicly available audited reports.
According to the Committee’s Chairman, Senator Aliyu Wadada, the audited documents revealed “mind‑boggling” accrued expenses totaling roughly ₦103 trillion, which included retention fees, legal expenses, and auditors’ charges, none of which were supported by relevant contract documents. “Retention fees alone accounted for over ₦600 billion, yet no contract details were offered to justify the amounts,” he said.
He further expressed concern about the “receivables” category, also quoted at approximately ₦103 trillion, with fresh documents submitted by the NNPCL contradicting its earlier audited financial statements. “These inconsistencies are not minor oversights. They raise serious questions about accountability and financial stewardship,” the Committee Chairman stated.
The Committee has issued 11 specific queries and expects a full, written explanation within a week. Senator Wadada emphasized that such revelations undermine public trust and could negatively affect NNPCL’s planned IPO. “In a nation led by President Bola Tinubu and the Renewed Hope Agenda, accurate and transparent financial information is critical for funding national development and gaining investor confidence,” he added.
The Committee also highlighted a significant discrepancy between the earnings of NNPCL and one of its subsidiaries, NAPIMS. According to its records, NAPIMS announced a profit of ₦9 trillion between 2017 and 2021, while NNPCL itself posted a loss of ₦16 billion within the same period. The Senate has pledged to leave no stone unturned until every public fund is accounted for.