Senate gives NNPCL one week to explain missing N210 trillion in unaudited financial records.
Lawmakers question huge expenses, including N600 billion in fees with no supporting documents or contracts.
The Nigerian Senate has issued a one-week deadline to the Nigerian National Petroleum Company Limited (NNPCL) to explain the whereabouts of N210 trillion flagged in its audited financial records from 2017 to 2023.
This directive was given during a session on Wednesday by the Senate Committee on Public Accounts. Present at the hearing were NNPCL’s Chief Financial Officer, Dapo Segun, and other senior officials from the company.
Senator Aliyu Wadada, who chairs the committee, expressed serious concern over what he described as disturbing discrepancies in the company’s financial records. He stated that the Senate would use its full oversight powers to investigate the matter thoroughly.
“We are looking at over N210 trillion in just two categories, accrued expenses and receivables. These are not mere rounding errors; they raise fundamental questions about transparency and financial integrity,” Wadada said.
He went further to criticize some of the listed expenditures, including N103 trillion under accrued expenses. Among these were N600 billion in retention fees, legal fees, and auditor charges, all of which were reportedly not supported by any documentation or contracts.
“How do you quote N600bn in retention fees with no contract to back it up?” Wadada asked. “There are legal fees with no record of the legal services rendered. It’s completely unjustifiable,” he added.
The committee demanded that NNPCL provide detailed explanations and supporting documents within seven days or face further legislative action.
