The Senate Committee on Public Accounts on Wednesday raised serious concerns over massive inconsistencies involving trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC)
The call came on the heels of the inability of NNPC’s Chief Financial Officer, Adedapo Segun, was unable to present comprehensive documentation to justify enormous expenditures on legal and auditing services.
The senate probe which was presided over by Senator Aliyu Wadada, also exposed alarming discrepancies in receivables amounting to over ₦210 trillion between 2017 and 2023.
The committee described the financial records as deeply troubling and “mind-boggling,” questioning the absence of explanations for accrued legal fees and the ambiguity surrounding auditing costs.
“There is no documentation or justification for the legal fees. The same goes for auditing expenses — everything we’ve reviewed is disturbing,” the panel noted.
Senator Wadada emphasized that the core issue revolves around the receivables, stating:
“We are talking about trillions of naira. The new document submitted today contradicts what was presented in the earlier audited report. The inconsistency is glaring.”
The discrepancies were uncovered during a detailed review of NNPC’s audited accounts spanning the years 2017 to 2023. In response, the committee has issued 11 formal queries to NNPC’s finance department and given them a one-week deadline to provide clarifications.
Senator Wadada warned that the matter will not be overlooked, particularly under President Tinubu’s Renewed Hope agenda, which prioritizes transparency and accountability in the management of public funds.
