“Which cash call is over N100 trillion? Something is definitely not right,” Sadeik posted on X.
ABUJA — The Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Adedapo Segun, has attributed the reported N210 trillion discrepancy in the company’s audited financial statement (2017–2023) to unreconciled joint venture (JV) cash calls.
Appearing before the Senate Public Accounts Committee on Wednesday, Segun explained that the N103tn and N107tn flagged were JV cash call requests and settlements that had not been reconciled due to missing governance procedures.
“That is why you see the description reflecting those two items… they are two sides of the same transaction,” he told lawmakers.
However, financial analyst Habu Sadeik called Segun’s explanation “unsatisfactory,” questioning how such large sums entered the 2024 statements without proper disclosure.
“Which cash call is over N100 trillion? Something is definitely not right,” Sadeik posted on X.
Senator Aliyu Wadada has issued a one-week deadline for NNPCL to provide a clearer breakdown of the funds.