The Senate Committee on Public Accounts has flagged N200 trillion in unaccounted funds in NNPCL.
The Senate Committee on Public Accounts has flagged N200 trillion in unaccounted funds in the Nigerian National Petroleum Company Limited’s (NNPCL) audited financial statements, exceeding Nigeria’s combined budget for the past decade.
During a hearing on June 18, committee chairman Aliyu Wadada confronted NNPCL CFO Dapo Segun, citing major irregularities in receivables and unexplained legal and audit fees between 2017 and 2023. “Legal fees were accrued without any explanation or documentation regarding the legal services rendered… Everything we’ve seen and heard from the audited financial statements is troubling,” Wadada said.
He added, “Trillions of naira are in question… the new document doesn’t match what’s already in their audited report. It’s completely independent and contradictory.”
The committee issued 11 queries to NNPCL, demanding responses within a week. Wadada assured the issue would not be ignored, aligning with President Tinubu’s Renewed Hope agenda for financial accountability.
Concerns over NNPCL’s transparency persist.