Financial analyst dismisses NNPCL’s explanation over missing trillions, calls FS ‘unsatisfactory’.
The Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Adedapo Segun, says the reported N210 trillion discrepancy in the company’s audited financials from 2017 to 2023 is due to joint venture (JV) cash calls and payments yet to be reconciled.
Segun made the disclosure Wednesday before the Senate Committee on Public Accounts, following a query from its chairman, Senator Aliyu Wadada, who gave NNPCL a one-week deadline to account for the missing funds.
According to Segun, “The N103 trillion and N107 trillion are JV cash call requests and payments made by NNPCL, which are yet to be reconciled due to governance lapses.”
However, financial analyst Habu Sadeik criticised the explanation on X, saying, “The CFO’s response is not satisfactory… Which cash call is over 100 trillion? Something is definitely not right.”
Sadeik suggested the financials should be retrospectively corrected, casting doubt on the integrity of the report.
The Senate has yet to comment on the n
ext steps.