The Nigerian Senate has issued a seven-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to account for an alleged N210 trillion discrepancy in its financial records, spanning from 2017 to 2023.
This directive was handed down on Wednesday during a session of the Senate Committee on Public Accounts. The meeting, attended by NNPCL executives including its Chief Financial Officer, Dapo Segun, was convened to address concerns raised in the company’s audited financial statements over the six-year period.
Chairman of the Committee, Senator Aliyu Wadada, described the inconsistencies uncovered in the reports as “unacceptable,” vowing that the Senate would fully exercise its constitutional oversight powers to get to the bottom of the matter.
“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,” Senator Wadada said.
He specifically pointed to accrued expenses totaling N103 trillion, which reportedly included N600 billion in retention fees, unspecified legal fees, and auditor charges — none of which were backed by verifiable documentation or referenced contracts.
“How do you quote N600 billion in retention fees with no contract to back it up?” Wadada queried. “There are legal fees with no record of the legal services rendered. It’s completely unjustifiable.”
The Senate Committee demanded that NNPCL provide all necessary documentation and clarifications within the next seven days or risk further legislative action.
The development adds to growing scrutiny of the operations and financial practices of Nigeria’s state-owned oil company, even after its transition into a limited liability entity under the Petroleum Industry Act (PIA) 2021.
As of press time, NNPCL had not publicly responded to the Senate’s ultimatum.
