Nigerian Senate has issued a seven-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to explain the alleged missing funds totalling N210 trillion, as highlighted in audited financial statements from 2017 to 2023.
Gatekeepers News reports that the announcement was made on Wednesday at a session of the Senate Committee on Public Accounts, which included attendance from NNPCL’s Chief Financial Officer, Dapo Segun, and other senior executives from the state-owned oil company.
Senator Aliyu Wadada, the committee chairman, described the discrepancies in NNPCL’s financial records as “unacceptable.” He emphasised that the Senate is prepared to exercise its full oversight powers to investigate this issue thoroughly.
“We are looking at over 210 trillion in just two categories—accrued expenses and receivables. These are not mere rounding errors; they raise fundamental questions about transparency and financial integrity,” Wadada said.
He lamented how accrued expenses of N103 trillion, which included N600bn in retention fees, unspecified legal fees, and auditor charges, all without any accompanying documentation or referenced contracts.
“How do you quote N600bn 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,” he added.
