The Senate Committee on Public Accounts has uncovered massive discrepancies amounting to trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC), sparking fresh concerns about financial accountability in the oil sector.
At an investigative hearing on Wednesday, the committee, chaired by Senator Aliyu Wadada, queried NNPC’s Chief Financial Officer, Adedapo Segun, over unexplained legal and auditing fees, as well as contradictions in reported receivables totalling over ₦210 trillion between 2017 and 2023.
The lawmakers described the revelations as “mind-boggling and worrisome,” noting that the figures in the submitted documents failed to align with the official audited records.
“Legal fees were accrued without any explanation or documentation regarding the legal services rendered. The auditors’ fees raise similar questions. There are no clear justifications. Everything we’ve seen and heard from the audited financial statements is troubling,” the committee stated.
Senator Wadada added that the receivables alone were a cause for major concern.
“Trillions of naira are in question, and the new document they presented this afternoon doesn’t match what’s already in their audited report. It’s completely independent and contradictory,” he said.
The committee has issued 11 queries to NNPC’s finance department and directed them to provide clarifications within one week.
Wadada emphasized that the committee would pursue the matter to its logical conclusion, warning that it will not be swept under the carpet especially under President Bola Tinubu’s Renewed Hope administration, which prioritizes transparency and accountability in public finance.
