The Nigerian Senate on Wednesday, gave the Nigerian National Petroleum Company Limited a one-week ultimatum, to answer for financial discrepancies totalling over ₦210trillion in its audited financial statements spanning 2017 to 2023.
The deadline was given during a session of the Senate Committee on Public Accounts, where NNPCL’s Chief Financial Officer, Dapo Segun, and other top executives appeared for questioning.
Lawmakers expressed outrage over what they described as “mind-boggling” irregularities in figures listed under accrued expenses and receivables in the company’s official reports.
Committee Chairman, Senator Aliyu Wadada, did not mince words, branding the inconsistencies as “unacceptable” and warning that the Senate would pursue the matter to the full extent of its oversight powers.
“We are looking at over ₦210trn 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.
According to the Senate, the audited reports showed accrued expenses of ₦ 103 trillion, which included ₦600bn in retention fees, unspecified legal fees, and auditor charges—all without any accompanying documentation or referenced contracts.
“How do you quote ₦600bn 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.”
