The Nigerian National Petroleum Company Limited (NNPCL) will on Wednesday, June 25, face intense questioning from the Senate Public Accounts (PAC) over discrepancies in ₦210 trillio audited financial statements covering the years 2017 to 2023.
The Senate Public Accounts Committee chaired by Senator Aliyu Wadada last Wednesday issued an ultimatum for the appearance of the leadership of the NNPCL following a grilling session during which the oil company’s records were scrutinised.
During the session, the committee raised concerns over unexplained figures listed under “accrued expenses” and “receivables” in the audited reports covering six years.
The Committee also discovered multiple discrepancies in the submissions presented by NNPCL’s Chief Financial Officer, Dapo Segun, along with other top company officials, based on the external auditors’ reports.
Senator Wadada, described the inconsistencies as “mind-boggling” and “unacceptable.”
He noted that the audited statements listed accrued expenses totalling ₦103 trillion, including retention fees, legal fees, and auditors’ fees—none of which were supported with appropriate documentation.
The lawmaker stated, “Retention fees alone are quoted at over ₦600 billion, yet no contracts were referenced to justify these amounts.
“There are also legal fees with no attached details of the legal engagements that led to those costs”.
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