The Nigerian Senate has raised grave concerns over discrepancies found in the financial statements of the Nigerian National Petroleum Corporation Limited (NNPC), including the discovery of over ₦200 trillion in ‘unaccounted funds.’ The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, expressed shock and alarm over the massive financial irregularities, describing the revelations as troubling and unprecedented.
During a critical session on Wednesday, NNPC’s Chief Financial Officer, Dapo Segun, appeared before the committee to respond to queries. The panel noted several glaring issues, including a lack of detailed documentation for substantial legal and auditing fees. These fees were reportedly accrued without any clear justification or transparency. Furthermore, there were contradictions in NNPC’s financial reporting, specifically regarding receivables amounting to over ₦210 trillion, spanning the period from 2017 to 2023.
The committee outlined its findings, stating: “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.”
Senator Wadada highlighted that the most concerning issue lies with the receivables. He pointed out that the new financial documents presented by NNPC were inconsistent with the previously audited reports. “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,” Wadada added.
The committee stressed that these issues arose directly from the analysis of NNPC’s audited financial statements for the years 2017 to 2023, and not from mere speculation. In response, the committee handed over a list of 11 questions to NNPC’s finance team, giving them one week to provide detailed answers.
Transparency Under the Tinubu Administration
This development comes at a time when the Tinubu administration is pushing for greater transparency and accountability in public finance, under its “Renewed Hope” agenda. Senator Wadada assured that the committee would not allow the matter to be dismissed lightly, emphasizing the importance of addressing such financial irregularities.
Meanwhile, the Sole Administrator of Rivers State, Admiral Ibok-Ete Ibas (retd.), is set to appear before the Senate’s Ad-Hoc Committee on Rivers State Emergency Rule to justify the state’s proposed ₦1.48 trillion budget for the 2025 fiscal year.