Yan Nigeria
The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has raised alarm over huge discrepancies involving trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC).
During the investigative session on Wednesday, the Chief Financial Officer of the NNPC, Adedapo Segun, failed to provide detailed records justifying massive legal and auditing fees, as well as contradictions in receivables reportedly worth over ₦210 trillion between 2017 and 2023.
The Committee expressed worry over the financial statements, describing it as mind-boggling and worrisome.
The panel said, “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 further stated that the primary concern is with the receivables.
“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 stated that the concerns stem directly from the analysis of NNPC’s audited financial statements spanning 2017 to 2023.
The committee has now handed over a list of 11 queries to NNPC’s finance team and given them one week to return with answers.
Senator Wadada also warned that the matter would not be swept under the rug, especially as the Tinubu administration, under its Renewed Hope agenda, seeks transparency and accountability in public finance.
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