The Nigerian Senate has given the Nigerian National Petroleum Company Limited (NNPCL) one week to explain discrepancies in its audited financial statements amounting to over ₦210 trillion between 2017 and 2023.
The order came from the Senate Committee on Public Accounts, which summoned top NNPCL officials over questionable figures in the company’s records, including accrued expenses and receivables.
During the session on Wednesday, the committee, led by Senator Aliyu Wadada (Nasarawa West), expressed shock at the inconsistencies in the figures, calling them “mind-boggling” and “unacceptable,” especially in light of the government’s revenue challenges.
The audited report showed accrued expenses of ₦103 trillion, including ₦600 billion in retention, legal, and auditor fees—with no supporting documents. Another ₦103 trillion was listed under receivables, also without adequate explanation.
“What we saw in the documents is deeply troubling,” Senator Wadada said. “Figures of this scale, without clear backing, raise serious questions.”
He also revealed that NNPCL submitted a new document just before the hearing that contradicted details in its official audited reports, further alarming the committee.
The lawmakers handed the company 11 key questions and demanded a full response within seven days, warning that the matter would not be ignored.
Wadada added that accurate financial reporting is essential under President Bola Tinubu’s Renewed Hope Agenda, as transparency is needed to rebuild public trust and attract investment.
He also questioned how NNPCL could release its financials while still undergoing internal reconciliation, especially as it plans to launch an Initial Public Offering (IPO).
In a separate finding, the committee noted that while a subsidiary of NNPCL, NAPIMS, declared ₦9 trillion profit between 2017 and 2021, the parent company reported a ₦16 billion loss for the same period—raising further concerns.
The Senate has promised to continue investigating until full accountability is achieved.
