The Senate Committee on Public Accounts has uncovered alarming discrepancies amounting to over ₦210 trillion in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC), describing the findings as deeply troubling.
During a hearing on Wednesday, the committee, chaired by Senator Aliyu Wadada, questioned NNPC’s Chief Financial Officer, Dapo Segun, over unexplained legal and audit fees, as well as contradictory figures in receivables reported between 2017 and 2023.
“Trillions of naira are in question, and the new document presented today doesn’t match what’s already in their audited report. It’s completely contradictory,” Wadada said. He added that legal fees were recorded without evidence of services rendered, and audit fees lacked justification.
“These concerns are based entirely on NNPC’s audited financial statements—not speculation,” the committee noted.
NNPC’s finance team has been issued 11 queries and given one week to respond with detailed explanations. Wadada warned that the issue will not be swept under the rug, especially under President Tinubu’s Renewed Hope agenda, which prioritises transparency and accountability in public finance.
In a related development, the Sole Administrator of Rivers State, Admiral Ibok-Ete Ibas (retd.), is expected to appear before a Senate ad-hoc committee to defend the state’s proposed ₦1.48 trillion budget for the 2025 fiscal year.
