Nigerian Senate Uncovers Over ₦200trn “Missing” in NNPC’s Financial Reports

The Nigerian Senate Committee on Public Accounts has raised alarm over what it describes as “mind-boggling and worrisome” financial discrepancies involving trillions of naira in the audited accounts of the Nigerian National Petroleum Company Limited (NNPC).

The revelations emerged during a high-profile investigative hearing held on Wednesday at the National Assembly.

The Committee, chaired by Senator Aliyu Wadada, said it uncovered major inconsistencies in the NNPC’s financial records between 2017 and 2023. Particularly troubling, according to the Committee, are unexplained legal and auditors’ fees, as well as a staggering ₦210 trillion in receivables that are mired in contradictions and lack proper documentation.

During the hearing, the NNPC’s Chief Financial Officer, Mr. Dapo Segun, appeared before the panel but failed to provide clear explanations for the questionable entries. The Committee noted that documents recently submitted by the NNPC are inconsistent with previously audited financial reports, raising further suspicions.

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.

He added, “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.”

The Senate panel has since issued 11 queries to NNPC’s finance department and given them a one-week ultimatum to provide comprehensive and verifiable responses.

These revelations come against the backdrop of wider concerns over financial accountability in Nigeria’s public sector.

Recall that weeks ago, the House of Representatives also flagged the disappearance of over ₦250 billion in public funds.

Chairman of the House Public Accounts Committee, Hon. Bamidele Salam, disclosed this during a media briefing, citing audit findings from the Auditor-General of the Federation.

According to Salam, the ₦250 billion could not be accounted for across various federal institutions, indicating widespread fiscal mismanagement and non-compliance with financial regulations.

“This is a gross violation of public trust and an indication of systemic failures in the handling of public resources,” he said.

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