The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, has raised alarm over significant discrepancies totaling trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC).
The irregularities, spanning 2017 to 2023, were described as “mind-boggling and worrisome” during an investigative hearing held on Wednesday.
Appearing before the committee, NNPC’s Chief Financial Officer, Dapo Segun, was unable to provide detailed records for massive legal and auditing fees accrued during the period. Of greater concern to the committee, however, were conflicting reports on receivables said to be worth over ₦210 trillion.
“Legal fees were accrued without any explanation or documentation regarding the legal services rendered,” the committee stated. “Everything we’ve seen and heard from the audited financial statements is troubling.”
Senator Wadada noted that a fresh document presented by NNPC on Wednesday contradicts earlier audited reports, with figures that are “completely independent and contradictory.”
The committee emphasized that its concerns are grounded in verifiable financial records, not speculation. It has issued 11 formal queries to the NNPC finance team, giving them one week to respond.
Senator Wadada added that the probe would not be swept under the carpet, aligning with President Bola Tinubu’s Renewed Hope agenda which prioritizes transparency and fiscal accountability.
In a related development, Admiral Ibok-Ete Ibas (retd.), Sole Administrator of Rivers State, is expected to appear before the Senate Ad-Hoc Committee on Rivers State Emergency Rule to justify the proposed ₦1.48 trillion 2025 budget for the state.
