The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, has expressed grave concern over discrepancies amounting to trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL), describing the findings as both staggering and deeply troubling.
During an investigative hearing on Wednesday, the committee questioned NNPCL’s Chief Financial Officer, Dapo Segun, over unexplained legal and auditing fees, as well as contradictions in receivables reportedly exceeding ₦210 trillion between 2017 and 2023.
“The legal fees accrued lack supporting documents or explanation of services rendered. The auditors’ charges also raise red flags. The entire content of the audited reports is deeply concerning,” the panel stated.
Senator Wadada highlighted major discrepancies in receivables, noting, “The figures in the new documents presented today do not align with those in the audited reports. They are entirely contradictory.”
The Senate panel clarified that its concerns are based on concrete data from NNPC’s audited accounts, not speculation. It has submitted 11 formal queries to the NNPC finance team and given them one week to provide clear answers.
Wadada emphasised that the issue will not be buried, especially given President Tinubu’s Renewed Hope agenda, which champions financial transparency and accountability.
In a related development, the Sole Administrator of Rivers State, Admiral Ibok-Ete Ibas (retd.), is scheduled to appear before the Senate Ad-Hoc Committee on Rivers State Emergency Rule to defend the proposed ₦1.48 trillion budget for the 2025 fiscal year.