The Senate Committee on Public Accounts, led by Aliyu Wadada, has expressed significant concern regarding discrepancies amounting to trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC), labeling these findings as both astonishing and alarming.
During Wednesday’s investigative session, the Senate Committee interrogated NNPC’s Chief Financial Officer, Dapo Segun, regarding the absence of comprehensive records for substantial legal and auditing fees. The committee also highlighted inconsistencies in receivables exceeding ₦210 trillion accumulated between 2017 and 2023.
The panel raised concerns over the lack of documentation and justification for accrued legal and auditor fees, stating that the information derived from the audited financial statements is troubling.
Senator Wadada expressed that the primary issue at hand centers on the receivables.
The individual stated that significant sums, amounting to trillions of naira, are at stake, as the newly presented document contradicts the previously audited report, as it appears entirely independent and inconsistent.
The committee emphasized that its concerns are grounded in an analysis of NNPC’s audited financial statements from 2017 to 2023, rather than speculation. It has raised 11 queries with NNPC’s finance team and allotted them one week to provide a response.
Senator Wadada emphasized that the Tinubu administration’s “Renewed Hope” agenda is committed to ensuring transparency and accountability in public finance, and he warned that this issue will not be overlooked.
Admiral Ibok-Ete Ibas (retd.), the Sole Administrator of Rivers State, is set to appear before the Senate Ad-Hoc Committee on Rivers State Emergency Rule to justify the proposed N1.48 trillion budget for the 2025 fiscal year.
