By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: Reps Probe NNPCL Over Missing N2 Trillion
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | Reps Probe NNPCL Over Missing N2 Trillion

News

Reps Probe NNPCL Over Missing N2 Trillion

Tapre Timine
Tapre Timine
Published: June 13, 2025
Last updated: June 13, 2025
3 Min Read
Share
Reps Probe NNPCL Over Missing N2 Trillion | Daily Report Nigeria
SHARE

The House of Representatives has probed the Nigerian National Petroleum Company Limited (NNPCL) over alleged N2 trillion it failed to account for during its transition from NNPC.

The  House Committee, chaired by Uju Kingsley was tasked with ascertaining the total inventory, assets, interest, and liabilities of the NNPC and its subsidiaries.

The report adopted by the Committee revealed that the assets of NNPC was worth sixty-four billion dollars during the transition process, but over fifty-eight billion dollars ($58.8b) was transferred to NNPC Limited.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

Despite the transition process, NNPC Limited has not been able to account for the N2 trillion discrepancy that occurred in July 2022 in line with the Petroleum Industry Act. (The transition changed the entity from a state-run entity to a commercial oil company.)

READ ALSO: NNPCL Can’t Dictate Petrol Prices — Falana

The report read in part.

“From findings, total assets worth $64 billion (about ₦28 trillion) was unveiled by Mr President but during transfer only $58.8 billion (₦26 trillion at official) at a rate of ₦450 to $1 was transferred, leaving a balance of ₦2 trillion unaccounted.”

The committee also announced the discovery of an N2 trillion liability owed to AGIP Petroleum Limited.

Moreover, the committee has uncovered additional instances of fraud committed by companies associated with NNPC subsidiaries.

The report said:
“Information available to us suggests that some subsidiaries of NNPC, with locations in foreign countries, buy crude oil and gas from NNPC without evidence of their payments for the purchases. These companies are indicted to be operating without employees and no fixed assets; yet over N30 billion is traceable to some of them.”

The committee, therefore recommended a forensic audit of all NNPC accounts with banks to verify the true amount owed to any bank based on loans granted.

REVEALED: FG Owing NNPCL N2.8trn For Subsidy

It stated that the audit will also cover movements of funds from NNPC accounts and charges by banks.

Furthermore, the committee asked the federal government to investigate foreign desk offices of NNPC subsidiaries with locations abroad and make international oil companies establish offices in Nigeria and develop a framework that will make the companies answerable to the Laws of Nigeria.

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:House of RepresentativesNNPCTop Stories
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

Mbappé Withdraws Legal Feud with PSG, Demands €55M Payout | Daily Report Nigeria
Mbappé Withdraws Legal Feud with PSG, Demands €55M Payout
Sports
President Trump Slams Nigeria with 10% Tariff Over BRICS Alignment | Daily Report Nigeria
President Trump Slams Nigeria with 10% Tariff Over BRICS Alignment
News
NiMet Warns of Flash Floods in Lagos, Sokoto, Benue, Others | Daily Report Nigeria
NiMet Warns of Flash Floods in Lagos, Sokoto, Benue, Others
News
Osimhen Finally Commits to Galatasaray in Permanent Deal After Long Wait | Daily Report Nigeria
Osimhen Finally Commits to Galatasaray in Permanent Deal After Long Wait
Sports
Tantita’s Detractors Responsible For Oil Theft, Insecurity in Niger Delta - Igere
Tantita’s Detractors Responsible For Oil Theft, Insecurity in Niger Delta – Igere
News

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

BREAKING: National Grid Collapses First Time In 2025 | Daily Report Nigeria
Business

BREAKING: National Grid Collapses First Time In 2025

June 3, 2025
Sterling Bank Splits Into Two | Daily Report Nigeria
News

Sterling Bank Splits Into Two

June 13, 2025
2023: ASUU, Others Reject Varsity Closure | Daily Report Nigeria
News

2023: ASUU, Others Reject Varsity Closure

June 14, 2025
Govt Will Not Pay Ransom To Secure Release Of Kagara Students - Lai Mohammed | Daily Report Nigeria
News

Govt Will Not Pay Ransom To Secure Release Of Kagara Students – Lai Mohammed

June 14, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?