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Senate Committee raises alarm over missing records, unexplained legal and auditing fees in NNPC’s books
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₦210 trillion in receivables from 2017–2023 flagged as contradictory and unsupported
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NNPC given one week to respond to 11 audit queries as Senate vows not to let matter die
The Nigerian National Petroleum Company Limited (NNPC) has come under intense scrutiny from the Senate Committee on Public Accounts over shocking financial discrepancies totalling over ₦210 trillion, discovered in its audited financial records between 2017 and 2023.
During an investigative hearing held on Wednesday, the committee, chaired by Senator Aliyu Wadada, queried the company’s inability to justify massive legal and auditing fees, as well as inconsistencies in its reported receivables.
The Senate described the revelations as “mind-boggling and worrisome,” warning that the matter would not be buried under bureaucracy.
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The Chief Financial Officer of the NNPC, Mr Adedapo Segun, appeared before the committee but failed to provide satisfactory documentation to explain the huge legal expenses and other figures in the company’s financial statements. Lawmakers said the documents presented during the session were not only inconsistent but also directly contradicted entries already submitted in the company’s audited reports.
Senator Wadada stated that the biggest concern lies with the trillions of naira declared as receivables. He said, “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.”
He further stressed that the discrepancies could not be overlooked, especially given President Bola Tinubu’s push for financial transparency and accountability under the Renewed Hope agenda. The committee has now issued 11 audit queries to the NNPC finance team and given them one week to submit a full explanation.
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The Senate also questioned the legitimacy of accrued legal fees and payments made to external auditors, pointing out that there were no documented legal services rendered to support such high expenditures.
“The auditors’ fees raise similar questions. There are no clear justifications. Everything we’ve seen and heard from the audited financial statements is troubling,” the panel observed.
The financial records under review, spanning six years, were said to contain numerous red flags, prompting the committee to demand a forensic breakdown of all questionable items.
Senator Wadada maintained that the committee would not allow the issue to be swept under the rug. He insisted that those responsible must be held accountable, stressing that the Senate owed it to Nigerians to ensure that every kobo of public funds is properly accounted for.
The NNPC, which transitioned into a limited liability company under the Petroleum Industry Act, is expected to operate transparently and independently.
However, the current investigation has renewed concerns over the company’s financial practices and oversight.
