The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has raised serious alarm over discrepancies involving a massive N210 trillion in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC Ltd), describing the revelations as mind-boggling and worrisome.
During the investigative session on Wednesday, where the Chief Financial Officer (CFO) NNPC Ltd, Dapo Segun, appeared before the committee, the absence of detailed records justifying massive legal and auditing fees were flagged, as well as contradictions in receivables reportedly worth over N210 trillion between 2017 and 2023.
The panel said, “Legal fees were accrued without any explanation or documentation regarding the legal services rendered. The auditors’ fees raise similar questions. There are no clear justifications. Everything we’ve seen and heard from the audited financial statements is troubling.”
Senator Wadada further stated that the main concern was with the receivables.
“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 said.
The committee underscored that the concerns stem directly from the analysis of NNPC’s audited financial statements spanning 2017 to 2023, not from speculation.
Senator Wadada also warned that the matter would not be swept under the rug, especially as the Tinubu administration, under its Renewed Hope agenda, seeks transparency and accountability in public finance.
“They said the accrued expenses figure was and is still, since that is what is contained in the statement, N103 trillion. And what makes up accrued expenses are, one, retention fees, legal fees, and auditors’ fees.
“Just this afternoon, before the commencement of the exercise, NNPC brought a new document, a document to the committee that is completely independent of what is contained in the audited financial statement, and with items that contradict the items contained in the audited financial statement.
“This is very ridiculous, very unacceptable by the committee, but be it as it may, you have listened to all that transpired, and the questions are now handed over to them.
“It is important for the public to know that each of these questions emanated as a result of what we discovered from the audited financial statement of NNPC from 2017 to 2023. Accrued expenses and then receivables, we are talking over N210 trillion.
“For us, as representatives of the people, we will do the best we can. I know for a fact that this will not just go down the drain.
Consequently, the Nigerian Senate issued NNPC Ltd a one-week deadline to explain the financial discrepancies in its audited financial statements spanning 2017 to 2023.
“This isn’t just about balancing books—it’s about restoring trust in public institutions,” Wadada said. “Every single kobo must be accounted for.”
