Senate Public Account Set to Tackles NNPCL on ₦210 trillion Fraud Allegations
Abuja (Core Reporters) The Nigerian Senate, will on Wednesday, June 25, tackles the Nigerian National Petroleum Company Limited (NNPCL) who are expected to provide a detailed explanation for alleged discrepancies amounting to over ₦210 trillion in its audited financial statements covering the years 2017 to 2023.Green job opportunities
Recall that the Senate Public Accounts Committee chaired by Senator Aliyu Wadada last Wednesday issued an ultimatum for the appearance of the leadership of the NNPCL following a grilling session during which the oil company’s records were scrutinised. Lawmakers raised concerns over unexplained figures listed under “accrued expenses” and “receivables” in the audited reports covering six years.
During the session, the Committee discovered multiple discrepancies in the submissions presented by NNPCL’s Chief Financial Officer, Dapo Segun, along with other top company officials, based on the external auditors’ reports.
Chairman of the committee, Senator Aliyu Wadada, described the inconsistencies as “mind-boggling” and “unacceptable.”
According to him, the audited statements listed accrued expenses totalling ₦103 trillion, including retention fees, legal fees, and auditors’ fees—none of which were supported with appropriate documentation.
He said, “Retention fees alone are quoted at over ₦600 billion, yet no contracts were referenced to justify these amounts.
“There are also legal fees with no attached details of the legal engagements that led to those costs.
Core Reporters report that members of the 10th Senate Committee on Public Accounts are not looking like people who will compromise very easily in their quest to unearth the fraud and corruption going on in the company.