The Nigerian Senate Committee on Public Accounts has summoned former executives of the Nigerian National Petroleum Company Limited (NNPCL) alongside its current management to provide detailed explanations regarding ₦210 trillion worth of financial infractions uncovered in the company’s records.
Committee Chairman, Senator Ahmad Aliyu Wadada, issued the directive under constitutional and legislative powers that allow the Senate to summon chief executives of government agencies for clarification on financial dealings.
According to Senator Wadada, the inquiry stems from lapses observed during the review of the Auditor General for the Federation’s annual reports for 2019 and 2020. Since then, the committee has been scrutinizing NNPCL’s audited financial statements from 2017 to 2023, stressing that the delay was due to the need for a thorough and unambiguous investigation.
The committee formally requested information from NNPCL, which was provided, but after reviewing the audited statements prepared by external auditors, members expressed dissatisfaction.
Areas of concern include retention fees, legal fees, and audit fees totaling ₦103 trillion, sundry receivables of ₦107 trillion allegedly tied to defunct banks, and questionable subsidy deductions against direct production costs.
“The committee remains dissatisfied with the financial report submitted by NNPCL. Consequently, both former and current executives of the company have been summoned to appear before the committee to provide further explanations and clarifications” Wadada lamented.
The Lawmaker further emphasized that these unresolved issues necessitate the appearance of both former and current NNPCL executives before the committee.
He assured that the committee remains committed to engaging stakeholders in fulfilling its constitutional mandate and ensuring transparency in the oil sector for Nigeria’s economic prosperity noting that the Senate would leave no stone unturned untill the monies are properly accounted for.
