The Nigerian National Petroleum Company Limited (NNPCL) has come under intense scrutiny after failing to appear before the Senate Committee on Public Accounts to address allegations of N210 trillion missing from its audited financial statements spanning 2017 to 2023. The absence of NNPCL officials and external auditors at Thursday’s hearing has fueled public outrage and demands for a thorough investigation.
Chief Financial Officer Dapo Segun explained in a letter, read by committee chairman Aliyu Wadada, that NNPCL management was engaged in a managerial retreat on the day of the summons. Segun requested a two-month extension to prepare the necessary documents and responses, stating, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation”.
The Senate Committee, however, rejected the request, calling it unacceptable for NNPCL to need two months to answer questions on its own audited records. Chairman Wadada issued a 10-day ultimatum, demanding that NNPCL top executives appear before the panel by July 10 or face constitutional sanctions.
The controversy centers on revelations by the Senate Committee that N210 trillion was unaccounted for in NNPCL’s financial statements. While Segun attributed the discrepancies to calls requested by joint venture partners and settlements to the JVs, lawmakers and transparency advocates, including Transparency International Nigeria, have insisted on a comprehensive probe, expressing dissatisfaction with the explanations provided so far.
The standoff has heightened public scrutiny of NNPCL’s financial management and transparency, with Nigerians demanding accountability for the massive sum reportedly missing from the nation’s oil revenues.
