The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has raised serious alarm over significant financial discrepancies identified within the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC). These revelations, described as “mind-boggling and worrisome,” emerged during an investigative session on Wednesday, where Dapo Segun, the Chief Financial Officer of NNPC (also referred to as Adedapo Segun in reports), appeared before the committee.

A major point of contention highlighted by the committee was the accrual of massive legal and auditing fees without any accompanying explanation or documentation regarding the services rendered. The panel explicitly stated, “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.”

Furthermore, the committee flagged striking contradictions concerning receivables reportedly worth over N210 trillion, spanning the period between 2017 and 2023. Senator Wadada underscored the severity of this issue, remarking, “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.”

The committee stressed that these concerns were not based on speculation but stemmed directly from a thorough analysis of NNPC’s audited financial statements from 2017 to 2023. To address these critical issues, the Senate Committee has presented a list of 11 specific queries to NNPC’s finance team, giving them a strict deadline of one week to return with comprehensive answers.

Senator Wadada also issued a stern warning that this matter would not be swept under the rug, particularly in light of the current Tinubu administration’s “Renewed Hope” agenda, which places a strong emphasis on transparency and accountability in public finance. This commitment by the committee aims to ensure that clarity and rectification are brought to NNPC’s financial records.