Senate to NNPCL: Account for missing N210trn in audited reports,
By Henry Umoru
ABUJA- THE Senate has come down heavily on the Nigerian National Petroleum Company Limited, NNPCL, asking it to account for the missing of N210 trillion in its audited financial statements from 2017 to 2023 in one week.
It also said the audited statement listed accrued expenses of ¦ 103 trillion, including retention fees, legal fees, and auditor fees, as supporting documents were not made available to substantiate the transactions, adding that the alleged discrepancies amounted to the said sum.
The one-week ultimatum was given by the Committee on Public Accounts, led by Senator Aliyu Wadada, SDP, Nasarawa West.
While scrutinising the company’s records yesterday, the committee raised concerns over unexplained figures, under-accrued expenses and receivables in the reports.
Trouble started for the company when the committee members discovered a series of discrepancies in the submissions by the Chief Financial Officer of NNPCL, Dapo Segun, and other top officials on the external auditors’ report.
Senator Wadada, who described the inconsistencies as “mind-boggling” and “unacceptable”, 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.
“Now, on these just two items, accrued expenses and then receivables, we are talking over N210 trillion.”
Another area uncovered was the receivables section, which also amounted to ¦ 103 trillion, as the committee said it received a new document from NNPCL shortly before the hearing began.
Wadad added: “The receivable figure presented in the new document was entirely inconsistent with the audited financial statement. We found this not only ridiculous but also deeply troubling.”
Speaking further, he noted that the concerns raised by the Senate were directly from the contents of the audited reports, which were already in the public domain.
“In a country led by President Bola Tinubu, who has committed to changing the national narrative through the Renewed Hope Agenda, access to accurate financial information is crucial. We need all available resources to fund development, and figures like these demand answers, not silence,’’ he said.
The senator, who queried why NNPCL signed off on the reports, despite ongoing internal reconciliation, said the company was also planning to go public through an Initial Public Offering, IPO.
He said: “How can reconciliation still be pending, yet you release and sign off on the audited financials? These are not minor oversights. These figures are already out there in the public space and can impact investors’ confidence.”
He said further that the committee had handed over 11 specific questions to the NNPCL and expected a full response within one week.
Meanwhile, the committee also noted contradictions between profit and loss declarations by the company and one of its subsidiaries.
Senator Wadada disclosed that while the National Petroleum Investment Management Services, NAPIMS, declared a profit of ¦ 9 trillion between 2017 and 2021, NNPCL recorded a loss of ¦ 16 billion during the same period.
Consequently, the Senate vowed not to let the matter slide, assuring that it would take all necessary steps to ensure every kobo was accounted for.
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By Henry Umoru ABUJA- THE Senate has come down heavily on the Nigerian National Petroleum Company Limited, NNPCL, asking it to account for the missing of N210 trillion in its audited financial statements from 2017 to 2023 in one week. It also said the audited statement listed accrued expenses of ¦ 103 trillion, including retention […]
The post Senate to NNPCL: Account for missing N210trn in audited reports appeared first on Vanguard News.
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