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SENATE UNCOVERS N220M DISCREPANCY IN NNPCL ACCOUNT
The Nigerian Senate has uncovered a staggering ₦210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company (NNPC).
Lawmakers are demanding clarification and accountability, raising concerns over transparency and financial management within the state-owned oil giant.
Senate Raises The Alarm Over ₦200trn ‘Unaccounted Funds’ In NNPC Coffers
The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has raised the alarm over discrepancies involving trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL), describing the revelations as mind-boggling and worrisome.
During the investigative session on Wednesday, where the Chief Financial Officer, Dapo Segun, appeared before the committee, the absence of detailed records justifying massive legal and auditing fees was flagged, as well as contradictions in receivables reportedly worth over N210 trillion between 2017 and 2023.
The panel said, “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.”
“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,” he said.
The committee underscored that the concerns stem directly from the analysis of NNPC’s audited financial statements spanning 2017 to 2023, not from speculation. The committee has now handed over a list of 11 queries to NNPC’s finance team and given them one week to return with answers.
Re: Senate Uncovers ₦210 Trillion Discrepancy In Nnpc’s Audited Financials by Nukilia: 9:58am
Till date, we have not seen the outcome of NDDC investigation launched by the government. “Off your Mic” saga.
This current investigation is another way of greasing the palms of the investigations C’ttee.
Let Nigerians prepare to vote for credible leaders in 2027. Hopefully we will get it right someday…
Re: Senate Uncovers ₦210 Trillion Discrepancy In Nnpc’s Audited Financials by seunmsg(m): 10:58am
I watched the video and couldn’t make sense of the argument of the lawmaker. How did he arrived at N210trillion? The discrepancy only exists at the wild or ignorant imagination of the lawmaker.
There is a clear difference between accrued expenses and receivables. Accrued expenses is a liability while receivable is an asset. So, why lump them up? Mischief or ignorance?
I understand the accrued expenses of N103trillion to be unpaid JV cash calls so I’m more worried about the N107trillion figure for receivables. Who the fvck is owing NNPC N107Trillion? Federation account for previous subsidies? The lawmakers should have pressed the NNPC guys to shed light on the composition of the receivables instead of wasting energy looking for discrepancies between accrued expenses and receivables.
