Nigeria’s Senate has issued a one‑week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to explain what lawmakers describe as ₦210 trillion in unexplained figures scattered across its audited financial statements for 2017‑2023.
During a tense Public Accounts Committee (PAC) hearing on Wednesday, committee chair Senator Aliyu Wadada (SDP, Nasarawa West) said the discrepancies hidden in line items for “accrued expenses” and “receivables”are “mind‑boggling” and “unacceptable” for a company that manages the country’s single largest revenue stream.
Accrued expenses: ₦103 trillion, including more than ₦600 billion tagged simply as retention fees, plus undefined legal and auditor fees with no supporting contracts or invoices.
Receivables: another ₦103 trillion, but a fresh document submitted minutes before the hearing listed an entirely different figure, contradicting the published accounts.
Summing both categories gives the headline ₦210 trillion now under scrutiny roughly equivalent to 88 percent of Nigeria’s entire 2025 federal budget.
“These figures are ridiculous. They strike at the heart of Nigeria’s ability to fund development,” Senator Wadada said, warning that the committee will not let the matter “slide into silence.”
Other senators questioned why NNPCL signed off on accounts still undergoing “internal reconciliation,” especially as the state oil firm continues preparations for an initial public offering.
The PAC handed NNPCL 11 written queries and gave the company seven days to produce documentary proof for every naira in questionor face possible referral to the Economic and Financial Crimes Commission (EFCC) and the Senate plenary for sanctions.
NNPCL Chief Financial Officer Dapo Segun acknowledged “documentation gaps” but insisted the company is committed to transparency. He pledged to deliver full explanations within the stipulated timeframe.
The Senate probe follows multiple audit reports and civil‑society lawsuits accusing NNPCL of unauthorised deductions and unremitted revenues. Finance Minister Wale Edun confirmed in April that a forensic audit of the company is already under way.
Within seven days: NNPCL must submit detailed ledgers, contracts, and bank records.
PAC review: If explanations fall short, the committee could recommend criminal investigation, management shake‑ups, or withholding future budget approvals.
Investor impact: Analysts warn that prolonged opacity could dent investor confidence ahead of NNPCL’s planned IPO.
For now, the Red Chamber has drawn a clear line: the oil giant must account for every kobo or face the full force of parliamentary oversight.
