The Nigerian Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a seven-day ultimatum to account for N210 trillion in missing funds.
The demand was made during a session of the Senate Committee on Public Accounts, where NNPCL’s Chief Financial Officer, Dapo Segun, and other executives were present.
The committee chairman, Senator Aliyu Wadada, described the inconsistencies in NNPCL’s financial records as “unacceptable”.
“We are looking at over N210 trillion in just two categories—accrued expenses and receivables. These are not mere rounding errors; they raise fundamental questions about transparency and financial integrity,” Wadada said.
The senator questioned N103 trillion in accrued expenses, including N600 billion in retention fees without accompanying documentation or contracts.
“How do you quote N600 billion in retention fees with no contract to back it up?” Wadada asked.
“There are legal fees with no record of the legal services rendered. It’s completely unjustifiable,” he added.
The Senate warned that it would pursue the matter to the full extent of its oversight powers if NNPCL fails to provide satisfactory explanations.