…Says National Assembly Is Helpless, Calls for Presidency’s Intervention
By Fatima Saka
The Nigerian Senate has expressed deep concern over the inability of the Nigerian National Petroleum Company Limited to adequately account for approximately ₦210 trillion flagged in its audited financial statements, as the Senate Committee on Public Accounts intensifies its probe into the company’s financial records.
At a committee sitting on Wednesday, chaired by Aliyu Wadada, lawmakers queried several entries in the audited accounts, describing the explanations provided by the national oil firm as inconsistent and insufficient.
Central to the investigation is a ₦133 billion entry attributed to retention fees, legal fees, and audit fees. The committee noted that retention fees typically represent about five per cent of contract values, yet no corresponding contracts were identified in the financial statements to justify the charge.
Further scrutiny was directed at an additional ₦103 billion reportedly categorised under the same headings. Lawmakers demanded a comprehensive breakdown detailing the exact amounts allocated to each category, stressing the need for transparency and proper documentation.
The lawmakers stressed on the frustration of NNPLC not appearing before the committee for clarity and accountability purpose.
However, the explanation provided by NNPCL was said to contradict its audited records. The company linked the ₦103 billion to cash call payments to joint venture partners, a claim the committee rejected, pointing out that the cash call system had been abolished in 2016.
The committee also questioned assertions that part of the disputed funds was tied to debts owed by unnamed defunct banks. Lawmakers insisted on full disclosure, including the identities of the banks and the specific amounts involved, noting that vague claims could not support accountability.
Following deliberations, the committee granted NNPCL a two-week ultimatum to provide detailed clarifications on all disputed figures.
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The next hearing has been scheduled for April 29, 2026, with invitations to be extended to both current and former management of the defunct Nigerian National Petroleum Corporation, as well as external auditors responsible for the financial statements under review.
The committee emphasised its commitment to ensuring transparency and accountability in the management of public funds, warning that all parties involved must appear at the next sitting to provide clear and verifiable explanations.
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