By Adenike Lawal
The Nigerian Senate has demanded explanations from the Nigerian National Petroleum Company Limited (NNPCL), over ₦210 trillion in financial discrepancies uncovered in its audited reports from 2017 to 2023.
During a session on Wednesday, the Senate Committee on Public Accounts summoned NNPCL’s Chief Financial Officer, Dapo Segun, to address concerns over vague entries in accrued expenses and receivables.
Committee Chairman, Senator Aliyu Wadada, described the figures; including ₦103 trillion in accrued expenses and ₦600 billion in undocumented retention fees as “indefensible” and lacking supporting contracts or documentation.
“This is not just suspicious, it undermines transparency and financial discipline,” Wadada said.
The committee gave NNPCL one week to provide detailed documentation or face further legislative action.
