Senate Raises Alarm Over ₦200trn ‘Unaccounted Funds’ In NNPC Coffers

The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, has raised grave concerns over significant discrepancies amounting to trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPC). The irregularities were described as “mind-boggling and deeply troubling.”

During an investigative hearing on Wednesday, where NNPC’s Chief Financial Officer, Dapo Segun, appeared before the committee, lawmakers pointed out the lack of supporting documentation for massive legal and audit expenses, alongside inconsistencies in reported receivables amounting to over N210 trillion between 2017 and 2023.

“Legal fees were recorded without any explanation or evidence of services rendered, and auditors’ fees were similarly questionable,” the committee noted. “Everything we’ve reviewed so far raises red flags.”

Senator Wadada emphasized that the most concerning issue was the mismatch in receivables.

“Trillions of naira are involved. The document submitted today contradicts the figures in their own audited report—it’s inconsistent and completely unaligned,” he stated.

The committee clarified that its concerns were based on official audits, not speculation. It has since issued 11 specific queries to NNPC’s finance team and given them one week to provide satisfactory responses.

Senator Wadada warned that the issue would not be overlooked, aligning with President Bola Tinubu’s Renewed Hope agenda, which prioritizes transparency and accountability in public financial management.

In a related development, the Sole Administrator of Rivers State, Admiral Ibok-Ete Ibas (retd.), is set to appear before a Senate ad-hoc committee to justify the state’s proposed N1.48 trillion budget for 2025 amid ongoing scrutiny.

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