The Senate has given the Nigerian National Petroleum Company Limited one week deadline to explain the financial discrepancies in its audited financial statements.
The Public Account Committee, PAC of the Nigerian Senate, chaired by Senator Aliyu Wadada Ahmed, raised serious alarm over the discrepancies involving trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL), describing the revelations as mind-bogging and worrisome.
During the investigative session on Wednesday, where the Chief Financial Officer Dapo Segun, appeared before the committee, the absence of detailed records justifying massive legal and auditing fees was flagged, as well as contradiction in receivables, reportedly worth over N210 trillion spanning 2017-2023.
“Legal fees were accrued without any explanation or documentation regarding the legal services rendered. The auditors fees raised similar questions. There are no clear justifications. Everything we’ve seen and heard from the audited financial statements is troubling”, the panel said.
Senator Wadada (SDP, Nasarawa-West) further stated that the main concern is with the receivables.
“Trillions of naira are in question, and the new document they presented this afternoon doesn’t match what’s already in their audited report. It’s completely independent and contradictory”, he said.
-9News Nigeria.
