Senate gives NNPCL fresh 10-day ultimatum over N210tn Missing Fund

Again, the Senate has issued a 10 day ultimatum to the Nigerian National Petroleum Company Limited NNPCL to respond to 11 critical financial queries related to discrepancies in its audited financial statements, warning that failure to comply could attract serious constitutional consequences.

The Committee on Public Accounts, Senator Aliyu Wadada, SDP, Nasarawa West at a resumed hearing yesterday however rejected a written request from the NNPCL seeking a two-month extension to compile responses and documents.

Recall that last week, the Committee had expressed outrage over what it described as mind-boggling and unacceptable, financial irregularities uncovered in NNPC’s books, including over 200 trillion naira in unexplained receivables and undocumented legal and audit fees spanning the years 2017 to 2023.

The disputed figures, comprising ₦103 trillion in “accrued expenses” and another ₦107 trillion listed as “receivables” were uncovered during the committee’s review of NNPCL’s financial records from 2017 to 2023.

At the previous sitting, the committee had raised questions about inconsistencies in NNPCL’s accounts, including a notable case where a subsidiary, National Petroleum Investment Management Services (NAPIMS), reported N9 trillion in profit between 2017 and 2021, while the parent company recorded a loss of N16 billion in the same period.