The Nigerian National Petroleum Company Limited (NNPCL) has been embroiled in controversy over missing funds amounting to N210 trillion in its audited financial statements from 2017 to 2023. Here’s what’s happening.
NNPCL’s Chief Financial Officer, Dapo Segun, cited a managerial retreat as the reason for missing a Senate Committee on Public Accounts meeting. Segun requested a two-month extension to prepare necessary documents and responses.
The Senate committee rejected NNPCL’s request for a two-month extension, deeming it unacceptable for a company to take that long to respond to questions about its own audited records. Instead, they’ve given NNPCL’s top executives a 10-day ultimatum to appear before the panel by July 10 or face constitutional sanctions.
Segun attributed the missing funds to cash calls requested by joint venture partners and settlements to the JVs. However, lawmakers and transparency advocates, including Transparency International Nigeria, have demanded a thorough probe, expressing dissatisfaction with Segun’s explanation.
The Senate committee had previously questioned NNPCL’s top executives about discrepancies in the company’s financial records, including N103 trillion in unexplained accrued expenses and another N103 trillion under receivables ³ ⁴.
The situation has sparked public outrage and demands for accountability, with many calling for a comprehensive investigation into NNPCL’s financial management and transparency.