The Senate Public Accounts Committee has ordered the Nigerian National Petroleum Company Limited, NNPCL, to refund ₦210 trillion over unexplained and irregular financial records between 2017 and 2023.
Chairman of the committee, Aliyu Wadada, disclosed the findings at a press briefing. He said the company failed to clarify ₦103 trillion in accrued expenses and ₦107 trillion in sundry receivables.
The committee also flagged duplicated subsidy costs, inflated production expenses, and ₦5.9 billion spent just to change the company’s name, actions the lawmakers considered unacceptable.
The committee has resolved to summon past and present NNPCL and NAPIMS management, as well as their auditors, to explain the discrepancies.
The federal lawmakers also directed the Auditor-General to conduct a forensic audit of the company’s accounts to ensure transparency and proper management of public funds.
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