Senate Demands Answers Over ₦210tn NNPC Accounts, Gives Auditors Seven-Day Deadline

Senate Demands Answers Over ₦210tn NNPC Accounts, Gives Auditors Seven-Day Deadline

The Senate Committee on Public Accounts has ordered the external auditors of the Nigerian National Petroleum Company Limited (NNPC) to submit a detailed explanation of more than ₦210 trillion contained in the company’s audited financial statements within one week.

The directive was issued on Wednesday during the committee’s ongoing examination of NNPC’s financial records for the 2017 to 2023 fiscal years.

Lawmakers expressed concern over two major entries in the audited accounts—about ₦107 trillion listed as receivables and another ₦103 trillion recorded as payables.

Members of the committee requested documents showing how the figures were arrived at, but the audit firm’s representatives sought an additional two weeks to prepare the information.

The request was rejected by the committee, with Chairman Senator Ibrahim Dankwambo insisting that the auditors should already have the supporting records used in preparing the audited statements.

According to him, financial figures presented in audited accounts must be backed by detailed schedules, and there should be no delay in making such documents available to the committee.

The auditors argued that the information being requested should come directly from NNPC, their client.

However, lawmakers disagreed, maintaining that the auditors have an independent responsibility to account for the figures contained in their audit report.

Senator Abdul Ningi cited the constitutional powers of the National Assembly to demand documents and information from individuals or organisations connected to its investigations, stressing that the auditors could not withhold relevant records on the grounds of client approval.

Also speaking, Senator Adams Oshiomhole said the figures under scrutiny originated from the auditors’ work and that they were therefore expected to explain how they were verified during the audit process.

The committee also criticised the failure of both NNPC and its auditors to reconcile the disputed figures.

While company officials had repeatedly linked the amounts to joint venture cash calls and related obligations, lawmakers said they had yet to identify the specific transactions or parties involved.

Dankwambo clarified that the committee was not alleging that the funds were missing but was concerned that liabilities and receivables exceeding ₦210 trillion remained insufficiently explained in the audited financial statements.

The auditors were subsequently directed to return within seven days with the requested documentation as the Senate’s investigation continues.