The Nigerian National Petroleum Company Limited (NNPCL) has come under intense scrutiny as the Senate uncovers shocking discrepancies amounting to a staggering ₦210 trillion in its audited financial records from 2017 to 2023.
The Senate’s Public Accounts Committee revealed that ₦103 trillion was labeled as “accrued expenses” and ₦107 trillion as unexplained “receivables,” raising serious questions about financial transparency and accountability within the state-owned oil giant. Even more concerning is the contradiction between the NNPCL’s parent company, which reported a ₦16 billion loss, and its subsidiary NAPIMS, which declared a ₦9 trillion profit in the same period.
Refusing to be stonewalled, the Senate rejected NNPCL’s request for a two-month extension and instead issued a firm 10-day ultimatum, ending July 10, for clear explanations on 11 critical financial questions. As the deadline elapses, all eyes are now on NNPCL’s Group CEO, Bayo Ojulari, who has been summoned to appear before the Senate committee. The inconsistencies, including newly submitted documents that contradict previous audited accounts, have deepened public concern.
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