Senate Demands Answers Over NNPC N210 Trillion Accounts
Senate gives NNPC auditors one week to explain over N210 trillion in receivables and payables flagged during an investigative hearing.
The Senate Committee on Public Accounts has given the external auditors of NNPC Limited one week to provide a detailed breakdown of more than N210 trillion recorded as receivables and payables in the company’s audited financial statements.
The directive followed an investigative hearing chaired by Senator Ibrahim Dankwambo, where lawmakers questioned the unexplained figures. The committee said the amounts, comprising about N107 trillion in receivables and N103 trillion in payables, must be fully reconciled.
The hearing became tense after the auditors requested two weeks to retrieve the schedules and working papers supporting the figures. However, the committee rejected the request, with Dankwambo asking why the auditors could not immediately produce documents supporting financial entries they had already certified.
The auditors argued that NNPC Limited remained their client and that the company should explain the disputed figures. They also said it had previously been agreed that NNPC Limited officials would clarify the financial entries.
Lawmakers rejected that position, insisting the auditors appeared before the Senate in an independent professional capacity and must defend the audit opinions they issued.
Senator Abdul Ningi cited Sections 88 and 89 of the 1999 Constitution, saying the National Assembly has the authority to summon individuals and demand relevant documents during investigations. “You are before this committee as independent auditors,” he said. “Do not tell us you must first seek permission from your client before complying with the lawful request of Parliament.”
Senator Adams Oshiomhole also challenged the auditors, noting that the disputed figures originated from their audit work. He added that NNPC Limited, as a government-owned company, could not rely on commercial confidentiality to withhold information from Parliament.
Dankwambo said NNPC Limited had repeatedly stated that the figures mainly related to joint venture cash calls and payments but had not identified the specific transactions or counterparties involved. He stressed that the committee was not alleging the money was missing but was concerned that such significant amounts remained unexplained in audited financial statements.
The committee directed the auditors to submit all supporting schedules and documents within one week, warning that failure to comply could lead to further legislative action.
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