The Senate Committee on Public Accounts has issued a seven-day ultimatum to the external auditors of NNPC Ltd. to justify ₦210 trillion in unclear figures found within the company’s financial records. Senator Ibrahim Dankwambo, chairing the committee, insisted that the auditors must produce supporting documentation for the ₦107 trillion in receivables and ₦103 trillion in payables that currently lack adequate explanation.
During the session, the auditors requested two weeks to retrieve internal working papers, a move that faced immediate pushback from lawmakers. Senator Abdul Ningi emphasized that under the 1999 Constitution, the National Assembly holds the authority to summon individuals and demand evidence, overriding any claims of client-auditor confidentiality. He clarified that the auditors are accountable for the reports they certified, regardless of their relationship with the national oil firm.
Senator Adams Oshiomhole highlighted that because NNPC Ltd. is a state-owned entity, it cannot hide behind corporate privacy to avoid legislative oversight. He stressed that the public deserves a full account of these vast sums. Meanwhile, Senator Babangida Useni questioned the validity of the original audit if the supporting schedules are not readily available to explain such significant balance sheet entries.
The committee expressed frustration that NNPC officials have failed to provide a breakdown of these transactions, which are allegedly linked to joint venture cash calls. Senator Dankwambo concluded that these massive sums remain unexplained, noting that the inability to reconcile the entries raises serious concerns regarding the integrity of the financial statements. The auditors are required to return with the necessary documentation within the specified week.
