₦airaland Forum

https://www.youtube.com/watch?v=FEq-WkU1CGM?si=-LO-Eoi--l3Exvww

The Nigerian Senate has uncovered a staggering ₦210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company (NNPC).

Lawmakers are demanding clarification and accountability, raising concerns over transparency and financial management within the state-owned oil giant.

Senate Raises The Alarm Over ₦200trn ‘Unaccounted Funds’ In NNPC Coffers

The Senate Committee on Public Accounts, chaired by Aliyu Wadada, has raised the alarm over discrepancies involving trillions of naira in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL), describing the revelations as mind-boggling and worrisome.

During the investigative session on Wednesday, where the Chief Financial Officer, Dapo Segun, appeared before the committee, the absence of detailed records justifying massive legal and auditing fees was flagged, as well as contradictions in receivables reportedly worth over N210 trillion between 2017 and 2023.

The panel said, “Legal fees were accrued without any explanation or documentation regarding the legal services rendered. The auditors’ fees raise similar questions. There are no clear justifications. Everything we’ve seen and heard from the audited financial statements is troubling.”

“Trillions of naira are in question, and the new document they presented this afternoon doesn’t match what’s already in their audited report. It’s completely independent and contradictory,” he said.

The committee underscored that the concerns stem directly from the analysis of NNPC’s audited financial statements spanning 2017 to 2023, not from speculation. The committee has now handed over a list of 11 queries to NNPC’s finance team and given them one week to return with answers.

https://www.channelstv.com/2025/06/18/senate-raises-alarm-over-%E2%82%A6200trn-unaccounted-funds-in-nnpc-accounts/

Till date, we have not seen the outcome of NDDC investigation launched by the government. "Off your Mic" saga.

This current investigation is another way of greasing the palms of the investigations C'ttee.

Let Nigerians prepare to vote for credible leaders in 2027. Hopefully we will get it right someday...

I watched the video and couldn’t make sense of the argument of the lawmaker. How did he arrived at N210trillion? The discrepancy only exists at the wild or ignorant imagination of the lawmaker.

There is a clear difference between accrued expenses and receivables. Accrued expenses is a liability while receivable is an asset. So, why lump them up? Mischief or ignorance?

I understand the accrued expenses of N103trillion to be unpaid JV cash calls so I’m more worried about the N107trillion figure for receivables. Who the fvck is owing NNPC N107Trillion? Federation account for previous subsidies? The lawmakers should have pressed the NNPC guys to shed light on the composition of the receivables instead of wasting energy looking for discrepancies between accrued expenses and receivables.

So how much is their revenue to have that unreconciled amount

..they "uncovered" it...cos there shares have not got to them..

..when that happens..you will not hear anything abiut the nnpcl corruption & fraud of 210trillion naira..

The Senate should tell the world their own share of the #210T. This is what Nigerians and the world wants to know. All these charade and facade is simply because the NNPC is greedy not to give them their own share. Useless criminals.

N shared it

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The kind of news in this APC administration ehn. Loopholes like these should have been blocked since APC took over a decade ago

Nnpc the so called regulator? We are not yet ready for progress

Make una dey steal dey go.awon kleptomaniacs

₦210 Trillion

Lies. Another headline-generating rumour to distract us all from poor governance?

Buhari buhari buhari. Make una hold Buhari una no dey hear

;
APC Buhari-Tinubu leading the army of corrupt people.

No wonder they gave us scrap refineries.

seunmsg:
I watched the video and couldn’t make sense of the argument of the lawmaker. How did he arrived at N210trillion? The discrepancy only exists at the wild or ignorant imagination of the lawmaker.

There is a clear difference between accrued expenses and receivables. Accrued expenses is a liability while receivable is an asset. So, why lump them up? Mischief or ignorance?

I understand the accrued expenses of N103trillion to be unpaid JV cash calls so I’m more worried about the N107trillion figure for receivables. Who the fvck is owing NNPC N107Trillion? Federation account for previous subsidies? The lawmakers should have pressed the NNPC guys to shed light on the composition of the receivables instead of wasting energy looking for discrepancies between accrued expenses and receivables.

That means the lawmaker is just a rabble rouser. Making mountain of a mole hill.

jmoore:
;
Tinubu leading the army of corrupt people.
No wonder they gave us scrap refineries.

Was Tinubu your president in 2017?

Goodman999:
The kind of news in this APC administration ₦210 Trillion

APC administration in 2017, for real?

yaki84:
Una dey quick to disown Buhari, the Baba oyoyo of the south west, the best thing that happened to Nigeria after slice bread according to yorubas.
Abeg who was the president within that period?

You tell me who was the president in 2017.

Who believes this things. Soon you won't hear about it again. Story for the gods.

Omoh, Nigeria is completely finish.
This is 3 years budget.

Nigeria is just an investment to some people in every possible aspect of power.

20 generation wealth of a whole nation stolen by few people


Money they will never ever live to finish,

Nothing will come out of it, it was not called a zoo for nothing , Yahaya Bello is a free man today

Nothing will come out of it, it was not called a zoo for a, Yahaya Bello is a free man today .

Apc came to steal, kiII and destroy. . Se Un ur name go complete the 40 characters.

NNPC is one of the most corrupt organisation in Nigeria

Make dem dey play. Na today? The street light budget amount nko? The borehole budget nko? Before you know it now we won't hear shii on this again. The people only discovered it because dem no follow thief am. Just watch. Is this the first time NNPC is being audited?

Blood of jesus ooo

Omo 😱😱😱

#210trillion?

NNPC has been a great house of corruption.

No be today, from the days of Obasanjo and Sheu Yar'Adua Board of Enquiry.


Go and listen to Fela

IYOO....

Kei!!!!

210 wetin?

Where dem wan begin trace the money?


.Chai this country sef



ONYE ANWULU!!!

seunmsg:
I watched the video and couldn’t make sense of the argument of the lawmaker. How did he arrived at N210trillion? The discrepancy only exists at the wild or ignorant imagination of the lawmaker.

There is a clear difference between accrued expenses and receivables. Accrued expenses is a liability while receivable is an asset. So, why lump them up? Mischief or ignorance?

I understand the accrued expenses of N103trillion to be unpaid JV cash calls so I’m more worried about the N107trillion figure for receivables. Who the fvck is owing NNPC N107Trillion? Federation account for previous subsidies? The lawmakers should have pressed the NNPC guys to shed light on the composition of the receivables instead of wasting energy looking for discrepancies between accrued expenses and receivables.

Brilliant take. Whether the lawmaker is speaking from a position of knowledge or ignorance, fact remains that NNPC is an opaque corruption laden entity and its accounts are nothing but book keeping wonder.

udemzyudex:
Blood of jesus ooo

Omo 😱😱😱

#210trillion?

IYOO...

No be Jesus steal the money o. This one you dey call em name like this😄😄😄😄


ONYE ANWULU!!!

The Senate always quick to see the evil others do than theirs.

BTW: Who is the auditor? The Auditor don cast unless they qualify the financials