AWC Oil & Gas Desk
Aliyu Wadada is currently at the centre of a major investigation into the financial records of the Nigerian National Petroleum Company Limited. As Chairman of the Senate Committee on Public Accounts, he is leading the Senate probe into discrepancies discovered in the oil company’s audited accounts.
Key Issues Raised in the Audit
According to the Senate committee, lawmakers reviewing NNPCL’s financial statements from 2017 to 2023 discovered figures totaling about ₦210 trillion that require proper explanation.
The amount is made up mainly of:
₦103 trillion listed as accrued expenses under liabilities, which the committee said lacked detailed breakdowns.
₦107 trillion recorded as sundry receivables, allegedly owed by different entities and financial institutions.
When combined, the committee insists the national oil company must fully account for ₦210 trillion appearing in its audited records.
Senate Position
Senator Wadada clarified that the Senate did not accuse the company of stealing the money, but is demanding a clear explanation of the figures contained in its financial statements.
He stated that the committee found inconsistencies and insufficient documentation supporting some of the entries in the accounts.
Action Taken by the Senate
The Senate committee has taken several steps:
Summoned former NNPCL executives, including former Group Chief Executive Officer Mele Kyari.
Requested a forensic audit by the Auditor-General of the Federation.
Directed the company to provide detailed explanations for the discrepancies.
Lawmakers also rejected some of the explanations earlier provided by the company’s management, describing them as unsatisfactory.
Current Situation
The investigation is still ongoing. The Senate says it will continue its probe until the financial records are fully reconciled and verified.
The issue has become one of the largest financial accountability investigations in Nigeria’s oil sector, given the scale of the figures involved and the strategic importance of NNPCL to the national economy.
