The Nigerian Senate on Wednesday, raised an alarm over the missing N210 trillion in the Nigerian National Petroleum Company Limited audited financial statement from 2017-2023.
Why is there’s missing N210tn in NNPCL-CFO Segun
The Chairman of the Senate Committee on Public Accounts, Aliyu Wadada, raised the alarm when he gave NNPCL one week to account for the missing funds.
However, the Chief Financial Officer, CFO, of Nigerian National Petroleum Company Limited, Adedapo Segun, explained why there is a missing N210 trillion audited financial statement spanning from 2017 to 2023.
According to Segun, the missing funds are cash calls requested by its joint venture partners and settlement to JVs.
The state-owned oil firm CFO was responding to an alarm raised by the committee over missing N210 trillion in its audited financial statement.
Reacting, Segun said, “The N103 trillion and N107 trillion are made up of joint venture cash calls that have been requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not done at that time. That is why you see the description reflecting those two items would be washed out because they are two sides of the same transaction, which is the cash calls by JV partners and the settlement by NNPCL”.
Missing N210tn: NNPCL’s CFO response not satisfactory—Financial Analyst, Sadeik
However, in response, a financial analyst, Habu Sadeik, on X on Thursday said the response by Segun was unsatisfactory.
Saideik faulted NNPCL’s response to the fund discrepancies, noting that something is not right with the audited financial statement.
“Forget about the senators’ lack of knowledge.
“The CFO’s response is not satisfactory. Are you saying that cash calls worth hundreds of trillions are just appearing on your FS only in 2024 without 31 disclosure?
“If it’s a cash call, why hasn’t the disclosure said so?
“Which cash call is over 100 trillion?
“Something is definitely not right, and I hope they retrospectively correct that FS.
“Someone somewhere did a chef’s work,” he wrote on X.
