The Nigerian Senate has uncovered a staggering ₦210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company (NNPC).
The discovery coincides with the report that despite being Africa’s top oil producer, Nigeria spent over ₦1.19 trillion importing crude oil in just three months.
Lawmakers are demanding clarification and accountability, raising concerns over transparency and financial management within the state-owned oil giant.
The find came as the Senate Committee on Public Accounts, chaired by Aliyu Wadada, probed 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.
According to figures by the Nigerian Bureau of Statistics (NBS), crude imports in the this year’s first three months totalled ₦1.19 trillion.
- Jan — ₦335.69bn
- Feb — ₦445.27bn
- Mar — ₦407.29bn
Crude Oil was Nigeria’s third most imported product for Q1 2025, with a share of 7.7% of total imports, trailing only gas oil and motor spirit ordinary, which were valued at N1.83tn and N1.76tn, respectively.
Nigeria’s crude oil import first quarter of 2025 came from:
- USA — ₦726.84bn
- Angola — ₦223.58bn
- Algeria — ₦122.37bn
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Govt Closes Case On IPOB’s Nnamdi Kanu, Court Adjourns To July 18
The Federal Government of Nigeria has formally closed its case against the detained leader of the Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu, at the Federal High Court in Abuja, ABN TV reports.
This development was disclosed by one of Kanu’s lead counsels, Barrister Aloy Ejimakor, in a post on X (formerly Twitter) shortly after court proceedings on Wednesday.
According to Ejimakor, the presiding judge granted the defense team 14 days to file their written address in support of a no-case submission — a legal argument that Kanu has no case to answer. The prosecution was also given 14 days to respond.
With this, the matter has been adjourned until July 18, 2025, for further proceedings.
“Today, the Federal Republic of Nigeria CLOSED its case against Mazi Nnamdi Kanu… Thank you for your support,” Ejimakor posted.
The trial of Nnamdi Kanu continues to attract local and international attention, with human rights groups and observers closely monitoring the process. Kanu has remained in custody since his controversial rendition from Kenya to Nigeria in 2021.
