THE Senate Public Accounts Committee has given the external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) one week to provide documents explaining more than N210 trillion recorded as receivables and payables in the company’s audited financial statements.
News Poin tNigeria reports that the committee, during a hearing on Wednesday, directed the auditors to submit detailed schedules and audit working papers supporting approximately N107 trillion listed as receivables and N103 trillion recorded as payables.
The auditors had sought a two-week extension to retrieve the documents, explaining that the schedules formed part of their audit working papers. However, the committee rejected the request and insisted that the records be produced within one week.
Chairman of the committee, Senator Ibrahim Dankwambo, questioned why auditors who had already certified the company’s accounts required additional time to produce documents supporting the figures.
“If you already have the figures in your working papers, why do you need to go back before presenting them to this committee?” Dankwambo asked.
In response, the auditors argued that NNPC Ltd. remained their client and, therefore, should be responsible for explaining the disputed figures. The committee, however, disagreed, maintaining that the auditors were accountable for the opinions they had issued on the financial statements.
Senator Abdul Ningi cited constitutional provisions, stressing that the National Assembly possesses the authority to compel any individual or organisation to produce documents relevant to its investigations.
Also speaking, Senator Patrick Ndubueze questioned the credibility of the audit process, warning that failure to provide the supporting schedules would cast doubt on whether the audit had been properly conducted.
The committee further observed that previous explanations offered by NNPC officials, which linked the figures to joint venture transactions, had failed to reconcile the accounts.
Senator Adams Oshiomhole maintained that NNPC Ltd., as a government-owned company, could not shield itself behind claims of commercial confidentiality to withhold information from the National Assembly.
Dankwambo emphasised that the committee was not alleging that the funds were missing but noted that the combined N210 trillion remained unexplained and must be properly reconciled.
He subsequently directed the auditors to return within one week with all the required documents.
