On July 15, 2026, The Senate Public Accounts Committee (SPAC) has issued a strict one-week ultimatum to the external auditors of Nigerian National Petroleum Company Limited (NNPC Ltd.) to account for over ₦210 trillion in unreconciled figures presented in the company’s audited financial statements.
The directive was handed down during a plenary hearing chaired by Senator Ibrahim Dankwambo, following the committee’s rejection of the audit firm’s request for a two-week extension to retrieve supporting documentation.
The core of the parliamentary inquiry centers on two massive line items:
₦107 Trillion listed as receivables.
₦103 Trillion listed as payables.
Lawmakers expressed strong concern over the absence of detailed schedules, transaction histories, counterparty identities, or clear calculations to support either figure.
During the proceedings, SPAC rejected attempts by the audit firm to pass responsibility back to NNPC Ltd., asserting that external auditors are independently liable for defending the accounts they certify.
Responding to arguments regarding client-auditor privilege and confidentiality, the committee cited Sections 88 and 89 of the 1999 Constitution (as amended), affirming Parliament’s constitutional power to summon any entity and compel the production of records involving state-owned assets.
Lawmakers emphasized that because NNPC Ltd. is wholly owned by the Federal Government on behalf of the Nigerian public, commercial secrecy cannot override legislative oversight.
In his closing remarks, Committee Chairman Senator Dankwambo clarified the precise nature of the committee’s investigation, dispelling speculation regarding missing funds.
“We have never said the money is missing. What we have consistently maintained is that these figures remain unexplained. One represents receivables and the other represents payables. Because neither has been adequately explained, the committee refers to the combined amount of about ₦210 trillion as unexplained. That is the issue before us.”
The auditors have been discharged with instructions to reappear before SPAC within one week, fully prepared with detailed schedules breaking down the ₦210 trillion totals and the technical basis upon which the financial statements were certified.
