A new federal audit has uncovered billions of naira in unremitted funds and irregular payments at the Nigerian National Petroleum Company Limited (NNPCL), raising fresh questions about financial accountability at the state oil firm.
The 808-page report, released by the Office of the Auditor-General, found that NNPCL failed to remit ₦12.721 billion in operating surplus to the Consolidated Revenue Fund in 2020.
According to the audit, there was “no evidence that the amount was transferred as required by law.”
Auditors also queried a former NNPCL finance chief for approving ₦3.445 billion without proper authorisation.
They further flagged ₦684 million paid for contracts described as abandoned, undocumented, or lacking basic procurement records. The report blamed “weak internal controls” for the lapses and called for full recovery of the funds.
The findings come as lawmakers intensify scrutiny of NNPCL’s books.
In June, the Senate Public Accounts Committee challenged what it called “unexplained entries running into the trillions” in earlier NNPCL statements and summoned company officials for clarification.
NNPCL management has provided written responses, insisting that many of the flagged transactions were legitimate internal transfers or supported by documents available “on request.” However, auditors said the explanations were “not fully satisfactory.”
The Auditor-General has recommended that the National Assembly and the Economic and Financial Crimes Commission (EFCC) step in to ensure recoveries, enforce remittances, and close financial gaps.
“These issues must be addressed to protect public funds,” the report stated.
