On Wednesday, the Nigerian Senate expressed concern about the missing N210 trillion in the Nigerian National Petroleum Company Limited’s audited financial statements from 2017 to 2023.
In this study, MediaStar detailed the basic information that Nigerians should be aware of regarding the missing money.
Why is there missing N210tn in NNPCL? – CFO Segun
The chairman of the Senate Committee on Public Accounts, Aliyu Wadada, raised the alarm by giving NNPCL one week to account for the stolen funds.
However, Adedapo Segun, Chief Financial Officer (CFO) of Nigerian National Petroleum Company Limited, stated why there is a missing N210 trillion audited financial statement spanning 2017 to 2023.
According to Segun, the missing money includes cash calls from joint venture partners and JV settlements.
The state-owned oil company’s CFO was responding to the committee’s concern over a missing N210 trillion in its audited financial statements.
Segun responded, saying, “The N103 trillion and N107 trillion are made up of joint venture cash calls that were requested by the JV operators and JV cash call payments made by NNPCL, which are yet to be reconciled because governance procedures were not followed at the time.” That is why you see the description indicating that those two things will be washed out because they are two sides of the same transaction, namely cash calls by JV partners and settlement by NNPCL.”
Missing N210tn: NNPCL’s CFO’s explanation is not satisfactory—Financial Analyst Sadeik
However, a financial analyst, Habu Sadeik, told X on Thursday that Segun’s response was inadequate.
Saideik criticized NNPCL’s response to the fund disparities, claiming that something is wrong with the audited financial statements.
“Forget about senators’ lack of expertise.
“The CFO’s reaction is not adequate. Are you stating that cash calls worth hundreds of trillions of dollars will show on your FS only in 2024, with no 31-day disclosure?
“If it’s a cash call, why hasn’t the disclosure stated that?
“Which cash call exceeds 100 trillion?
“Something is clearly wrong, and I hope that FS is corrected retrospectively.
“Someone somewhere did a chef’s work,” he posted on X.