The Senate Committee on Public Accounts has kicked off a high-stakes financial firestorm, labeling the ₦5.9 billion spent on rebranding the Nigerian National Petroleum Corporation (NNPC) as “excessive” and “incomprehensible.” In a stinging public hearing held today, Committee Chairman Senator Aliyu Wadada Ahmed didn’t mince words, questioning how a simple transition to “NNPCL” could swallow billions of taxpayers’ money while an even larger shadow of ₦210 trillion remains unaccounted for in the company’s books. Investigations by the committee revealed what looks like a textbook case of duplicated expenses. According to Senate documents “In this day and age, who will comprehend such a figure being expended just to change the name of NNPC to NNPCL?” Senator Wadada queried, pointing out that the duplication resulted in a staggering ₦5.9 billion total. The rebranding cost, however, is just the tip of the iceberg. The Committee raised the alarm over two massive figures—₦103 trillion and ₦107 trillion—which appear as unexplained gaps in the national oil company’s financial records. Wadada was firm: the aggregate sum of ₦210 trillion cannot be “netted” under standard accounting principles and must be properly explained or refunded to the federation. “The NNPC should refund the sum of ₦210 trillion… which were not properly explained to the committee, as the aggregate sum cannot be netted in tandem with accounting principles,” Wadada declared. Refusing to accept written excuses, the Senate has issued a formal summons for the architects of the transition. Those expected to appear in the hot seat The Committee emphasized that the current management of NNPCL must also appear to reconcile these disputed figures, marking a renewed push for transparency in Nigeria’s opaque oil sector. Post navigation Air Force Chief Hits Port Harcourt, Vows Total Protection for Oil Assets Bandits Betray Holy Month Deal, Storm Katsina Communities in Bloody Pre-Dawn Raids!
