Abuja — A recent audit report has raised serious red flags over the Nigerian National Petroleum Company Limited (NNPCL), accusing the company of engaging in ₦684 million worth of irregular contracts and abandoning several capital projects. According to civil society watchdogs and analyst reactions, the findings point to systemic weakness in the company’s governance and financial controls.
The report — reviewed by Dalena Reporters — highlights that the NNPCL awarded contracts without adequate documentation or justifiable execution plans, while many projects were either left incomplete or shelved outright. (Note: Premium Times itself has reported on even larger-scale financial infractions by NNPCL in other audit cycles.)
Further scrutiny has come from SERAP (Socio-Economic Rights and Accountability Project), which insists that such financial irregularities must be fully investigated and that the funds recovered. In recent public statements, SERAP cited missing funds in multiple currencies, including N22.3 bn, $49.7 m, and £14.3 m tied to contracts that were either non-performing or poorly documented.
In response to the audit’s findings, a Senate committee has reportedly issued an ultimatum to NNPCL, demanding detailed explanations for the discrepancies identified in its audited financial statements.
The scale of the alleged mismanagement continues to galvanize public debate, especially given the critical role of the NNPCL in Nigeria’s oil infrastructure. Some analysts warn that without decisive action, these lapses could undermine investor confidence and hamper ongoing efforts to revamp the country’s refineries.