Senate gives NNPC auditors one week to explain ₦210tn in disputed balance sheet entries By Okwo romeon

 Abuja: Nigeria's Senate has given the external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) one week to provide a detailed explanation for more than ₦210tn recorded as receivables and payables in the company's audited financial statements, amid growing concerns over the accuracy and transparency of the figures.

Members of committee public finance led its chairman, Senator Dankwabon

The Senate Public Accounts Committee, chaired by Senator Ibrahim Dankwambo, issued the directive after auditors failed to produce supporting schedules and working papers for the disputed entries during a hearing on Wednesday.

Lawmakers said the auditors, having certified the financial statements, could not distance themselves from the figures or defer responsibility to NNPC Ltd.

The disputed amounts include approximately ₦107tn listed as receivables and ₦103tn recorded as payables in the company's audited accounts.

Proceedings became tense after representatives of the audit firm told the committee that the requested schedules formed part of their working papers and would take about two weeks to retrieve. The committee rejected the request, insisting the documents should already be readily available.

Dankwambo questioned why auditors needed additional time to produce records supporting figures they had already endorsed.

"If these figures appear in the financial statements, there must be schedules showing how they were derived. Since you certified the accounts, those documents should be immediately available," he said.

The auditors maintained that NNPC Ltd. remained their client and argued that the company should provide detailed explanations for the financial entries.

The committee dismissed the argument, insisting that external auditors have an independent professional responsibility to defend the audit opinions they issue.

Senator Abdul Ningi cited Sections 88 and 89 of the 1999 Constitution, saying the National Assembly has the authority to compel individuals and organisations to produce documents required for legislative investigations.

"You are here as independent auditors. You cannot insist on seeking your client's approval before complying with a lawful request from Parliament," Ningi said.

Senator Adams Oshiomhole also challenged the auditors, arguing that the controversy stemmed directly from the audit they conducted.

"The questions before us arise because of your audit. These figures came from your report, and you are accountable for explaining how they were certified," he said.

Another senator warned that the auditors' inability to provide supporting documentation undermined confidence in the audit process.

"If you cannot produce the detailed schedules supporting these figures, then serious questions arise about whether the audit was properly conducted," the lawmaker said.

The committee adjourned the hearing and directed the auditors to return within one week with all relevant schedules, working papers and supporting documentation for the disputed ₦210tn balance sheet entries.