Alleged missing N210trn in NNPC confirms Nigeria as crime scene – Peter Obi

The Labour Party’s 2023 presidential candidate, Peter Obi, has described Nigeria as “a crime scene” following recent findings by the Senate alleging massive financial discrepancies within the Nigerian National Petroleum Company Limited (NNPCL).

Obi’s comments come two days after the Senate Committee on Public Accounts disclosed that more than N210 trillion remains unaccounted for in NNPCL’s financial records between 2017 and 2023.

According to the committee’s review of the audited accounts, N103 trillion was listed under “accrued expenses,” while another N107 trillion appeared as “receivables,” raising questions over the oil company’s financial transparency. The committee, chaired by Senator Aliyu Wadada, has directed NNPCL to respond to 11 queries within a week. However, the company’s Chief Financial Officer, Mr. Dapo Segun, has rejected the panel’s conclusions.

Reacting via his official X (formerly Twitter) account, Obi wrote, “It is with the utmost sadness that I once again reaffirm what I have consistently said: Nigeria has become a crime scene.

“How else does one explain the recent revelation by the Senate, which uncovered the audited accounts of the NNPC from 2017 to 2023? The Senate uncovered N210 trillion in financial irregularities, N103 trillion in so-called ‘accrued expenses’, and another N107 trillion in unaccounted ‘receivables.’ No documentation. No accountability. No consequences.

“This is not just another scandal, it is a clear and damning confirmation of a nation held hostage by monumental corruption.”

Obi also noted that the amount in question surpasses the total national budgets within the reviewed timeframe. He listed the annual budget figures as follows: “2017, N7.440 trillion. 2018, N9.120 trillion. 2019, N8.916 trillion. (In) 2020, N10.590 was initially approved and in June revised to N9.974 trillion due to COVID-19; 2021, N13.588 trillion. 2022, N17.130 trillion. 2023, N21.830 trillion. Total: N88.010 trillion.”

He stressed, “Our total national budget within the said period was not up to 50% of the said financial discrepancies and irregularities.

“This is a criminal institutionalised betrayal of the Nigerian people and a grave threat to the future of the society our children will live in.

“No responsible nation can continue to function like this without confronting this truth. This criminality masquerading as governance must be stopped and dismantled for a better Nigeria.”