Lawmakers Reject NNPC’s “Commercial Secrecy” Claim, Demand Details on ₦210trn Entries

Members of the National Assembly have insisted that the Nigerian National Petroleum Company Limited, NNPC Ltd., cannot hide behind commercial confidentiality to deny Parliament access to its financial records.

Lawmakers argued that as a company wholly owned by the Federal Government on behalf of Nigerians, NNPC is accountable to the public and must submit to legislative scrutiny.

“NNPC belongs to the Nigerian people, not to private shareholders. Parliament has every constitutional right to examine its accounts, and no confidentiality agreement can override that responsibility,” one senator said.

Citing lessons from past corporate collapses, another lawmaker cautioned the company’s auditors about the risks of endorsing accounts they cannot defend. He referenced the collapse of Arthur Andersen after the Enron scandal as a warning on reputational damage.

The committee subsequently directed the auditors to return within seven days with a full breakdown of ₦107 trillion listed as receivables and ₦103 trillion listed as payables.

They are to provide detailed schedules showing every component of the figures and the basis on which they were certified.

Before adjourning the session, Committee Chairman, Senator Dankwambo, clarified that the panel was not accusing anyone of theft.

“We have never said the money is missing,” he stated.
“What we have consistently maintained is that these figures remain unexplained. One represents receivables and the other represents payables. Because neither has been adequately explained, the committee refers to the combined amount of about ₦210 trillion as unexplained. That is the issue before us.”

The auditors were thereafter excused and ordered to reappear before the committee in one week with the required documentation