The Labour Party presidential candidate in the 2023 general elections, Peter Obi, has condemned the Nigerian National Petroleum Company Limited (NNPC Ltd) over alleged financial irregularities amounting to N210 trillion, describing Nigeria as a “crime scene” overwhelmed by systemic corruption.
Obi’s reaction follows revelations from a recent Senate audit report covering NNPC’s financial operations between 2017 and 2023.
In a statement issued on Friday, posted on X (formerly Twitter), Obi said the scale of the alleged financial discrepancies was staggering and indicative of a governance structure plagued by impunity and lack of transparency.
“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,” Obi stated.
The former Anambra State governor pointed out that the total sum of the discrepancies—N210 trillion—is more than double Nigeria’s cumulative national budgets of N88.01 trillion over the same period.
Obi lamented the absence of fiscal discipline, calling the situation “a criminal, institutionalised betrayal of the Nigerian people,” and urged swift action to dismantle what he described as a system that enables corruption to thrive unchecked.
“No responsible nation can continue to function like this without confronting the truth. This criminality masquerading as governance must be stopped and dismantled for a better Nigeria,” he added.
He further warned that failure to address the deep-rooted financial rot poses a grave threat to future generations and called for a national reckoning with Nigeria’s governance failures.
As of press time, the NNPC Ltd—now a limited liability company under the Petroleum Industry Act—has yet to issue an official response to the Senate’s audit findings.
Backstory
The Senate, on Wednesday, issued a one-week ultimatum to the NNPC Ltd to provide detailed explanations for financial discrepancies amounting to over N210 trillion in its audited financial statements from 2017 to 2023.
This directive was issued during a tense session of the Senate Committee on Public Accounts, where the company’s Chief Financial Officer, Dapo Segun, appeared alongside other top executives.
Lawmakers expressed outrage over what they described as “mind-boggling irregularities” in the company’s records, particularly figures listed under accrued expenses and receivables, which were flagged in the audit report.
