The Digest:
A new audit report has indicted the Nigerian National Petroleum Company Limited (NNPCL) for questionable expenditures totalling N684 million. According to the 2022 Auditor-General’s report submitted to the National Assembly, the state-owned oil company engaged in irregular contract payments, funded abandoned projects, and violated key financial regulations, highlighting weak internal controls and potential diversion of public funds.
Key Points:
- NNPCL was indicted for N684 million in irregular and questionable expenditures.
- Payments were made for abandoned projects and unexecuted contracts.
- N292 million was paid for an abandoned Abuja emergency facility project.
- N246 million was fully paid despite the incomplete supply of pipes to the Warri Refinery.
- N152 million was irregularly procured for the Nigeria Police without documentation.
- Auditors cited violations of Financial Regulations and weak internal controls.
- Recommendations include recovery of funds and remittance to the treasury.
Sources: Premium Times, Business Post
