Auditor-General Accuses NNPCL of Failing to Account for £14.3m London Office Spending
The Auditor-General of the Federation has accused the Nigerian National Petroleum Company Limited (NNPCL) of failing to explain how £14.3 million was spent on its London office in 2021. In the 2022 audit report, officials said NNPCL did not provide vouchers, documentation or evidence of due process, describing the company’s explanations as “untenable” and in violation of multiple financial regulations. The report warned of risks of diversion and misappropriation due to weak internal controls.
NNPCL insisted the funds were spent under an approved budget and documented in its books, but the Auditor-General rejected the defence and directed the company to refund the entire amount to the national treasury or face sanctions.
The audit also flagged over $51 million in questionable transactions, inflated contracts, abandoned projects and irregular procurement. NNPCL is currently under multiple probes, including EFCC investigations into alleged multi-billion-dollar refinery rehabilitation fraud and a Senate inquiry into N210 trillion reportedly unaccounted for in its financial statements from 2017–2023.
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