Unaccounted N2trn assets: Reps demand external audit of NNPCL

The House of Representatives has demanded an external audit of the Nigerian National Petroleum Company Limited to uncover its unaccounted N2 trillion assets.

The House’s Ad Hoc Committee on the company’s assets and liabilities disclosed this in its report on Tuesday.

The Committee claimed that its findings showed that an asset worth $64 (about N28 trillion) billion was unveiled by the immediate past president Muhammadu Buhari, however, only $58.8 billion(N26 trillion) was transferred, leaving a balance of N2 trillion.

“From findings, an asset worth $64bn (about N28tn) was unveiled by Mr President (Buhari), but during transfer, only $58.8bn (N26tn at the official rate of N450 to $1) was transferred, leaving a balance of N2tn unaccounted. NNPCL should re-assess her accounting system,” it said.

The Committee stated that NNPCL should consider outsourcing the maintenance and operations of the Kaduna, Port Harcourt and Warri refineries to reputable international oil companies for efficiency.

It added that NNPLC should suspend the oil swap arrangement, remove subsidies on Premium Motor Spirit, and deregulate the sector to spur competitiveness and growth.

In his reaction to the development, the NNPCL spokesperson, Garba-deen Muhammad said the company had nothing to hide.

He noted that NNPLC was willing to oblige any form of scrutiny by the legislators regarding its current and past dealings.