Photo caption: Olufemi Soneye
By Emeka Ugwuanyi
Last week, the national oil company – Nigerian National Petroleum Company Limited was in the news for bad reasons. The aftermath of the reports didn’t go without casualties. The Chief Corporate Communications Officer, Olufemi Soneye, was asked to step aside as against an outright dismissal and perhaps with a golden parachute.
Soneye couldn’t defend his principals even when the reports were out. A spokesperson must promptly defend his principal in positive light no matter how grievous his offence or error is. This didn’t come as expected and he was shown the door. He has formally tendered his resignation bringing his 20-month stay in office as the spokesperson of at the national oil firm to an end.
——- The alleged offences ———
According to On Wednesday, the Nigerian Senate issued a one-week ultimatum to the NNPC Ltd. to account for financial discrepancies amounting to over ₦210 trillion in its audited statements covering the years 2017 to 2023.
The directive was handed down during a session of the Senate Committee on Public Accounts, where NNPCL’s Chief Financial Officer, Dapo Segun, appeared alongside other senior executives to answer queries.
Lawmakers reacted with shock, describing the discrepancies, particularly in the areas of accrued expenses and receivables, as “mind-boggling” and deeply troubling.
Committee Chairman Senator Aliyu Wadada condemned the irregularities as “unacceptable,” vowing that the Senate would invoke the full weight of its oversight authority to ensure accountability.
The panel said: “Legal fees were accrued without any explanation or documentation regarding the legal services rendered. The auditors’ fees raise similar questions. There are no clear justifications. Everything we’ve seen and heard from the audited financial statements is troubling.”
“Trillions of naira are in question, and the new document they presented this afternoon doesn’t match what’s already in their audited report. It’s completely independent and contradictory,” Wadada said.
“We are looking at over ₦210 trillion in just two categories—accrued expenses and receivables. These are not mere rounding errors; they raise fundamental questions about transparency and financial integrity.”
The Senate raised serious concerns over the audited reports, which revealed ₦103 trillion in accrued expenses. This included ₦600 billion marked as retention fees, along with vague legal fees and auditor charges—none of which were supported by documentation or contractual references.
Further raising suspicions, the committee pointed to another ₦103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised document that directly contradicted figures in the publicly released audit, prompting criticism over the reliability and transparency of the financial disclosures.
The senator voiced concern that NNPCL proceeded to release and approve the audited financial statement despite ongoing internal reconciliation processes.
He cautioned that such premature actions could damage Nigeria’s credibility in the global financial arena, particularly as the company prepares for its anticipated Initial Public Offering (IPO).
“How do you proceed to finalise audited accounts while still reconciling such massive figures?” he asked.
The committee has submitted a set of 11 critical questions to NNPCL and expects detailed responses within one week. Lawmakers stressed that this is not a witch-hunt, but a necessary step to uphold fiscal discipline amid the government’s broader push for revenue generation.
In a revelation that heightened concerns, the Senate uncovered that between 2017 and 2021, the National Petroleum Investment Management Services (NAPIMS)—a major subsidiary of NNPCL—declared profits totalling ₦9 trillion, even as the parent company, NNPCL, recorded a loss of ₦16 billion over the same period.
“How can a subsidiary report trillions in profit while the parent company bleeds losses, Wadada asked. “That mathematics doesn’t add up,” he added.
Before the dust from the planned Senate probe of the humongous misappropriation could settle, Sahara Reporters exclusively reported the alleged planned extravagant retreat in Kigali, Rwanda. Unfortunately, Sahara Reporters reportedly called and sent short messages (sms)for reaction to the report from the NNPC spokesperson before publishing the story, the NNPC image maker refused to respond to the inquiries from the online medium until the 11th hour.
——– The lavish Kigali retreat ——-
Sahara Reporters in its report, said: “In a stunning show of opulence and disregard for public accountability, the Board of the Nigerian National Petroleum Company Limited (NNPC Ltd.) is preparing to jet off to Kigali, Rwanda, this Friday for a luxury retreat.
“Sahara Reporters has learned that at least five private jets have been arranged to fly members of the NNPC board and top management to the Rwandan capital. The trip, sources revealed, is being coordinated by Abdullahi Bashir-Haske, the founder of AA & R Investment Group and son-in-law to former Vice President Atiku Abubakar.
“The board, led by Chairman Ahmadu Musa Kida, and under the management of Group Chief Executive Officer (GCEO) Bayo Ojulari, is expected to converge at the Kigali Marriott Hotel, an upscale resort nestled in the Rwandan hills.
“SaharaReporters learnt that the entire hotel has been booked out by NNPC for the retreat.
“The timing of the retreat has raised eyebrows. Only days ago, Nigeria’s Senate demanded answers from NNPC over discrepancies and troubling irregularities found in the company’s latest audited financial records. Yet rather than respond publicly, NNPC leadership has opted for a high-end “board retreat” far away from public scrutiny.
“Instead of addressing serious allegations brought forth by the Nigerian Senate regarding its audited accounts, the NNPC board and its leadership are preparing to travel to Kigali, Rwanda, on Friday on five private jets arranged by the son-in-law of Vice President Atiku Abubakar,” a top source privy to the trip said.
“Their goal is to conduct a board retreat at an exclusive resort in the Kigali hills. Led by Musa Kida, the board seems to be unaware of the distress caused to Nigeria by NNPC’s poor performance over the years. Rather than concentrating on improving NNPC, this so-called board of experts appears more focused on enjoying their own privileges.”
“This comes at a time when the country is grappling with record-breaking debt levels and revenue shortfalls, the bulk of which have been linked to NNPC’s opaque operations over the years.
“Multiple sources confirm that four of the five jets set to convey the NNPC entourage to Rwanda are being provided by Bashir-Haske, a businessman with long-standing ties to Nigeria’s political elite and energy sector deals.
“Bashir-Haske’s company, AA & R Investment Group, has previously been linked to oil bloc allocations. When contacted by SaharaReporters, Bashir-Haske did not respond to calls or provide any comment as of the time this report was filed.
“However, he later sent a third party to contact our correspondent, claiming that Bashir-Haske is not associated with private jets and was not engaged by NNPC Ltd. The intermediary also appealed to SaharaReporters not to publish the report. When asked if Bashir-Haske could speak directly to our correspondent, the caller stated that he was not willing to engage with SaharaReporters.
“At the heart of the NNPC board’s Kigali getaway is the Kigali Marriott Hotel, where the delegation is expected to stay for the duration of the retreat. The luxury hotel, one of the finest in East Africa, features a spa, multiple gourmet restaurants, and panoramic views of the Rwandan highlands.
“Room rates at the hotel range from $173 for a standard suite to as much as $3,794 per night for luxury accommodation. The average room rate is put at $320. With about a dozen NNPC board members, aides, and other personnel expected to attend, the cost of the full retreat—accommodation, air travel, logistics, and allowances—could run into hundreds of thousands of dollars.
“This is a government-owned enterprise that can’t explain discrepancies in its audited account, yet they are flying in private jets to a resort abroad,” a source said.
