Senate gives NNPC auditors one week to explain ₦210 trillion unreconciled accounts

The Senate Public Accounts Committee (SPAC) has given the external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) a one-week ultimatum to submit documents explaining more than ₦210 trillion recorded as receivables and payables in the company’s audited financial statements.

The directive followed a heated investigative hearing on Wednesday, during which lawmakers insisted that auditors who certified the accounts must provide detailed evidence to support the figures presented in the financial statements.

The committee ordered the auditors to produce comprehensive schedules and audit working papers explaining approximately ₦107 trillion listed as receivables and another ₦103 trillion recorded as payables in NNPC Ltd.’s audited accounts.

The auditors had requested two weeks to retrieve the documents, arguing that the schedules formed part of their audit working papers. However, the committee rejected the request and instead granted them just one week to comply.

Chairman of the committee, Senator Ibrahim Dankwambo, questioned why auditors who had already signed off on the financial statements required additional time to produce documents supporting the figures.

“If you already have the figures in your working papers, why do you need to go back before presenting them to this committee?” Dankwambo asked.

The auditors maintained that NNPC Ltd. remained their client and should be responsible for explaining the disputed figures. They also argued that the committee had previously agreed that officials of the national oil company would provide clarifications on the financial entries.

However, members of the committee rejected that position, stressing that external auditors are professionally responsible for defending the audit opinions they issue after certifying financial statements.

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Senator Abdul Ningi reminded the auditors that the National Assembly has constitutional powers to compel any individual or organisation to produce documents required for legislative oversight and investigations.

Also speaking, Senator Patrick Ndubueze questioned the credibility of the audit exercise, warning that failure to provide supporting schedules could cast doubt on whether the audit was conducted in accordance with accepted professional standards.

The committee also expressed dissatisfaction with previous explanations offered by NNPC Ltd., which attributed the figures largely to joint venture (JV) cash call transactions and related obligations. Lawmakers noted that those explanations failed to reconcile the receivables and payables or clearly identify the transactions, counterparties and calculations supporting the entries.

Former Edo State Governor and Senator, Adams Oshiomhole, argued that although NNPC Ltd. now operates as a limited liability company under the Petroleum Industry Act (PIA), it remains wholly owned by the Federal Government and cannot rely on commercial confidentiality to withhold information from Parliament.

According to Oshiomhole, institutions managing public assets are fully accountable to Nigerians through the National Assembly and must cooperate with legislative oversight.

Responding to concerns that the Senate was alleging financial misappropriation, Dankwambo clarified that the committee had not stated that the ₦210 trillion was missing or stolen.

He explained that the issue before the committee is that the huge receivables and payables remain unreconciled and insufficiently explained, making it necessary for the auditors to provide documentary evidence supporting the figures contained in the audited accounts.

The ongoing investigation forms part of the Senate’s broader review of audit queries arising from NNPC Ltd.’s audited financial statements covering multiple financial years. The Public Accounts Committee has been examining observations raised by the Office of the Auditor-General for the Federation, particularly those relating to financial reporting, asset management and accounting practices within the national oil company.

The committee subsequently directed the auditors to return within one week with detailed audit schedules, working papers and supporting documents explaining every component of the ₦107 trillion receivables and ₦103 trillion payables, warning that failure to comply could attract further legislative action.

Senate gives NNPC auditors one week to explain ₦210 trillion unreconciled accounts

Oil prices surge near $85 per barrel as escalating US-Iran conflict fuels global supply fears

Global oil prices surged by about 14 per cent to nearly $85 per barrel on Tuesday as escalating military hostilities between the United States and Iran intensified fears of prolonged disruptions to global crude supplies and heightened concerns over energy security.

The sharp rally pushed Brent crude, the international oil benchmark, to $84.37 per barrel, up from $76.01 recorded on Sunday. The latest gains extend a strong upward trend that began earlier in the week as investors reacted to renewed military exchanges between Washington and Tehran and growing uncertainty surrounding oil exports from the Middle East.

Market sentiment was further shaken after Iran announced the closure of the Strait of Hormuz, one of the world’s most strategic oil shipping routes. Approximately 20 per cent of global crude oil supplies pass through the narrow waterway, making any disruption a significant threat to international energy markets and global economic stability.

Analysts said fears that the conflict could escalate further prompted traders to increase purchases of crude futures, anticipating tighter global supplies and higher energy costs in the coming weeks.

The rally was also supported by uncertainty over US trade and sanctions policies. In a post on his Truth Social platform, US President Donald Trump announced that he had abandoned a proposed 20 per cent cargo reimbursement fee for vessels using the Strait of Hormuz, opting instead for broader trade and investment agreements with Gulf states.

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According to Trump, Gulf nations have agreed to make “massive” investments in the United States, describing the proposed arrangements as beneficial to both sides. The announcement came after earlier proposals to impose restrictions on Iranian ports had raised concerns about further disruptions to global shipping and crude exports.

Despite the policy shift, energy markets remained focused on the broader geopolitical risks posed by the conflict, including potential attacks on oil infrastructure, tighter sanctions against Iran and prolonged instability across the Gulf region.

The latest price rally marks a dramatic reversal from the downward trend seen in recent weeks. Brent crude had fallen to around $72 per barrel amid easing geopolitical tensions, increased production by OPEC+ members and concerns over slowing global demand before rebounding sharply as tensions between the United States and Iran intensified.

Energy market analysts said the renewed conflict has restored a substantial geopolitical risk premium to crude prices, with investors closely monitoring developments around the Strait of Hormuz and their potential impact on global oil supplies.

Olufemi Idowu, Partner at Kreston Pedabo, said while higher crude prices could boost Nigeria’s earnings, the increase was not yet sufficient to trigger a significant rise in domestic petrol prices.

“I do not expect any major upward review in the local pump price of petrol because oil prices are still significantly lower than the level we had during the war,” he said.

For Nigeria, the sharp increase in crude prices comes at a favourable time as the country records its strongest oil production performance in more than six years.

According to figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s average daily crude oil and condensate production rose by 2.3 per cent to 1.74 million barrels per day in June, compared with 1.70 million barrels per day in May.

The combination of stronger production and higher international crude prices could significantly improve Nigeria’s export earnings, foreign exchange inflows and government revenues if the rally is sustained.

However, economists caution that persistently higher oil prices could also increase global inflationary pressures, raise transportation and manufacturing costs and increase the cost of importing refined petroleum products into oil-importing countries.

Investors are expected to keep a close watch on military developments in the Middle East, diplomatic efforts to de-escalate tensions and shipping activity around the Strait of Hormuz, as any further disruption could trigger additional volatility in global energy markets.

Oil prices surge near $85 per barrel as escalating US-Iran conflict fuels global supply fears

Carloha Nigeria Unveils Nationwide 6-6-7 Rescue Service, Extends Free Roadside Assistance Beyond Chery Owners

Carloha Nigeria, the authorised distributor of Chery vehicles in Nigeria, has launched the CarlohaCare 6-6-7 Rescue Initiative, a nationwide emergency roadside assistance programme aimed at providing prompt and professional support to motorists stranded by vehicle breakdowns on highways and major roads across the country.

The 24-hour rescue service, which is available through a dedicated emergency hotline, reinforces the company’s commitment to enhancing vehicle ownership by ensuring that trained rescue professionals are on standby to respond to emergencies whenever they occur.

The auto firm says motorists in need of assistance can reach the CarlohaCare Rescue Team by calling 07000 667 667, after which a professionally trained crew will be dispatched to provide support.

While response times would depend on location and road accessibility, the company assured that every distress call would receive professional attention.

The rescue programme is the latest addition to Carloha Nigeria’s award-winning CarlohaCare 6-6-7 aftersales package, which earned the company the Most Outstanding Aftersales Car Company award at the Nigeria Auto Journalists Association (NAJA) Awards.

The package offers a six-year manufacturer’s warranty, six years of free scheduled maintenance and a seven-day repair promise.

Under the repair guarantee, customers are provided with a courtesy vehicle if repairs extend beyond seven working days due to parts availability or other qualifying circumstances.

The new rescue initiative now takes that commitment beyond the workshop to the roadside.

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Speaking on the development, Carloha Nigeria’s After-sales Manager, Samson Akinbowale, said the initiative was designed to give motorists greater confidence by ensuring help is always within reach.

“Vehicle breakdowns can occur unexpectedly and often create stressful situations for motorists. With the CarlohaCare 6-6-7 Rescue Initiative, our customers can enjoy peace of mind knowing that a dedicated team of trained professionals is available around the clock to provide prompt assistance whenever they need it,” he said.

Akinbowale added that the programme also includes on-location maintenance support to minimise vehicle downtime for both individual motorists and fleet operators.

Also speaking, the company’s General Manager, Marketing, Felix Mahan, described the initiative as another milestone in Carloha Nigeria’s customer-focused strategy.

“The CarlohaCare 6-6-7 Rescue Initiative is an extension of our vision to provide a superior ownership experience and eliminate the worries that come with vehicle ownership. We want every Chery owner to know that help is always just a phone call away,” Mahan said.

In a move the company described as an industry first in Nigeria, Carloha Nigeria announced that for a limited period, the free roadside rescue service would also be available to owners of non-Chery vehicles, subject to operational capacity. Chery owners, however, will continue to receive priority during periods of high demand.

According to Mahan, the decision reflects the company’s commitment to improving road safety and supporting the wider motoring community.

“We have the team, the trucks and the expertise. When our rescue fleet has spare capacity, it is our responsibility to deploy those resources to keep Nigeria’s roads moving, regardless of the vehicle brand. By extending this service beyond our customers, we are contributing to safer roads and setting a new benchmark for aftersales support in the Nigerian automotive industry,” he said.

Non-Chery motorists requiring assistance can call the same emergency hotline to confirm eligibility at the time of request. The company also advised motorists to follow its official social media platforms and website for updates on service availability and coverage areas.

Beyond emergency rescue and towing, the initiative provides on-location maintenance and technical support for individual motorists and fleet operators, where applicable. Carloha Nigeria said the service is expected to reduce workshop visits, minimise vehicle downtime and give motorists greater peace of mind on Nigerian roads.

Carloha Nigeria Unveils Nationwide 6-6-7 Rescue Service, Extends Free Roadside Assistance Beyond Chery Owners