The Society of Energy Editors (SEE) has called for a comprehensive forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) following revelations of a staggering ₦210 trillion discrepancy in the company’s audited financial records between 2017 and 2023.
The group expressed deep concern over what it described as troubling financial practices within the national oil company, saying the scale of the discrepancy raises serious questions about fiscal discipline and transparency in the management of Nigeria’s petroleum revenues.
According to SEE, previous managements of the state-owned oil company appeared to have operated with little regard for due process, citing revelations that NNPCL allegedly retained a 30 per cent management fee and another 30 per cent deduction for frontier exploration under the framework of the Petroleum Industry Act (PIA).
The editors described the deductions as “mind-bending,” warning that such practices could represent a massive diversion of funds meant for national development.
However, the group commended Bola Ahmed Tinubu for issuing Executive Order No. 9 (2026), which mandates the direct remittance of all petroleum revenues into the Federation Account and halts the controversial deductions.
SEE said the order, titled the Presidential Executive Order to Safeguard Federation Oil and Gas Revenues, is a significant step toward improving transparency in the country’s oil revenue management.
“For too long, intermediate retentions have obscured the true earnings of the nation,” the group said, noting that the directive could help plug long-standing revenue leakages in the sector.
Despite welcoming the reform, SEE insisted that addressing future revenue flows alone would not be sufficient, stressing that the ongoing investigation must fully account for past transactions.
The group referenced findings by the Senate Public Accounts Committee, which reportedly uncovered significant financial inconsistencies in the company’s books.
Among the concerns raised is the unexplained ₦210 trillion discrepancy, which NNPCL attributed to ₦103 trillion recorded as “accrued expenses” and ₦107 trillion listed under “sundry receivables.”
SEE described the explanations as unsatisfactory and called for a detailed breakdown of how the funds were spent.
The organisation also demanded clarity on the exact sums deducted as management fees and for frontier exploration activities, urging investigators to determine whether the funds translated into tangible projects, assets, or measurable value.
In addition, SEE raised questions over what it termed questionable expenditures, including an alleged ₦5 billion reportedly spent on the company’s name change, as well as disputes surrounding subsidy claims and deductions related to refinery rehabilitation.
The group welcomed the directive by the Senate for a comprehensive forensic audit by the Auditor-General for the Federation and the decision to summon former NNPCL Group Chief Executive Officer Mele Kyari and former Chief Financial Officer Umar Ajiya.
It stressed that the exercise must go beyond routine hearings, insisting that those involved must provide documentary evidence to back their explanations.
SEE also backed the Senate’s demand that NNPCL refund any production costs charged against crude oil revenues that cannot be properly justified.
According to the group, the 10 to 21-day ultimatum issued by lawmakers must be enforced strictly to ensure accountability.
While reaffirming its support for both the National Assembly and the Executive in efforts to strengthen transparency in the oil sector, SEE said it would continue to monitor the process closely to ensure the investigation leads to concrete outcomes.
“Executive Order 9 is a commendable shield for the future, but the forensic audit must be the sword that exposes the rot of the past,” the organisation stated.
It added that Nigerians deserve a full account of how the nation’s oil revenues have been managed and insisted that the findings of the audit must be made public, with those responsible for any wrongdoing held accountable.
