House of Reps call for financial forensics of the NNPCL

The House of Representatives has called for a forensic audit of the Nigerian National Petroleum Company Limited to determine its assets and liabilities as well as its current market value.

According to the House, the audit has become necessary due to the metamorphosis of the Nigerian National Petroleum Corporation into a limited liability company.

It recommended that NNPCL should re-assess its accounting system.
The committee presented its report a week after the Group Chief Executive Officer of the NNPCL, Mele Kyari, said the Federal Government still owed the company two-point eight trillion that it had spent on petrol subsidy.

The probe was based on a motion moved by a member, Ibrahim Isiaka, titled ‘Need to ascertain the total consolidated inventory, assets, interests and liabilities of the Nigerian National Petroleum Corporation and its subsidiaries before transfer to the NNPC Limited to ensure a glossary accounting system.