The Office of the Auditor-General for the Federation has uncovered over N61bn in financial irregularities linked to the Nigerian National Petroleum Company Limited (NNPCL) in its 2022 Non-Compliance Report.

The audit flagged 28 violations, including undocumented payments, tax infractions, irregular procurement, abandoned projects, and unauthorised virements. The questionable sums include N30.1bn, $51.67m, £14.32m, and €5.17m.

A major red flag is the £14.32m spent by NNPC’s London Office in 2021 without any supporting documents. Auditors said they were denied access to records, describing the breach as evidence of weak internal controls. NNPC claimed the office followed its approved budget, but the Auditor-General rejected the explanation.

The report also highlights:

€5.17m paid to a contractor without evidence of engagement

$22.84m unsubstantiated DSDP settlements

$12.44m delayed generator procurement

$1.80m irregular vessel contract extension

N12.72bn unremitted to the General Reserve Fund

N3.45bn paid without approval

N1.21bn paid to contractors without invoices

N474.46m spent through illegal virement

N292.6m wasted on an abandoned hospital project

The audit further noted failures to deduct and remit taxes, inflated contract variations, and vessel substitutions that increased costs by over $770,000.

The Auditor-General