No less than four major financial infractions amounting to N514bn in the operations of the Nigerian National Petroleum Company Limited (NNPCL) for the financial year ending 2021, has been uncovered by the Office of Auditor-General for the Federation (OAGF).
The audit issues are contained in the 2021 audit report of non-compliance/internal control weaknesses in the MDAs for the financial year in review.
Based on the report, NNPCL failed to provide any response or justification for the infractions raised by the auditor general.The alleged infractions include irregular deductions worth N343.64bn from domestic crude sales at source, warehousing of N83.66bn from the federation’s miscellaneous income in a sinking fund account, unauthorised deductions of N82.95bn from the federation revenue for refinery rehabilitation and the unsubstantiated payment of N3.75bn shortfalls from the sale of petrol.
According to the OAGF, the issues violated the Constitution of the Federal Republic of Nigeria and the 2009 Act of Financial Regulations.
