Billions Missing: Nigeria Upstream Petroleum Regulatory Commission Under Investigation
Allegations of massive financial discrepancies have rocked Nigeria, as the House of Representatives’ Public Accounts Committee (PAC) investigates the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). The probe, which began after billions of naira went missing from the agency’s accounts, is ongoing.
According to a statement released by the PAC, over N32 billion (approximately $73 million USD) in revenue was lost due to leakages between 2015 and 2022. This staggering amount was revealed in a document submitted by the NUPRC to the committee. Chairman Bamidele Salam expressed serious concerns over the reported revenue leakages and non-compliance with standard operating procedures.
The investigation uncovered several discrepancies, including N909 billion (approximately $2.1 billion USD) transferred directly to private accounts in Deposit Money Banks without following due process and the Treasury Single Account rules. Additionally, over N15 billion (approximately $34 million USD) in transactions listed in Remita was absent from the NUPRC data, while another N6 billion (approximately $14 million USD) in transactions from the NUPRC data did not appear in Remita.
The committee also found value discrepancies in transactions between Remita and NUPRC, with over N388 million (approximately $900,000 USD) reported lower and over N900 million (approximately $2.1 million USD) reported higher in Remita.
As a result, the House committee has ordered the Chief Executive Officer of the agency, Gbenga Komolafe, to appear before them on November 4 to explain the inconsistencies in the report presented.
While the investigation is ongoing, Chairman Salam confessed that the probe has not been completed. "It’s an ongoing investigation, and it continues on Monday (November 4) where all parties will meet for reconciliation of figures," he stated.
This development comes as the House of Representatives Committee on Public Petitions summoned the managing director and senior management staff of the Nigeria AGIP Oil Company over a petition alleging the diversion of $72 million.
As the investigation unfolds, the international community watches closely, concerned about the transparency and accountability of Nigeria’s oil and gas sector.
