The Chairman of the Public Accounts Committee (PAC) of the House of Representatives, Bamidele Salam, has confirmed that the investigation into the alleged missing funds at the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has yet to be finalized.
In a statement released to PUNCH Online on Saturday, Salam noted, “The committee already announced that billions of naira are missing from the agency’s accounts in seven years, between 2015 and 2022.”
The House of Representatives has summoned NUPRC executives due to the discovery of significant financial discrepancies within the agency.
The statement indicates that the PAC is seeking answers from NUPRC leadership following claims of missing funds totaling over N32 billion (N32,151,775,466.87) that were reportedly lost through financial leakages during the seven-year period.
During an investigative session on Thursday, Salam expressed grave concerns regarding reported revenue leakages and the agency’s non-compliance with established procedures.
He revealed that a sum of N909,392,169.74 was transferred directly into private accounts at Deposit Money Banks, bypassing proper processes and the Treasury Single Account regulations.
Additionally, the PAC highlighted various inconsistencies, including over N15 billion (N15,476,269,397.10) in transactions listed in Remita that were not reflected in NUPRC’s records, along with over N6 billion (N6,332,212,384.25) in NUPRC transactions absent from Remita.
The committee also uncovered millions in discrepancies between Remita and NUPRC data, with over N388 million (N388,103,353.31) reported as lower and over N900 million (N909,392,169.74) as higher in Remita.
Unsatisfied with the findings, the House committee has ordered NUPRC CEO Gbenga Komolafe and other relevant officials to appear before them on Monday, November 4, to clarify the inconsistencies in the submitted reports.
When questioned about the next steps for recovering the missing funds, Salam acknowledged that the investigation is still in progress. “It’s an ongoing investigation and continues on Monday (November 4) where all parties will meet for reconciliation of figures,” he stated.
In a related note, the House of Representatives Committee on Public Petitions had previously summoned the managing director and senior management staff of the Nigeria AGIP Oil Company in June 2024 over a petition alleging the diversion of $72 million by the service company, De Coon Service Limited.
