₦32 Billion Revenue Hole Found At NUPRC Reps Give 96-Hour Ultimatum For Explanations

₦32 Billion Revenue Hole Found At NUPRC Reps Give 96-Hour Ultimatum For Explanations

The House of Representatives has issued a 96-hour ultimatum to Engineer Gbenga Komolafe, the Chief Executive Officer of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), following allegations of revenue shortfalls amounting to ₦32,151,775,466.87.…….CONTINUE READING

These funds were reportedly collected on behalf of the Federal Government between 2015 and 2022, raising concerns about potential financial irregularities within the Commission.

During a session on Thursday, Hon. Bamidele Salam, the Chairman of the House Committee on Public Accounts, expressed deep concerns regarding the reported revenue discrepancies and the lack of adherence to standard operating procedures. He stressed the urgent need to address these issues to maintain transparency in the Commission’s financial operations.

An analysis of documents presented to the Committee revealed questionable transfers amounting to ₦909,392,169.74 that were allegedly made directly into private bank accounts, bypassing the Treasury Single Account (TSA) guidelines. The investigation also uncovered significant financial inconsistencies, including ₦15,476,269,397.10 in transactions recorded in Remita that were not reflected in NUPRC’s records.

Moreover, ₦6,332,212,384.25 listed by NUPRC was found missing from Remita’s system. Additional discrepancies were noted, with Remita showing ₦388,103,353.31 less and ₦909,392,169.74 more than NUPRC’s records in various instances.

As a result of these discrepancies, the Committee has summoned Engineer Gbenga Komolafe and other relevant officials to appear on Monday, October 28, 2024, to explain these financial irregularities. Several lawmakers underscored the need for enhanced financial governance and transparency at NUPRC, emphasizing the necessity for a thorough investigation to ensure accountability in the management of public funds.