A renewed clash has emerged between the Nigerian National Petroleum Company Limited and Periscope Consulting, the audit firm hired by the Nigeria Governors’ Forum to examine an alleged under remittance of oil revenue totalling $42.37bn (about N12.91tn) to the Federation Account between 2011 and 2017.
The dispute, revived by fresh submissions from both sides, has forced the Federation Account Allocation Committee to mandate a joint reconciliation session to determine the true state of remittances and resolve the long-running impasse.
This was disclosed in the Federation Account Allocation Committee’s post-mortem review for November 2025, which detailed fresh exchanges between both parties over the alleged unremitted fund. The document was obtained by our correspondent on Tuesday.
Recall that in October, The PUNCH reported an extension of the ongoing probe and reconciliation of payments made by revenue-generating agencies, including the Nigerian National Petroleum Company Limited, to December 2024, following unresolved discrepancies in remittances. It also examined allegations that NNPC Limited failed to remit $42.37bn (about N12.9tn) in oil revenue to the Federation Account during the 2011–2017 period.
The review follows findings by Periscope Consulting, a firm engaged by the Nigeria Governors’ Forum, which had earlier accused the state oil company of withholding crude oil proceeds and other statutory revenues due to the Federation Account during the period.
But in the new document, the FAAC Sub-Committee confirmed that NNPCL had formally rejected the audit findings, insisting that no outstanding revenue is owed to the Federation Account for the period under review. The national oil company maintained that all crude oil proceeds and associated earnings were fully accounted for, disputing Periscope’s claims of significant underpayment.
But Periscope Consulting flatly disagreed with NNPC Limited’s defence, maintaining that its audit uncovered substantial gaps in remittances and that the alleged $42.37bn shortfall remained unresolved.
The report read, “UPDATE ON NNPC’S ALLEGED UNDER REMITTANCES TO FEDERATION ACCOUNT OF $42,373,896,555.00.
“NNPC Limited submitted their response regarding $42,373,896,555.00 under remittance to the Federation Account as contained in the report of Periscope Consulting. Recall that Periscope Consulting was the Consultant engaged by the Governors’ Forum to examine NNPC Limited under remittance to the Federation Account.
“NNPC Limited responded that all revenues due to the Federation have been properly accounted for and no outstanding amounts for the period under review.”
This disagreement has pushed both sides into a stalemate, with the consultants accusing the oil company of providing explanations that do not reconcile with the audited data.
The FAAC sub-committee, noting the conflicting positions, directed that NNPCL and Periscope Consulting must meet jointly to harmonise records and “close out” the matter. It added that the reconciliation process remains ongoing.
“Responding, Periscope Consulting disagreed with NNPCL’s position; hence, the Sub-Committee directed that there should be a joint meeting with the two parties to close out on the issue. This assignment is work in progress,” it added.
The controversy marks the latest chapter in a prolonged dispute between state governments and the national oil company over transparency in oil revenue flows. In February 2025, FAAC suspended its monthly meeting due to a dispute between state governments and NNPC Limited over outstanding remittances.
