A 96-hour deadline has been issued to Engineer Gbenga Komolafe,   the Chief Executive Officer of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), by the House of Representatives, amid allegations of revenue shortfalls amounting to ₦32,151,775,466.87.

These funds, reportedly collected on behalf of the Federal Government between 2015 and 2022, have raised concerns over financial irregularities within the Commission.

Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, voiced serious concerns on Thursday regarding reported revenue gaps and lapses in compliance with standard operating protocols.

He emphasized the importance of addressing these issues promptly to uphold transparency in the Commission’s financial dealings.

An analysis of documents presented to the Committee revealed alleged irregular transfers totaling ₦909,392,169.74 directly into private bank accounts without following the Treasury Single Account (TSA) guidelines.

The inquiry also uncovered other major financial inconsistencies, such as ₦15,476,269,397.10 in transactions recorded in Remita, which were missing in NUPRC’s records.

Additionally, transactions amounting to ₦6,332,212,384.25 listed by NUPRC did not appear in Remita’s system.

Further inconsistencies included discrepancies in values recorded between Remita and NUPRC, with Remita showing ₦388,103,353.31 less and ₦909,392,169.74 more in some instances compared to NUPRC’s records.

In response to these discrepancies, the committee mandated Engineer Gbenga Komolafe and other relevant officials to appear on Monday, October 28, 2024, to provide explanations for these financial anomalies.

Several lawmakers highlighted the need for improved financial governance and transparency at NUPRC, stressing the urgency of a comprehensive investigation to ensure accountability in the management of public funds.