Tensions have escalated between the Nigerian National Petroleum Company Limited (NNPCL) and Periscope Consulting, the audit firm hired by the Nigeria Governors’ Forum, following renewed disagreements over an alleged $42.37bn (₦12.9tn) shortfall in oil revenue remittances to the Federation Account between 2011 and 2017.
Fresh documents from the Federation Account Allocation Committee’s November 2025 post-mortem review, obtained on Tuesday, reveal that both parties remain locked in a heated dispute, prompting FAAC to order a joint reconciliation meeting to resolve the long-running controversy.
The Governors’ Forum had commissioned Periscope Consulting after alleging that NNPCL withheld crude oil proceeds, statutory earnings, and other inflows due to the Federation Account under the old NNPC regime. But the national oil company has now formally dismissed the audit report, insisting it owes no outstanding revenue for the period under scrutiny.
“NNPC Limited responded that all revenues due to the Federation have been properly accounted for,” FAAC disclosed.
Periscope, however, disputes this claim, maintaining that its audit uncovered significant gaps that remain unresolved.
FAAC Intervenes as Stalemate Persists
The FAAC Sub-Committee, in its review, noted the sharply divergent positions, ordering both parties to meet and harmonise their figures.
“Periscope Consulting disagreed with NNPCL’s position; hence, the Sub-Committee directed that there should be a joint meeting… This assignment is work in progress,” the report said.
The impasse marks another chapter in the strained relationship between state governments and the now-commercialised national oil company, especially over transparency in oil revenue reporting.
Earlier in February 2025, FAAC’s monthly meeting was suspended over a similar dispute involving an estimated ₦1.7tn in unremitted revenues.