Senate rejects NNPCL’s explanations over ₦210 trillion unaccounted funds

Senate rejects NNPCL’s explanations over ₦210 trillion unaccounted funds

The Senate, on Tuesday, rejected explanations presented by the Nigerian National Petroleum Company Limited (NNPCL) over what it described as unaccounted funds amounting to ₦210 trillion between 2017 and 2023, insisting that the company’s financial records remain questionable.

The rejection followed a meeting of the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada(Nasarawa West), which reviewed 19 audit queries raised against the state-owned oil company by the Office of the Auditor-General of the Federation.

Despite submitting written responses, NNPCL officials failed to appear before the committee on Tuesday a date the company itself proposed, drawing sharp criticism from lawmakers.

A visibly displeased Senator Wadada condemned the company’s absence as “offensive evasiveness,” stressing that the committee would no longer tolerate proxy appearances or written excuses.

“Today, November 11, 2025, was a date chosen by NNPCL. It is rather unfortunate that none of their officials is here on a day they themselves picked,” Wadada said.

“The public has been waiting for this. Nigerians deserve transparency, and this committee will not sweep this matter under the carpet.”

He added that the NNPCL’s written submissions only heightened the committee’s concerns, as they contained inconsistent figures and implausible claims.

According to the lawmaker, the company’s documents indicated ₦103 trillion in accrued expenses and ₦107 trillion in receivables over six years totalling ₦210 trillion.

“NNPCL’s explanation on ₦107 trillion receivables, equivalent to about $117 billion, contradicts their own documents. These figures are unrealistic and cannot stand. The committee, therefore, rejects them,” Wadada declared.

He further questioned the company’s claim that ₦103 trillion was spent on cash calls to joint venture partners in 2023 alone, despite total crude oil revenue between 2017 and 2022 amounting to only ₦24 trillion.

“Cash call arrangements were abolished in 2016. How then could NNPCL pay ₦103 trillion in one year when its revenue for five years was only ₦24 trillion? Where did that money come from?” he asked.

“As far as this committee is concerned, that figure is unjustifiable and must be returned to the Treasury.”

The committee also dismissed NNPCL’s explanation that part of the ₦107 trillion receivables was trapped in defunct banks, noting that the company failed to name any banks or provide verifiable evidence.

“This lack of transparency is unacceptable. By our records, NNPCL must account for ₦210 trillion. If the current management cannot explain, we will invite former Group Managing Directors and top NAPIMS officials to do so,” Wadada warned.

He reminded the company that the National Petroleum Investment Management Services (NAPIMS) operates under NNPCL and cannot legally maintain a separate financial account.

Issuing a final directive, the committee chairman ordered NNPCL Group Chief Executive Officer, Engr. Bayo Ojulari, to appear in person at the committee’s next session.

“The era of sending junior officers or hiding behind written submissions is over. The GCEO must appear personally. Being out of the country will no longer be accepted as an excuse,” he said.

Members of the Senate Public Accounts Committee unanimously backed Wadada’s position, vowing to ensure full accountability for every kobo of public revenue handled by the state oil company.