Senate Rejects NNPC’s ₦210 Trillion Explanations, Summons Top Executives Over Missing Funds

The Nigerian Senate has rejected the written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) regarding the alleged ₦210 trillion unaccounted funds between 2017 and 2023. The decision came after the company failed to appear before the Senate Committee on Public Accounts, led by Senator Aliyu Wadada (APC, Nasarawa West), despite being invited.

The committee, acting on 19 audit queries raised by the Office of the Auditor-General of the Federation, accused NNPCL of financial discrepancies amounting to ₦210 trillion, which includes ₦103 trillion in “accrued expenses” and ₦107 trillion in “receivables.” Wadada said the figures presented by the company were inconsistent, unjustifiable, and lacked transparency.

“NNPC claimed ₦103 trillion as expenses and ₦107 trillion as receivables — that’s ₦210 trillion in total. Their explanation contradicts their own documents,” Wadada said. “How can they claim to have paid ₦103 trillion in cash calls in one year when they only generated ₦24 trillion in five years? That is simply impossible.”

The committee chairman criticized NNPC’s absence, describing it as “offensive evasiveness,” and warned that future invitations must be honored in person by the Group Chief Executive Officer, Engineer Bayo Ojulari. He also hinted at plans to subpoena former NNPC and NAPIMS officials if the current management fails to provide satisfactory answers.

Wadada stressed that the ₦103 trillion allegedly paid in cash calls should be returned to the national treasury, pending further clarification. “This committee will not accept vague accounting. Nigerians deserve transparency on how such sums were spent,” he said.

Other committee members echoed the chairman’s stance, unanimously rejecting NNPC’s written submissions and supporting the demand for a full public hearing to trace the missing funds.

The controversy has since drawn public attention, with many calling for independent forensic audits of NNPC’s accounts and operations to ensure accountability in Nigeria’s oil sector.