Senate rejects NNPC’s explanation over missing ₦210 Trillion, demands CEO’s appearance

The Senate Committee on Public Accounts has rejected the written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) over alleged unaccounted funds totaling ₦210 trillion between 2017 and 2023.

The committee, chaired by Senator Aliyu Wadada (APC, Nasarawa West), took the decision after NNPCL failed to appear in person at the investigative session held on Monday, despite having chosen the date themselves. The probe followed 19 audit queries raised by the Office of the Auditor-General of the Federation in its financial reports covering 2017 to 2023.

Expressing dissatisfaction, Senator Wadada described the company’s failure to honour the invitation as “offensive evasiveness” and warned that the committee would no longer recognise any proxy representation from NNPCL.

“Today, November 11, 2025, was a date chosen by NNPC. It is rather unfortunate that none of their officials is here on a day they selected themselves. The public has been waiting for this. Even though we cannot conclude in their absence, we must share our findings based on their written responses,” Wadada stated.

The committee revealed that NNPCL’s financial submissions contained major inconsistencies, especially regarding claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables, totaling ₦210 trillion within the six-year period.

“On question eight, NNPC’s explanation on the ₦107 trillion receivables, equivalent to about $117 billion, contradicts available facts and evidence provided by the corporation itself. The committee is duty-bound to reject this,” Wadada said.

He further questioned how NNPC could have allegedly paid ₦103 trillion in cash calls to joint venture partners in 2023 alone, despite generating only ₦24 trillion in crude oil revenue between 2017 and 2022.

“Cash call arrangements were abolished in 2016 under the Buhari administration. How can NNPC claim to have paid ₦103 trillion in one year when it only generated ₦24 trillion over five years? Where did NNPC get that money? That figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the treasury,” he insisted.

Wadada also dismissed NNPCL’s explanation of the ₦107 trillion receivables, which the company claimed were tied to assets, some allegedly held in defunct banks. “No bank or specific amount was mentioned. This lack of transparency is unacceptable,” he said.

He warned that if the current NNPCL management could not provide satisfactory answers, the committee would summon former officials of NNPCL and the National Petroleum Investment Management Services (NAPIMS). “NAPIMS is a department under NNPCL and cannot operate as a separate entity,” he stressed.

The chairman concluded by warning that any future absence of the Group Chief Executive Officer, Engineer Bayo Ojulari, would not be tolerated. “At any point, this committee invites NNPC, the chief executive must appear in person. Being out of the country will no longer be accepted as an excuse,” Wadada declared.

Members of the committee present unanimously backed the chairman’s position, vowing to pursue full accountability for the alleged ₦210 trillion financial discrepancies.