Business Briefings
Senate Seeks Truth on ₦210trn Discrepancy
The Senate Committee on Public Accounts has dismissed the Nigerian National Petroleum Company Limited’s (NNPCL) written explanation on the alleged ₦210 trillion discrepancy in its audited financial statements, insisting that the company’s Group Chief Executive Officer, Bayo Ojulari, must appear in person to provide clarification.
The committee, chaired by Senator Aliyu Wadada (Nasarawa West), said NNPCL’s submission raised more questions than answers regarding how ₦103 trillion was recorded as accrued expenses and another ₦107 trillion as receivables between 2017 and 2023.
Lawmakers described the company’s absence at Tuesday’s session as “offensive evasiveness,” noting that the date had been proposed by NNPCL itself. Senator Wadada expressed frustration that despite several invitations, the leadership of the state oil company continued to send written notes rather than appear before the panel.
“Today’s sitting was fixed at NNPCL’s request. Yet, not one of their officials showed up,” Wadada said. “The figures they submitted are unrealistic and contradictory. ₦103 trillion in cash payments cannot be justified when their total revenue in five years was ₦24 trillion.”
According to details of the company’s written defence, ₦103 trillion was classified as cash payments made to joint venture partners in 2023, while ₦107 trillion was listed as receivables — part of which the company reportedly claimed was held in defunct banks.
The Senate committee rejected both explanations, questioning how such payments could have been made when the “cash call” system had been abolished since 2016 under the Buhari administration.
“It is illogical for NNPCL to claim it disbursed ₦103 trillion in one year under a system that no longer exists. As far as the committee is concerned, the figure must be returned to the Treasury,” Wadada said.
He also faulted the company’s claim about funds lodged in defunct banks, describing the explanation as vague and lacking evidence since no specific banks or account details were provided.
The committee vowed to summon former officials of NNPCL and the National Petroleum Investment Management Services (NAPIMS) if the current management continues to provide unsatisfactory answers.
“NAPIMS operates under NNPCL and cannot maintain a separate account. If the current leadership cannot explain, former GMDs and NAPIMS directors will be invited,” Wadada warned.
The controversy over the unaccounted ₦210 trillion has been ongoing since June after an audit report highlighting the discrepancies circulated publicly. Lawmakers had given the NNPCL a seven-day deadline to provide explanations — a directive the company missed due to what it called “management engagements.”
Public concern over the alleged missing funds has fueled suspicion of mismanagement within the company. Although former GMD Mele Kyari, who was relieved of his position earlier in the year, has denied any wrongdoing, investigations by anti-corruption agencies into the company’s financial operations are ongoing.
The Senate committee has now ordered that the current NNPCL boss must appear personally at its next sitting, warning that further failure to do so will attract stronger sanctions.
“The era of written defences is over. The GCEO must face the committee physically to explain where ₦210 trillion went,” the chairman said.
