The Senate on Tuesday rejected explanations by the Nigerian National Petroleum Company Limited (NNPCL) over what it described as unaccounted funds totalling ₦210 trillion, covering the years 2017 to 2023.
The Upper Chamber, through its Committee on Public Accounts chaired by Senator Aliyu Wadada (Nasarawa West), said the state oil company failed to satisfactorily address 19 audit queries raised against it by the Office of the Auditor-General of the Federation.
Despite submitting written responses to the committee, NNPCL officials failed to appear physically before lawmakers on Tuesday, a date the company itself had proposed.
An apparently infuriated Senator Wadada described the NNPCL’s conduct as “offensive evasiveness,” warning that the committee would no longer entertain any proxy representations from the company.
“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.”
According to him, NNPCL’s written defence only deepened the committee’s concerns, as it raised “serious red flags” about the company’s financial operations.
He revealed that NNPCL claimed to have incurred ₦103 trillion in accrued expenses and ₦107 trillion in receivables, a combined ₦210 trillion within six years.
“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 said.
The lawmaker further queried how NNPCL could claim to have paid ₦103 trillion in cash calls to joint venture partners in 2023 alone when its total crude oil revenue between 2017 and 2022 was 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?
“As far as this committee is concerned, that figure is unjustifiable and must be returned to the Treasury,” he said.
Wadada also faulted the company’s claim that part of the ₦107 trillion receivables was held in “defunct banks,” saying the NNPCL failed to name any of the banks or provide evidence of the funds.
“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 GMDs and top NAPIMS officials to do so,” he warned.
The committee chairman reminded NNPCL that the National Petroleum Investment Management Services (NAPIMS) operates under the company and therefore cannot maintain a separate account or financial record.
He also issued a final warning to the Group Chief Executive Officer, Engr. Bayo Ojulari, to appear in person before the committee at its next sitting.
“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,” Wadada said.
All members of the Senate Public Accounts Committee present at the meeting unanimously supported the chairman’s position, vowing to ensure that every kobo of public revenue is properly accounted for.
Credit: thenationonlineng.net
