Senate Rejects NNPCL’s Defence Over Missing ₦210 Trillion, Demands GCEO’s Appearance

The Senate has dismissed the written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) over alleged unaccounted funds totalling ₦210 trillion between 2017 and 2023.

The Senate Committee on Public Accounts, led by Senator Aliyu Wadada (APC–Nasarawa West), announced the decision on Tuesday, expressing strong dissatisfaction with the NNPCL management’s refusal to appear in person before the committee despite agreeing to the date.

The controversy stems from 19 audit queries issued by the Office of the Auditor-General of the Federation, which raised concerns about massive financial irregularities within the NNPCL’s books.

According to Senator Wadada, NNPCL had earlier submitted written responses to the committee’s queries but failed to send representatives to the scheduled hearing on November 11, 2025, a date he said was chosen by the company itself.

“Today, November 11, 2025, was a date chosen by NNPC. It is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose,” Wadada said during the session.
“The public has been waiting for this. Even though we cannot conclude today in their absence, the committee must share our findings based on NNPC’s submissions.”

The senator disclosed that the company’s financial claims raised major red flags — particularly NNPCL’s assertion that it recorded ₦103 trillion in accrued expenses and ₦107 trillion in receivables, amounting to ₦210 trillion over the six-year period.

“NNPC claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables — amounting to ₦210 trillion. On question eight, NNPC’s explanation on the ₦107 trillion receivables — equivalent to about $117 billion — contradicts evidence provided by NNPC itself. The committee is duty-bound to reject this,” he declared.

Wadada further questioned how the company 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 in five years? Where did NNPC get that money?” he asked.

“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the Treasury. This will be concluded when NNPC appears before us.”

The lawmaker also rejected NNPC’s claim of ₦107 trillion in receivables, part of which it said was held in defunct banks.

“This lack of transparency is unacceptable. By the time you combine both figures — ₦103 trillion and ₦107 trillion — NNPC must account for ₦210 trillion,” Wadada said.

He warned that the committee would summon past officials of both NNPCL and its upstream subsidiary, NAPIMS, if the current management fails to give satisfactory explanations.

“NAPIMS, by law, is a department under NNPCL and cannot maintain an independent account. Yet, NAPIMS has been operating as if it were a separate entity,” he added.

The committee further issued a stern warning that any future absence of the NNPCL Group Chief Executive Officer, Engr. Bayo Ojulari, before the committee will no longer 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 said, a position that was unanimously supported by other committee members.

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