The Nigerian Senate has rejected explanations provided by the Nigerian National Petroleum Company Limited (NNPCL) regarding ₦210 trillion in unaccounted funds, insisting that the money must be refunded to the Federation Account.
The decision was reached on Wednesday following a review by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, which has been probing the NNPCL for several months.
The committee noted that the NNPCL failed to provide satisfactory clarifications on the 19 questions raised about the ₦210 trillion, after the company’s Group Chief Executive Officer, Bayo Ojulari, failed to appear at a resumed sitting at the National Assembly on Tuesday.
The probe examined NNPCL’s operations between 2017 and 2023, uncovering unexplained transactions totaling ₦103 trillion in accrued expenses and ₦107 trillion in receivables, as reflected in the company’s audited financial statements.
Despite repeated engagements, the committee found the firm’s responses to be inconsistent and unsatisfactory.
“NNPCL claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables — totaling ₦210 trillion. On question eight, the company’s explanation regarding the ₦107 trillion in receivables, equivalent to about $117 billion, contradicts evidence provided by NNPCL itself. The committee is duty-bound to reject this,” Senator Wadada said.
The committee also raised concerns over the ₦103 trillion allegedly paid to Joint Venture (JV) partners in 2023, despite the company generating only ₦24 trillion in crude revenue between 2017 and 2022.
“Cash Call arrangements were abolished in 2016. How could NNPCL claim to have paid ₦103 trillion in one year when it generated only ₦24 trillion in revenue over five years? This figure is unjustifiable and must be returned to the Treasury,” Wadada stated.
The committee further urged NNPCL’s management to acknowledge challenges in accounting for the funds rather than offering contradictory explanations.
“If the current management cannot provide acceptable answers, they should admit it. The committee will not hesitate to subpoena former officials of NNPCL and NAPIMS to get to the bottom of this,” he added.
The Senate’s directive underscores heightened scrutiny over Nigeria’s oil revenues and reflects a firm stance on transparency and accountability in managing public funds.
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