The Chairman of the Senate Committee on Public Accounts, , has said the committee is not convinced by the explanations offered by the leadership of the (NNPCL) regarding the alleged ₦210 trillion discrepancies discovered in the company’s financial records.
Wadada, who represents in the 10th National Assembly, disclosed this during an appearance on Sunday Politics on .
He explained that the clarification provided by the current NNPCL management led by Group Chief Executive Officer failed to address the concerns raised by the committee.
“We are not satisfied after it is being contained. What is contained in the audited financial statement of NNPC is the ultimate book or document that shows your financial dealings, both on the side of assets and liabilities,” he said.
The senator noted that the company recorded ₦103 trillion as accrued expenses under liabilities without providing detailed explanations to support the figure.
“NNPC under liabilities said the figures for their accrued expenses within that period were and are still ₦103 trillion. Then tell us how you got ₦103 trillion. None of the items had any figures linked to it, so that is indicting enough. Its liabilities figure is not acceptable because it is not substantiated.”
Wadada also pointed out that the former Group Chief Executive Officer of the company, , did not defend the ₦210 trillion claims while he was in office.
The controversy arose from the Senate committee’s examination of the NNPCL’s audited financial statements covering the period between 2017 and 2023.
During the review, lawmakers identified financial entries amounting to ₦210 trillion which they said had not been adequately explained by the company.
Describing the amount as alarming, Wadada said the figure is difficult for any reasonable observer to comprehend.
“The mind-boggling figure of ₦210 trillion, to every normal mind, cannot be comprehended, to say it is missing. It is ridiculous and not easily comprehended,” he stated.
The committee has since summoned former senior officials of the national oil company, including Kyari, to appear before lawmakers and clarify the discrepancies.
Earlier, when Ojulari appeared before the committee on July 29, 2025, following an earlier summons, he said he needed additional time to fully understand the issues raised in the audited financial statements covering 2017 to 2023.
“I have been in office for barely 100 days, and I need time to fully understand the issues. Given the explanation I’ve heard today, my perspective has changed.
“I need to carry out further internal review and reconciliation to provide the answers the committee requires’. He pledged to assemble a team to work on the queries,” the NNPCL chief said.
Invite to appear
Wadada explained that accounting standards require that any figures recorded as assets or liabilities must first pass through the profit and loss account before they can be formally recognised in financial statements.
He added that the committee has decided to invite former leaders of the oil company to a public hearing in order to clarify the discrepancies.
“We are inviting them, the past leadership, to appear before the committee in a public hearing to clear the air in this controversial, ambiguous, and unacceptable conduct. Immediately after the Eid, we will be writing to them through the GMD of the NNPC,” the Senate committee said.
‘Not afraid questioning petroleum minister’
The lawmaker further stated that the Senate committee would not hesitate to question any government official if necessary, including the Minister of Petroleum Resources, .
“We are not afraid of talking to the minister. When we get there, if the need arises…to invite the president or question the president, we will do so,” he said.
However, he added that the committee believes the president may not yet be aware of the alleged discrepancies.
“The President does not know anything. Even if we do not ask him, we know he does not know anything.”
Wadada also dismissed suggestions that the investigation is politically motivated, stressing that the probe is neither a witch-hunt nor driven by partisan interests.
According to him, the committee is focused on ensuring accountability regardless of political affiliations.
Key financial issues raised
During its review of the NNPCL accounts from 2017 to 2023, the Senate Committee on Public Accounts identified two major figures it said lacked proper documentation.
One of the figures is ₦103 trillion listed as accrued expenses and liabilities, which the company attributed to Joint Venture cash calls.
Lawmakers questioned the claim, noting that the NNPCL generated about ₦24 trillion in revenue over five years, making the ₦103 trillion figure difficult to justify.
The committee also flagged ₦107 trillion recorded as sundry receivables, described as funds owed to the company by banks and other entities but regarded as “unverifiable” due to the absence of supporting details.
Lawmakers additionally raised concerns about ₦5.9 billion reportedly spent on the company’s rebranding, as well as alleged subsidy irregularities and disputed production costs.
Meanwhile, President Tinubu recently signed Executive Order No. 9 of 2026 aimed at reforming the fiscal framework of the .
The directive mandates that revenues generated from oil and gas operations under Production Sharing Contracts be paid directly into the Federation Account.
It also suspends the 30 per cent management fee previously retained by NNPC Limited and the 30 per cent Frontier Exploration Fund deduction.