The Senate Committee on Public Accounts has dismissed the written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) regarding the “unaccounted” N210 trillion uncovered in its audited financial statements covering 2017 to 2023.
On October 7, the committee’s chairman, Aliyu Wadada, confirmed that NNPCL had provided responses to all 19 audit questions concerning its finances.
The committee, acting on findings from the Office of the Auditor-General of the Federation, began a thorough review of the company’s financial records, which showed N210 trillion unaccounted for, split between N103 trillion in liabilities and N107 trillion in assets.
Although NNPCL submitted written replies to the queries, its management failed to appear before the committee on Tuesday, despite previously agreeing to that date.
Wadada condemned the company’s absence, describing it as “offensive evasiveness,” while other members of the committee voiced their displeasure at the conduct of the NNPCL leadership.
He emphasized that the panel would no longer accept representatives appearing on behalf of Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPCL.
“Today, November 11, 2025, was a date chosen by NNPC,” Wadada said.
“It is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose. The public has been waiting for this. It is important that we keep Nigerians informed.”
Wadada noted that the committee would now proceed based on the documents already submitted, adding that the company’s explanations raised serious inconsistencies regarding N103 trillion in accrued expenses and N107 trillion in receivables, totalling N210 trillion.
“NNPC claimed N103 trillion as accrued expenses and N107 trillion as receivables—amounting to N210 trillion,” he said.
“On question eight, NNPC’s explanation on the N107 trillion receivables — equivalent to about $117 billion — contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this.”
He further queried how the company could report N103 trillion in cash call payments in 2023 alone, despite recording only N24 trillion in crude oil revenue between 2017 and 2022.
“Cash call arrangements were abolished in 2016 under the Buhari administration,” Wadada reminded.
“How can NNPC claim to have paid N103 trillion in one year when it only generated N24 trillion in revenue over five years? Where did NNPC get that money?”
He insisted that the disputed funds must be returned to the national treasury pending proper clarification from the company.
The senator also dismissed NNPCL’s justification of N107 trillion in receivables, which it partly attributed to funds “held in defunct banks.”
“No bank or amount was named. This lack of transparency is unacceptable,” Wadada said.
He disclosed that the committee may summon former executives of both NNPCL and the National Petroleum Investment Management Services (NAPIMS), emphasizing that NAPIMS is not legally permitted to operate an independent account.
He warned that future committee invitations would require the physical presence of NNPCL’s GCEO.
“At any point this committee invites NNPC; the chief executive must appear in person,” Wadada declared.
“Being out of the country will no longer be accepted as an excuse.”