The Senate has rejected the written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) over the alleged unaccounted ₦210 trillion from 2017 to 2023.
The decision was made by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, after NNPCL failed to appear before the committee despite being invited to clarify the 19 audit queries raised against it by the Office of the Auditor-General of the Federation.
Wadada criticized NNPCL’s management, led by Group Chief Executive Officer Bayo Ojulari, for evading the hearing, saying their absence showed a lack of respect for the Senate.
According to him, NNPCL’s documents raised serious concerns, including claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables — figures the committee found inconsistent with the company’s actual revenue.
“Cash call arrangements were abolished in 2016. How can NNPC claim to have paid ₦103 trillion in one year when it only generated ₦24 trillion in crude revenue over five years? Where did that money come from?” Wadada asked.
He added that both the ₦103 trillion and ₦107 trillion claims were unjustifiable, stressing that NNPCL must account for the entire ₦210 trillion or face further legislative action.
The committee also rejected NNPCL’s explanation that part of the funds was held in defunct banks, noting that no specific institutions or amounts were identified.
Wadada warned that the Senate would summon former Group Managing Directors and top officials of NNPCL and NAPIMS if the current management failed to provide satisfactory answers.
“The next invitation will require the physical presence of the GCEO. Being out of the country will no longer be accepted as an excuse,” he said.
All members of the committee present supported the chairman’s position, insisting that the NNPCL must provide full transparency on the missing ₦210 trillion.
