The Senate on Tuesday rejected explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) regarding N210 trillion in unaccounted funds from 2017 to 2023.
Senator Aliyu Wadada (APC, Nasarawa West), chairman of the Senate Committee on Public Accounts, led the session. The committee had earlier directed NNPCL to account for the discrepancies highlighted in 19 queries raised by the Auditor-General of the Federation in the financial reports of the period.
While NNPCL submitted written responses to the queries, none of its officials appeared in person before the committee on Tuesday, prompting sharp criticism from Wadada.
“It is unfortunate that officials of NNPCL are absent on a date they themselves scheduled. The public deserves transparency, and we cannot accept evasive explanations,” Wadada said.
The committee highlighted red flags in NNPCL’s financial reports, which claimed ₦103 trillion in accrued expenses and ₦107 trillion in receivables, totaling ₦210 trillion. Wadada questioned the plausibility of these figures, noting that cash call arrangements were abolished in 2016 and that NNPCL generated only ₦24 trillion in crude revenue between 2017 and 2022.
“How could NNPCL pay ₦103 trillion to joint venture partners in 2023 alone? These figures are unjustifiable and must be returned to the Treasury,” he said.
The Senate also rejected NNPCL’s claim of ₦107 trillion in receivables, citing a lack of transparency, including unspecified amounts reportedly held in defunct banks. Wadada warned that if the current management fails to provide satisfactory answers, the committee would subpoena former NNPCL and NAPIMS officials.
“Going forward, the Group Chief Executive Officer must appear in person whenever summoned. Excuses of being out of the country will no longer be accepted,” he added.
Committee members unanimously supported the chairman’s stance, signaling a firm position on accountability and transparency within NNPCL.
