Senate Rejects NNPCL’s Explanations On Unaccounted N210trn

The Senate, on Tuesday, through its Committee on Public Accounts, rejected written explanations forwarded to it by the management of the Nigerian National Petroleum Company Limited (NNPCL) regarding unaccounted N210 trillion from 2017 to 2023.

The Committee, headed by Senator Aliyu Wadada Ahmed (Nasarawa West), had, on the strength of 19 different queries raised against NNPCL by the Office of the Auditor-General of the Federation in the financial reports for 2017 to 2023, directed NNPCL to account for a financial infraction of N210 trillion, as contained in the reports.

Although the management of NNPCL, in line with the directive, responded to the 19 queries through written explanations, it didn’t physically appear before the Committee on Tuesday (November 11, 2025), as earlier suggested and agreed upon.

Irked by the development, the committee, through its Chairman at the session, slammed the Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bayo Ojulari, for his evasiveness, which, according to him, would not lead the committee to recognise any representation from NNPCL again.

He said, “Today, November 11, 2025, was a date chosen by NNPC. 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. We must keep Nigerians informed. Even though we cannot conclude today in the absence of NNPC officials, the committee must share our findings based on the responses already submitted by NNPC.”

He revealed that NNPC’s financial submissions raised serious red flags — particularly claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables, totalling ₦210 trillion between 2017 and 2023.

“NNPC claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables, amounting to ₦210 trillion. Regarding question eight, NNPC’s explanation of the ₦107 trillion receivables — equivalent to approximately $117 billion — contradicts the available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this”, he said

He further questioned how NNPC could pay ₦103 trillion in cash calls to joint venture partners in 2023 alone, despite generating only ₦24 trillion in crude revenue between 2017 and 2022.

“Cash call arrangements were abolished in 2016 under the Buhari administration. How can NNPC claim to have paid ₦103 trillion in one year, when it only generated ₦24 trillion in revenue over five years? Where did NNPC get that money?

“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the Treasury. This will be concluded when the NNPC appears before us.”

He added that the committee also outrightly rejected the ₦107 trillion receivables, which stand for assets in accounting.

“NNPC claimed ₦107 trillion as receivables — part of which they said was held in defunct banks. However, no bank or amount was named.

“This lack of transparency is unacceptable. By combining both figures — ₦103 trillion and ₦107 trillion — NNPC must account for ₦210 trillion.

“If the present management of NNPC is finding it difficult to provide acceptable answers, it is better that they say so. The committee will not hesitate to subpoena former officials of NNPC and NAPIMS.

“NAPIMS, by law, is a department under NNPCL and cannot maintain an independent account. Yet, NAPIMS has been operating as if it were a separate entity”, he stressed.

He warned that any future absence of NNPC’s Group Chief Executive Officer (GCEO) before the committee would no longer be tolerated.

“At any point this committee invites the NNPC, the Chief Executive must appear in person. Being out of the country will no longer be accepted as an excuse. The next invitation will require the GCEO’s physical presence.”

In their separate remarks, all committee members present at the session supported the decisions announced by the Chairman.