NNPC Defends Spending, Rejects Oshiomhole’s ‘House of Thieves’ Allegation

The Nigerian National Petroleum Company Limited (NNPCL) has rejected allegations of financial misconduct raised during a Senate investigation, insisting that neither the company nor its workers are thieves.

Former Chief Financial Officer of NNPCL, Umar Ajiya, made the clarification while appearing before the Senate Public Accounts Committee investigating alleged misappropriation of funds within the company.

Ajiya’s remarks came in response to allegations by Senator Adams Oshiomhole, who represents Edo North Senatorial District, and had described the NNPCL as a “house of thieves.”

Responding to the allegation, Ajiya dismissed claims that the company spent ₦5.8 billion on its incorporation and registration process, stating that the actual amount spent was ₦2.9 billion and was tied to incorporation and rebranding activities.

“We are not thieves. ₦2.9 billion was used for the registration and rebranding process, not ₦5.8 billion,” Ajiya said.

He noted that he had consistently appeared before the Senate committee over the past five to six years to defend the company’s financial records and assured Nigerians that no funds were missing.

“I need to assure the Chairman, distinguished Senators and indeed all Nigerians that there is no money missing. If money had actually gone missing during our period at NNPC, we would not have had the courage to publish audited accounts over the past 44 years,” he stated.

According to him, the company made transparency a priority by making its financial reports available not only to the Auditor-General of the Federation but also publishing them publicly for scrutiny.

“The accounts were prepared and never hidden from the public.

We made it a duty not only to submit them to the Auditor-General but also to upload them on our website so Nigerians could scrutinise them and help address concerns about opacity and public distrust,” Ajiya added.

The Senate Public Accounts Committee is currently examining financial activities and expenditure records of the national oil company following concerns raised by lawmakers.