By Henry Umoru
ABUJA- THE Senate has rejected written explanations forwarded to it by management of the Nigerian National Petroleum Company Limited (NNPCL) on unaccounted N210 trillion from 2017 to 2023.
The action of the Senate was carried out on Tuesday by Senator Aliyu Wadada, APC, Nasarawa West, who led the Committee on Public Accounts.
Recall that the Committee headed 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 of 2017 to 2023, directed NNPCL to account for N210trillion financial infraction as contained in the reports.
Also, recall that the management of NNPCL in line with the directive had responded to the 19 queries through written explanations, but failed to physically appear before the Committee on Tuesday November 11, 2025, as earlier suggested and agreed.
Not comfortable with the action of the Management of the NNPCL, the committee, through its Chairman at the session, took a swipe at the Group Chief Executive Officer ( GCEO) of NNPCL, Engineer Bayo Ojulari, for offensive evasiveness, which, according to him, will not make the committed recognise any representation from NNPCL again.
Wadada 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. It is important that we 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.”
The Chairman, who disclosed 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, said, “NNPC claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables — amounting to ₦210 trillion. On question eight, NNPC’s explanation on the ₦107 trillion receivables — equivalent to about $117 billion — contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this.”
Wadada, who 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, said, “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 NNPC appears before us.”
According to him, the committee also outrightly rejected the ₦107 trillion receivables, which stand for assets in accounting, adding, “NNPC claimed of ₦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 the time you combine 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 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 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 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 members of the committee present at the session supported the action taken by the Chairman.
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