The Senate Tuesday rejected the Nigerian National Petroleum Company Limited, (NNPCL) written explanations its management made on the unaccounted N210 trillion from 2017 to 2023 to the Red Chamber.
This was sequel to the submission of a report the Senate Committee on Public Accounts, led by Senator Aliyu Wadada, APC, Nasarawa West submitted to the plenary.
It would be recalled that the committee, relying on 19 different queries raised against NNPCL by Office of the Auditor – General of the Federation in the financial reports of 2017 to 2023, ordered the NNPCL to explain N210trillion financial infraction as contained in the reports.
The committee had also noted that the management of NNPCL in line with the directive, responded to the 19 queries through written explanations but refused to physically appear before the committee yesterday as earlier suggested and agreed.
Not satisfied with the action of the Management of the NNPCL, the committee, through its chairman at the session, accused the Group Chief Executive Officer of NNPCL, Engineer Bayo Ojulari, of offensive evasiveness, adding that that will not make the committee recognise any representation from NNPCL again.
According to Wadada, “today (yesterday), 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.”
Wadada said the NNPC’s financial submissions raised serious red flags, especially claims of N103 trillion in accrued expenses and N107 trillion in receivables, amounting to N210 trillion between 2017 and 2023, adding that the “NNPC claimed N103 trillion as accrued expenses and N107 trillion as receivables, amounting to N210 trillion.
‘’On question eight, NNPC’s explanation on the N107 trillion receivables, equivalent to about N117 billion, contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this.”
Wadada again asked how the NNPC could pay N103 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 N103 trillion in one year, when it only generated N24 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 N103 trillion must be returned to the treasury. This will be concluded when NNPC appears before us.”
He said the committee also outrightly rejected the N107 Trillion receivables which stand for assets in accounting.
“NNPC claim of N107 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 N103 trillion and N107 trillion — NNPC must account for N210 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 said any future absence of NNPC’s Group Chief Executive Officer 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,’’ Wadada said.
In their separate remarks, all members of the committee present at the session, supported the action taken by the chairman.
