The Senate has dismissed the written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) over alleged unaccounted funds amounting to N210 trillion from 2017 to 2023.
This decision was taken by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (APC, Nasarawa West), following the company’s failure to appear in person before the committee despite agreeing to do so.
The committee had earlier raised 19 audit queries against NNPCL, based on financial reports from the Office of the Auditor-General of the Federation, covering the period under review.
The NNPCL management had responded in writing but was absent during Tuesday’s investigative hearing.
Expressing displeasure, Senator Wadada faulted the Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bayo Ojulari, for what he described as “offensive evasiveness,” warning that the committee would no longer accept proxy representations.
READ ALSO: NNPC Committed to Reviving Refineries – Ojulari
“Today, November 11, 2025, was chosen by NNPC itself, yet no official appeared. Nigerians have been waiting for this clarification.
“While we cannot conclude our investigation today, we must inform the public of our findings based on NNPC’s written submissions,” he said.
NNPC Financial Record: “A Red Flag”
According to Wadada, NNPC’s financial records raised “serious red flags,” citing conflicting claims of N103 trillion in accrued expenses and N107 trillion in receivables, figures he described as “unjustifiable and unacceptable.”
“How can NNPC claim to have paid N103 trillion in cash calls in 2023 alone when its total crude revenue between 2017 and 2022 was only N24 trillion?”
“Cash call arrangements were abolished in 2016 under the Buhari administration. Where did NNPC get such funds?” he queried.
The committee further rejected NNPC’s explanation on the N107 trillion receivables, reportedly tied to assets in defunct banks, saying no bank names or details were provided.
READ ALSO: Senate Uncovers $303bn Unaccounted Crude Oil Revenue
“This lack of transparency is unacceptable,” Wadada stated. “If the current management cannot give satisfactory explanations, we will subpoena former officials of NNPC and NAPIMS to account for these figures.”
He emphasised that NAPIMS, being a department under NNPCL, has no legal basis to operate an independent account.
Wadada also warned that any future absence of the GCEO would not be tolerated.
“The chief executive must appear in person whenever invited. Being out of the country will no longer be an excuse,” he said.
Other members of the committee supported the chairman’s stance and resolved to summon former management staff if necessary to unravel the discrepancies in the company’s financial records.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.
