Senate Slams NNPCL Over Alleged Missing ₦210 Trillion, Questions Credibility of Financial Records

Senate has slammed NNPCL over alleged missing ₦210 trillion and questioned the credibility of their financial records.

 

NewsOnline Nigeria reports that the credibility of the Nigerian National Petroleum Company Limited (NNPCL) came under serious scrutiny on Tuesday as the Senate Public Accounts Committee (SPAC) expressed deep dissatisfaction with the company’s financial records and its management’s refusal to appear before lawmakers.

The committee, chaired by Senator Ahmed Wadada, accused the NNPCL of gross financial irregularities and disregard for accountability after it allegedly failed to explain the whereabouts of a staggering ₦210 trillion reflected in its books.

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Lawmakers fumed as the NNPCL Chief Executive Officer, Bayo Ojulari, shunned the Senate hearing despite having personally agreed to the date and instead sent a delegation, which the committee rejected.

“It is rather unfortunate that none of the officials of NNPC are here, on a date they themselves chose,” Senator Wadada lamented, describing the action as a clear act of disrespect to legislative oversight.

The committee revealed that NNPCL’s audited financial statements for 2017–2023 were riddled with inconsistencies, including ₦103 trillion in “accrued expenses” and ₦107 trillion in “receivables,” figures the lawmakers described as unrealistic and potentially fraudulent.

Adding to the controversy, the Senate discovered that NNPCL and its subsidiary, NAPIMS, illegally charged subsidies on both crude oil and refined petroleum products between 2017 and 2021 an act with no legal basis under Nigerian law.

“Between 2017 and 2021, NAPIMS charged a subsidy on crude oil, which is illegal. At the same time, NNPC charged a subsidy on refined products such as kerosene, diesel, and fuel. This practice is both illegal and unacceptable,” the committee stated.

The committee further questioned how NNPCL could have allegedly paid ₦103 trillion in cash calls to joint venture partners in 2023 alone, despite generating only ₦24 trillion in crude oil revenue between 2017 and 2022.

“Cash call arrangements were abolished in 2016. How can NNPC claim to have paid ₦103 trillion in one year when it only earned ₦24 trillion in five years? Where did NNPC get that money?” Wadada queried.

He described the company’s financial explanations as “unjustifiable, inconsistent, and unacceptable,” stressing that the committee may recommend that the ₦103 trillion be refunded to the national treasury pending a satisfactory explanation.

The Senate Committee has now summoned the NNPCL CEO to appear in person at the next session to address the damning findings and answer further questions.

For now, public trust in the NNPCL’s financial integrity continues to erode as fresh allegations of mismanagement and illegal operations deepen scrutiny of Nigeria’s national oil company.