The Senate on Tuesday dismissed explanations offered by the Nigerian National Petroleum Company Limited (NNPCL) over what it described as unaccounted funds amounting to ₦210 trillion between 2017 and 2023.
The Upper Chamber, acting through its Committee on Public Accounts chaired by Senator Aliyu Wadada (Nasarawa West), said the state-owned oil company failed to satisfactorily address 19 audit queries raised by the Office of the Auditor-General of the Federation.
Despite submitting written responses, NNPCL officials failed to appear before the committee on Tuesday — a date the company itself had earlier proposed.
An angry Senator Wadada condemned the company’s absence, describing its attitude as “offensive evasiveness.” He warned that the committee would no longer entertain any proxy representations from NNPCL.
“Today, November 11, 2025, was a date chosen by NNPCL. It is rather unfortunate that none of their officials is here on a day they themselves picked,” Wadada said.
“The public has been waiting for this. Nigerians deserve transparency, and this committee will not sweep this matter under the carpet.”
According to him, NNPCL’s written defence only deepened the committee’s concerns, as it raised “serious red flags” about the company’s financial operations.
He revealed that NNPCL claimed to have incurred ₦103 trillion in accrued expenses and ₦107 trillion in receivables, a combined ₦210 trillion within six years.
“NNPCL’s explanation on ₦107 trillion receivables, equivalent to about $117 billion, contradicts their own documents. These figures are unrealistic and cannot stand. The committee, therefore, rejects them,” Wadada said.
The lawmaker further queried how NNPCL could claim to have paid ₦103 trillion in cash calls to joint venture partners in 2023 alone when its total crude oil revenue between 2017 and 2022 was only ₦24 trillion.
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“Cash call arrangements were abolished in 2016. How then could NNPCL pay ₦103 trillion in one year when its revenue for five years was only ₦24 trillion? Where did that money come from?
“As far as this committee is concerned, that figure is unjustifiable and must be returned to the Treasury,” he said.
Wadada also faulted the company’s claim that part of the ₦107 trillion receivables was held in “defunct banks,” saying the NNPCL failed to name any of the banks or provide evidence of the funds.
“This lack of transparency is unacceptable. By our records, NNPCL must account for ₦210 trillion. If the current management cannot explain, we will invite former GMDs and top NAPIMS officials to do so,” he warned.
The Committee Chairman Senator Aliyu Wadada reminded the NNPCL that the National Petroleum Investment Management Services (NAPIMS) operates under its structure and, therefore, cannot maintain a separate account or financial record.
He issued a final warning to the Group Chief Executive Officer, Engr. Bayo Ojulari, directing him to appear in person before the committee at its next sitting.
“The era of sending junior officers or hiding behind written submissions is over. The GCEO must appear personally. Being out of the country will no longer be accepted as an excuse,” Senator Wadada declared.
Members of the Senate Public Accounts Committee present at the session unanimously backed the chairman’s stance, vowing to ensure that every kobo of public funds is properly accounted for.
