The Senate Committee on Public Accounts has rejected the written explanations submitted by the management of the Nigerian National Petroleum Company Limited (NNPCL) over the alleged “unaccounted” N210 trillion in its audited financial statements covering 2017 to 2023.
The committee, led by its chairman, Senator Aliyu Wadada, expressed dissatisfaction after NNPCL failed to appear before it on Tuesday, November 11, 2025 — a date the company had reportedly chosen for its appearance.
According to Senator Wadada, the NNPCL management had responded in writing to all 19 audit queries raised over its finances, but its failure to honour the invitation was seen as “offensive evasiveness.”
“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. We must keep Nigerians informed,” Wadada said.
The committee, relying on findings from the Office of the Auditor-General of the Federation, had been investigating discrepancies in NNPCL’s financial statements, which revealed N103 trillion in liabilities and N107 trillion in assets — totalling N210 trillion — that could not be fully accounted for.
While the NNPCL’s written submissions attempted to explain the figures, the committee said the explanations were inconsistent with available records.
“NNPC claimed N103 trillion as accrued expenses and N107 trillion as receivables—amounting to N210 trillion,” Wadada noted. “On question eight, NNPC’s explanation on the N107 trillion receivables — equivalent to about $117 billion — contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this.”
The committee chairman also raised questions over NNPCL’s claim that it paid N103 trillion in cash calls in 2023 alone, despite the company reporting just N24 trillion in crude oil revenue between 2017 and 2022.
“Cash call arrangements were abolished in 2016 under the Buhari administration,” he said. “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?”
Senator Wadada insisted that the unaccounted funds must be returned to the national treasury pending further clarification from the company. He also dismissed NNPCL’s explanation on the N107 trillion receivables allegedly held in defunct banks, saying, “No bank or amount was named. This lack of transparency is unacceptable.”
The committee vowed to summon former officials of NNPCL and the National Petroleum Investment Management Services (NAPIMS) if necessary, emphasising that NAPIMS is not legally permitted to maintain an independent account.
Senator Wadada further warned that the committee would no longer accept written representations or excuses from the company’s management in future hearings.
“At any point this committee invites NNPC, the group chief executive officer must appear in person. Being out of the country will no longer be accepted as an excuse,” he said.
The committee is expected to continue its investigation into the missing N210 trillion and may invite other key stakeholders involved in the management of the nation’s oil and gas revenues.
