Senate Rejects NNPCL Explanation on N210trn Discrepancy
The Senate Committee on Public Accounts has rejected the financial explanations provided by the Nigerian National Petroleum Company Limited (NNPCL) regarding ₦210 trillion in unaccounted funds. Committee Chairman Aliyu Wadada announced on Sunday Politics that the current leadership, led by Group CEO Bayo Ojulari, failed to substantiate two massive entries in the company’s 2017–2023 audited statements: ₦103 trillion in “accrued expenses” and ₦107 trillion in “sundry receivables.” Wadada described the figures as “staggering and mind-boggling,” noting they far exceed the nation’s total revenue for the period.
The ₦103 trillion listed as liabilities was attributed by NNPCL to Joint Venture (JV) cash calls. However, the committee dismissed this, pointing out that the federal government officially abolished the cash call regime in 2017. Furthermore, the ₦107 trillion in receivables, debts supposedly owed to NNPCL by banks and other entities, was labeled “unverifiable” due to a lack of specific documentation. Lawmakers noted the absurdity of the claims, given that NNPCL only generated roughly ₦24 trillion in total revenue over five years.
Dissatisfied with Ojulari’s plea for more time to “reconcile” the records, the committee has issued a final summons to the former leadership. Former Group CEO Mele Kyari, former CFO Umar Isa, and former NAPIMS head Dr. Bala Wunti must now appear in a public hearing to defend the accounts. Wadada warned that the Senate would not hesitate to issue arrest warrants if the former officials failed to appear. The probe also includes a query into a ₦5.9 billion expenditure for rebranding the corporation into a limited liability company.
The legislative heat coincides with a major executive shake-up of NNPCL’s fiscal powers. President Bola Tinubu recently signed Executive Order No. 9 of 2026, which strips the company of its ability to retain 30% of profit oil as a “management fee” and suspends the 30% Frontier Exploration Fund. The order mandates that all oil and gas revenues be paid directly into the Federation Account. While Wadada expressed confidence that the President is unaware of the specific discrepancies, the Executive Order serves as a de facto vote of no confidence in NNPCL’s previous revenue management.
The Senate has also recommended that the Office of the Auditor-General for the Federation conduct a forensic audit of the oil giant’s records. Lawmakers are particularly focused on alleged “duplication” of subsidy deductions amounting to ₦3.8 trillion, which appeared in the books of both NNPCL and its subsidiary, NAPIMS. The committee insists that any production costs charged against crude oil revenue during the period must be refunded to the national treasury, as NNPCL does not directly produce oil.
As the probe moves toward a public hearing after the Eid holidays, the credibility of Nigeria’s oil sector hangs in the balance. Critics argue the ₦210 trillion figure may be an accounting mirage resulting from poor record-keeping or “political theatre,” yet the lack of transparency remains a hard fact. For Ojulari, the “100-day honeymoon” is over; he must now choose between defending his predecessors’ arithmetic or admitting to a systemic failure in the nation’s counting house.