The Senate Public Accounts Committee has pressed the Nigerian National Petroleum Company Limited (NNPCL) to give a detailed explanation regarding an alleged ₦210 trillion discrepancy in its audited financial statements.
Speaking at a media briefing in Abuja after the committee’s recent sitting, Senator Aliyu Wadada, who chairs the committee, clarified that the Senate had not accused NNPCL of misappropriating the funds. Instead, he emphasized that the figures presented in the company’s documents require thorough justification.
“We never said the NNPC stole ₦210 trillion,” Senator Wadada stated. “However, the numbers in the audited reports point to that amount being unaccounted for. Unless the company explains the basis of those figures, we cannot treat the documents as credible.”
The committee flagged major inconsistencies within NNPCL’s records, particularly noting that some financial entries had not been properly reconciled—a standard accounting procedure that balances liabilities and assets to assess financial accuracy. A specific case involved accrued expenses recorded at approximately ₦3–₦5 trillion in the profit and loss statement, while the same item appeared as ₦103 trillion in the financial notes.
“There’s no accounting rationale that justifies accrued expenses skipping the P&L entirely,” Wadada noted. “Figures in the financial notes must correlate with the company’s operational performance.”
Efforts to reconcile these discrepancies have so far been unproductive, according to the committee. Many entries in NNPCL’s documents—especially those involving claims about assets held with banks—lacked the supporting evidence necessary for verification. Wadada emphasized that the issue is not adversarial but centers on transparency.
“We can’t accept vague claims without proper documentation,” he said. “This process is about openness, not accusations.”
Members of the committee, several of whom are respected financial professionals, dismissed any suggestion that they misunderstood the figures. The panel includes individuals like Senator Ibrahim Dankwambo, a former Accountant General of the Federation, and Senator Dafinone, a forensic accountant.
“This committee isn’t guessing,” Wadada added. “With the level of financial and legal expertise present, we know what we’re doing.”
In light of the unresolved concerns, the Senate has summoned NNPCL’s Group Chief Executive Officer to appear before the committee in person at its next session. The date of this meeting will be communicated in due course.
“We expect complete transparency,” Senator Wadada stressed. “These are public funds. Nigerians have a right to know how their resources are being managed.”
This scrutiny follows a series of prior engagements between the Senate panel and NNPCL representatives, during which lawmakers expressed dissatisfaction with the explanations provided by the company.
Although NNPCL previously tried to address some of the committee’s concerns, lawmakers found the responses inadequate and inconsistent. The documents submitted raised additional questions instead of resolving existing ones.
“We’re not here to embarrass anyone,” a member of the committee noted. “We’re simply asking that NNPCL clarify the information it has given us.”
While the committee has not labeled the ₦210 trillion as missing or stolen, it considers the figure a collection of undefined liabilities and assets that must be clearly explained and reconciled.
The issue comes at a time of increasing demand for accountability in Nigeria’s oil industry. Since NNPCL’s restructuring into a limited liability company under the Petroleum Industry Act (PIA), calls for greater transparency in its operations have grown louder.
Civil society groups and industry watchers have applauded the Senate’s insistence on clarity, viewing it as a potential catalyst for stronger corporate governance within the national oil giant.
Meanwhile, the committee remains firm in its pursuit of accurate reporting and insists that NNPCL must correct the questionable entries.
“Until these figures are adequately explained and supported, we will continue to seek answers,” Senator Wadada concluded. “Nigerians deserve to believe in the numbers presented in their name.”
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Chronicles Reporter