Senate Orders NNPCL to Refund ₦210 Trillion in Unaccounted Funds

The Nigerian Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to return ₦210 trillion in unaccounted funds to the Federation Account after rejecting the company’s explanations for the missing sum. The move followed NNPCL Group CEO Bayo Ojulari’s failure to appear before the Senate Committee on Public Accounts on Tuesday to address 19 questions concerning the company’s financial records.

The committee, led by Senator Aliyu Wadada, examined NNPCL’s financial operations from 2017 to 2023. Its review revealed ₦103 trillion listed as accrued expenses and ₦107 trillion as receivables in audited statements figures the Senate found contradictory and unjustifiable. Wadada raised concerns about transparency and accountability in the management of public funds.

Wadada questioned how the company could report ₦103 trillion in cash calls to Joint Venture partners in 2023 alone, despite generating only ₦24 trillion in crude revenue between 2017 and 2022. He also highlighted that cash call arrangements were abolished in 2016, casting doubt on NNPCL’s claims about its recent financial activity.

The committee warned that if the current management fails to provide satisfactory explanations, former officials of NNPCL and the National Petroleum Investment Management Services (NAPIMS) could be summoned to testify. Wadada emphasized that the panel is prepared to take all necessary steps to ensure accountability for the missing funds.