The Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to remit a staggering ₦210 trillion to the Federation Account after dismissing the firm’s explanations over huge financial discrepancies discovered in its records.
The decision followed the failure of NNPCL’s Group Chief Executive Officer, Bayo Ojulari, to appear before the Senate Committee on Public Accounts on Tuesday. Ojulari had been invited to clarify the company’s responses to 19 audit queries concerning its financial operations.
According to VOP NG reports, the committee, chaired by Senator Aliyu Wadada, has been investigating NNPCL’s financial statements covering the period between 2017 and 2023. Early findings revealed ₦103 trillion recorded as accrued expenses and ₦107 trillion listed as receivables — figures lawmakers described as “contradictory, unrealistic, and unjustifiable.”
Senator Wadada, while addressing the session, said the discrepancies raise serious concerns about transparency and accountability in the management of national oil revenues.
“NNPC claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables — amounting to ₦210 trillion in total. The explanation provided for the ₦107 trillion receivables, which translates to about $117 billion, contradicts evidence from NNPC’s own records. The committee therefore rejects this justification,” Wadada stated.
He further queried how the company could claim to have paid ₦103 trillion in cash calls to joint venture partners in 2023 alone, despite generating only ₦24 trillion in crude revenue between 2017 and 2022.
“Cash call arrangements were abolished in 2016 under the Buhari administration. How could NNPC have paid ₦103 trillion in one year when it generated only ₦24 trillion in five years? Where did the money come from?” he asked.
Dissatisfied with the company’s explanations, Wadada warned that the committee would summon former executives of NNPCL and the National Petroleum Investment Management Services (NAPIMS) if the current management fails to provide satisfactory answers.
“If the current management cannot provide credible explanations, they should admit it. The committee will not hesitate to subpoena former officials of NNPCL and NAPIMS,” he added.
VOP NG will continue to follow developments as the Senate moves to ensure accountability and the recovery of the alleged missing ₦210 trillion.
About the Author
Discover more from VOICE OF THE PEOPLE
Subscribe to get the latest posts sent to your email.
