The Senate Public Accounts Committee has renewed its attack on the management of the Nigerian National Petroleum Company Limited (NNPCL) over the alleged missing N210 trillion.
The Committee had, a few months ago, raised 19 questions for the NNPCL, citing discrepancies in the company’s account records.
Recall that the chairman of the Committee, Senator Ahmed Wadada, had confirmed a few weeks ago that the management of the NNPCL had responded to the 19 questions raised in audit queries.
Wadada, however, said at the time that the Committee had yet to review the answers provided by the NNPCL to the audit queries.
But at a resumed hearing on Tuesday, the committee said it was not satisfied with the responses from the company.
Moreover, the senators kicked against the decision of the NNPCL CEO, Bayo Ojulari, to send a delegation to the hearing instead of appearing in person.
“At our last meeting with the management of NNPC, we agreed that they would appear before the committee today to respond to questions on their 2017–2023 Annual Financial Statements—specifically, the 19 questions we had earlier raised.
“Today, November 11, 2025, was a date chosen by NNPC. May I know if NNPC is here? Any member of the management present?
“Distinguished colleagues, it is rather unfortunate that none of the officials of NNPC are here, on a date they themselves chose,” Senator Wadada said.
He described the failure of the management team to appear as a disregard for legislative oversight, as he emphasised the need for public accountability, particularly regarding the committee’s review of NNPC’s financial submissions.
“The public has been waiting for this. It is important that we keep Nigerians informed. Even though we cannot conclude today in the absence of NNPC officials, the committee must share our findings based on the responses already submitted by NNPC.”
According to Wadada, NNPC’s financial submissions raised serious red flags, particularly with claims of ₦103 trillion in accrued expenses and ₦107tn in receivables between 2017 and 2023, totalling ₦210tn.
The committee also claimed to have uncovered subsidy charges by NNPC and its subsidiary, NAPIMS, in ways that violated existing financial and operational laws.
It said, “Between 2017 and 2021, NAPIMS charged a subsidy on crude oil, which is illegal. There is nowhere in our laws where a subsidy is allowed on crude. At the same time, NNPC charged a subsidy on refined petroleum products such as kerosene, diesel, and fuel.
“These charges appear on specific pages of their audited financial statements—pages 41.8, 38.9, and 39.9 for NAPIMS and note 8.1 on pages 56 to 59 for NNPC. This practice is both illegal and unacceptable.”
The Committee also questioned how NNPC could claim to have paid ₦103tn in cash calls to joint venture partners in 2023 alone, despite generating only ₦24tn in crude revenue between 2017 and 2022.
“Cash call arrangements were abolished in 2016 under the Buhari administration. How can NNPC claim to have paid ₦103tn in one year when it only generated ₦24tn in revenue over five years? Where did NNPC get that money?
“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the Treasury. This will be concluded when NNPC appears before us.”
Consequently, the committee ordered that the NNPCL’s CEO, Ojulari, must lead his management team in person and appear to answer further questions on the matter.
No date was fixed for the next hearing
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