The Nigerian Senate, via its Committee on Public Accounts, has directed the Nigerian National Petroleum Company Limited (NNPCL), to explain an alleged ₦210 trillion discrepancy identified in its audited financial reports for the period 2017 to 2023.
The committee has set Wednesday, April 29, 2026, as the final deadline for NNPCL’s full appearance and explanation before lawmakers at the National Assembly, Abuja.
The decision followed concerns over unresolved audit queries and what lawmakers described as unsatisfactory and incomplete responses from the national oil company.
How the Decision Was Reached
The resolution was reached during a committee meeting chaired by Senator Aliyu Wadada (SDP, Nasarawa West).
It followed a motion moved by Senator Osita Izunaso (APC, Imo West), and seconded by Senator Adams Oshiomhole (APC, Edo North), reflecting bipartisan concern over the matter.
During deliberations, lawmakers agreed that NNPCL had failed to provide adequate clarification on 19 audit queries raised in its financial reports.
Breakdown of the Alleged ₦210 Trillion Discrepancy
The disputed ₦210 trillion figure originates from audit observations attributed to the Office of the Auditor-General of the Federation, and is not being immediately classified as theft but as unexplained or improperly documented financial entries requiring reconciliation.
NNPCL had previously grouped the figure into:
- ₦103 trillion classified as “liabilities”
- ₦107 trillion attributed to Joint Venture (JV), Cash Call expenditures and related adjustments
However, the Senate committee rejected these broad classifications, insisting on detailed breakdowns and verifiable documentation.
Senate’s Concerns Over NNPCL’s Explanations
Chairman Senator Aliyu Wadada stated that the committee was not satisfied with blanket explanations provided by NNPCL.
He emphasized that:
- The ₦103 trillion labelled as liabilities must be clearly itemised
- Liabilities must be broken down into:
- Retention fees
- Legal fees
- Audit fees
- Each category must be supported with verifiable financial documentation
Wadada also demanded a full explanation of:
- The ₦107 trillion reportedly spent on Joint Venture Cash Calls
- Transactions linked to unknown or unnamed defunct banks allegedly owed funds
He stressed that Nigerians deserve transparent, detailed accounting rather than generalized statements.
Officials Summoned to Appear
The committee directed that several current and former top officials of NNPCL must appear in person on April 29, 2026.
These include:
- Engr. Bayo Ojulari, Group Chief Executive Officer, NNPCL
- Mele Kyari, former Group Chief Executive Officer
- Umar Ajia, former Chief Financial Officer (CFO)
- Dr. Bala Wunti, Managing Director of the Petroleum Products Marketing Company (PPMC)
- External auditors involved in preparing or certifying the accounts
- Other relevant technical and audit officials
Lawmakers insisted that written submissions alone would no longer be acceptable.
Extension and Final Warning
The committee granted NNPCL an additional two-week extension to prepare and ensure full compliance.
Senator Wadada confirmed that:
“The committee is not satisfied with blanket explanation given by NNPCL on N103 trillion… Specific amount of money spent on each of the three components must be stated and explained.”
He further stated that the final compliance deadline is April 29, 2026, warning that failure to comply could trigger further legislative action under the Senate’s constitutional oversight powers.
Concerns Raised by Lawmakers
During the session, Senator Abdul Ningi (PDP, Bauchi Central), urged stronger enforcement measures, citing repeated failures by NNPCL officials to honour committee invitations.
He argued that:
- Legislative authority must be respected in a democratic system
- Persistent non-appearance undermines parliamentary oversight
- The Senate may need to invoke stronger constitutional mechanisms to compel compliance
His remarks reflected growing frustration among lawmakers over perceived resistance from some public institutions to parliamentary scrutiny.
Broader Implications of the Investigation
The inquiry into the ₦210 trillion discrepancy has significant national implications, particularly for Nigeria’s oil-dependent economy.
Key issues raised include:
- Transparency in revenue reporting by state-owned enterprises
- Accountability in Joint Venture oil operations
- Strengthening audit compliance across government agencies
- Public trust in the management of petroleum revenues
Given the scale of the figure relative to national fiscal planning, the outcome of the investigation is expected to attract wide public and institutional attention.
Conclusion
The Senate’s April 29 deadline represents a critical point in its ongoing investigation into NNPCL’s audited accounts. Lawmakers are demanding detailed reconciliation of ₦210 trillion in reported financial discrepancies spanning six years, alongside in-person testimony from current and former top executives.
The next hearing is expected to determine whether NNPCL can provide satisfactory documentary evidence—or whether the matter escalates into further legislative or investigative action.
