The Senate has rejected explanations provided by the Nigerian National Petroleum Company Limited (NNPCL) over unaccounted funds totalling ₦210 trillion for the period between 2017 and 2023.
The Red Chamber, through its Committee on Public Accounts chaired by Senator Aliyu Wadada (Nasarawa West), said the state oil company failed to satisfactorily address 19 audit queries raised against it by the Office of the Auditor-General of the Federation.
Despite submitting written responses, NNPCL officials failed to appear before the lawmakers on Tuesday — a date the company had proposed for the hearing.
An infuriated Senator Wadada described the company’s conduct as “offensive evasiveness,” warning that the committee would no longer tolerate proxy representations by NNPCL.
“Today, November 11, 2025, was a date chosen by NNPCL. It is rather unfortunate that none of their officials is here on a day they themselves picked,” he said. “The public has been waiting for this. Nigerians deserve transparency, and this committee will not sweep this matter under the carpet.”
Wadada said the written defence submitted by NNPCL only deepened the committee’s concerns, as it raised “serious red flags” about the company’s financial operations.
According to him, NNPCL claimed to have incurred ₦103 trillion in accrued expenses and ₦107 trillion in receivables within six years — a combined ₦210 trillion.
“NNPCL’s explanation on ₦107 trillion receivables, equivalent to about $117 billion, contradicts their own documents. These figures are unrealistic and cannot stand. The committee, therefore, rejects them,” Wadada declared.
He further queried how the company could claim to have paid ₦103 trillion in cash calls to joint venture partners in 2023 alone when its total crude oil revenue between 2017 and 2022 amounted to only ₦24 trillion.
“Cash call arrangements were abolished in 2016. How then could NNPCL pay ₦103 trillion in one year when its revenue for five years was only ₦24 trillion? Where did that money come from? As far as this committee is concerned, that figure is unjustifiable and must be returned to the Treasury,” he said.
The senator also dismissed NNPCL’s claim that part of the ₦107 trillion receivables was held in “defunct banks,” noting that the company failed to name the banks or provide evidence of the funds.
“This lack of transparency is unacceptable. According to our records, NNPCL is required to account for ₦210 trillion. If the current management cannot explain, we will invite former GMDs and top NAPIMS officials to do so,” he stated.
Wadada reminded the company that the National Petroleum Investment Management Services (NAPIMS) operates under NNPCL and cannot maintain a separate account or financial record.
He issued a final warning to the company’s Group Chief Executive Officer, Bayo Ojulari, to appear personally before the committee at its next sitting.
“The era of sending junior officers or hiding behind written submissions is over. The GCEO must appear personally. Being out of the country will no longer be accepted as an excuse,” Wadada said.
All members of the Senate Public Accounts Committee present supported the chairman’s position, vowing to ensure that every kobo of public revenue is properly accounted for.
