The Chairman of the Senate Committee on Public Accounts (SPAC), Aliyu Wadada, says the committee is not satisfied with the explanations provided by the current leadership of the Nigerian National Petroleum Company Limited (NNPCL) regarding the alleged ?210 trillion discrepancies in the company’s financial records.

Senator Wadada, who represents the Nasarawa West Senatorial District in the 10th National Assembly, made this known on Channels Television’s Sunday Politics.

He stated that the explanations offered by the current NNPCL management, led by Group Chief Executive Officer Bayo Ojulari, were not satisfactory.

“We are not satisfied after it is being contained. What is contained in the audited financial statement of NNPC is the ultimate book or document that shows your financial dealings, both on the side of assets and liabilities,” he said.

He noted that the company recorded N103 trillion as accrued expenses under liabilities but failed to provide supporting details.

“NNPC under liabilities said the figures for their accrued expenses within that period were and are still N103 trillion. Then tell us how you got N103 trillion. None of the items had any figures linked to it, so that is indicting enough. Its liabilities figure is not acceptable because it is not substantiated.”

The Senate committee chair also stated that the former Group Chief Executive Officer of the company, Mele Kyari, did not defend the N210 trillion claims during his time in office.

The controversy stems from the Senate committee’s review of NNPCL’s audited financial statements covering the period from 2017 to 2023.

During the probe, lawmakers flagged financial entries totalling ?210 trillion, which they say the company has not adequately explained.

The lawmaker described the figure under investigation as staggering and difficult for any reasonable person to comprehend.

“The mind-boggling figure of N210 trillion, to every normal mind, cannot be comprehended, to say it is missing. It is ridiculous and not easily comprehended,” he said.

The committee has since issued summons to former top officials of the oil company, including Kyari, to appear before lawmakers and explain the discrepancies.

Appearing before the committee on July 29, 2025, in response to an earlier summons, Ojulari stated that he required more time to properly study and understand the issues flagged in the company’s audited financial statements covering the period from 2017 to 2023.

“I have been in office for barely 100 days, and I need time to fully understand the issues. Given the explanation I’ve heard today, my perspective has changed.

I need to carry out further internal review and reconciliation to provide the answers the committee requires’. He pledged to assemble a team to work on the queries,” the NNPCL chief said.

According to Senator Wadada, accounting standards require that figures recorded as either assets or liabilities must pass through the profit and loss account before they can be properly recognised in financial statements.

He added that the committee has resolved to invite former management officials of the national oil company to clarify the discrepancies in a public hearing.

“We are inviting them, the past leadership, to appear before the committee in a public hearing to clear the air in this controversial, ambiguous, and unacceptable conduct. Immediately after the Eid, we will be writing to them through the GMD of the NNPC,” the Senate committee said.

‘Not Afraid Questioning Petroleum Minister’

The lawmaker also stated that the Senate committee would not hesitate to question any government official if necessary, including the Minister of Petroleum Resources, President Bola Tinubu.

“We are not afraid of talking to the minister. When we get there, if the need arises…to invite the president or question the president, we will do so,” he said.

However, he noted that the committee does not believe President Tinubu currently knows the alleged discrepancies.

“The President does not know anything. Even if we do not ask him, we know he does not know anything.”

Responding to claims that the investigation may be politically motivated, Senator Wadada insisted that the probe is neither a witch-hunt nor influenced by partisan considerations.

He added that the committee would pursue accountability regardless of political parties and affiliations.

Key Financial Issues Raised

During its review of the NNPCL accounts from 2017 to 2023, the Senate Committee on Public Accounts identified two major figures it said were not properly substantiated.

These include N103 trillion recorded as accrued expenses and liabilities, which the company attributed to Joint Venture cash calls.

Lawmakers questioned the claim, noting that NNPCL generated about N24 trillion in revenue over five years, making the ?103 trillion figure difficult to justify.

The committee also flagged N107 trillion listed as sundry receivables, described as funds owed to the company by banks and other entities but deemed “unverifiable” due to lack of transparency.

Lawmakers further queried about N5.9 billion spent on the company’s rebranding alongside alleged subsidy irregularities and disputed production costs. The current management has been asked to provide reconciled records after earlier explanations were rejected.

Meanwhile, President Tinubu recently issued Executive Order No. 9 of 2026 to reform the fiscal framework of the Petroleum Industry Act (PIA) 2021.

The order directs that revenues from oil and gas operations under Production Sharing Contracts be paid directly into the Federation Account.

It also suspends the 30 per cent management fee previously retained by NNPC Limited and the 30 per cent Frontier Exploration Fund deduction. (Channels TV)

Update news