The Senate has rejected NNPCL’s written defence over ₦210trn unaccounted funds, demanding the GCEO appear before its Public Accounts Committee.
The Senate has rejected written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) over alleged unaccounted funds totalling ₦210 trillion from 2017 to 2023.
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The decision was taken on Tuesday by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (APC–Nasarawa West), after NNPCL failed to appear before the panel despite previously agreeing to do so.
Wadada expressed the committee’s disappointment, describing the absence of NNPCL officials as “offensive evasiveness.”
“Today, November 11, 2025, was a date chosen by NNPCL. It is rather unfortunate that none of its officials is here on a date they themselves chose,” Wadada said. “Even though we cannot conclude in their absence, the committee must share our findings based on the responses already submitted.”
The committee is probing 19 financial queries raised by the Office of the Auditor-General of the Federation in audit reports covering 2017–2023. NNPCL’s submissions reportedly raised further concerns, particularly over claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables.
“On question eight, NNPC’s explanation on the ₦107 trillion receivables, equivalent to about $117 billion, contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this,” Wadada said.
He questioned how the company could claim to have paid ₦103 trillion in cash calls to joint venture partners in 2023 alone, when it generated only ₦24 trillion in crude oil revenue between 2017 and 2022.
“Cash call arrangements were abolished in 2016. How can NNPC claim to have paid ₦103 trillion in one year when it only generated ₦24 trillion over five years? Where did NNPC get that money?”
The committee also dismissed the ₦107 trillion listed as receivables, noting that NNPCL failed to identify any of the defunct banks allegedly holding part of the funds.
Wadada warned that any future absence of the Group Chief Executive Officer, Engr. Bayo Ojulari, before the committee would no longer be tolerated.
“At any point this committee invites NNPCL, the chief executive must appear in person. Being out of the country will no longer be accepted as an excuse. The next invitation will require the GCEO’s physical presence,” he said.
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Other members of the committee unanimously backed the chairman’s stance, insisting that NNPCL must account for every kobo of the ₦210 trillion flagged by the Auditor-General.
