The Nigerian Senate, through its Committee on Public Accounts, has rejected written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) regarding an alleged unaccounted ₦210 trillion between 2017 and 2023.
The committee, chaired by Senator Aliyu Wadada (Nasarawa West), had issued 19 queries against NNPCL based on the financial reports of the Office of the Auditor-General of the Federation covering the period. NNPCL responded in writing but failed to appear before the committee on Tuesday, despite previously agreeing to do so.
Senator Wadada expressed frustration at the absence of NNPCL officials, describing their written submissions as “offensively evasive” and warning that future non-appearances would not be tolerated.
“Today, November 11, 2025, was a date chosen by NNPC. It is rather unfortunate that none of the officials of NNPC are here on a date they themselves chose,” he said.
The committee raised concerns over NNPCL’s claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables, which together total the disputed ₦210 trillion. Senator Wadada questioned the feasibility of NNPCL paying ₦103 trillion in cash calls to joint venture partners in 2023 alone, despite generating only ₦24 trillion in crude revenue from 2017 to 2022.
Also Read: Audit Report: Senate Pressures NNPCL Over Unaccounted ₦210tn
“Cash call arrangements were abolished in 2016 under the Buhari administration. How can NNPC claim to have paid ₦103 trillion in one year, when it only generated ₦24 trillion in revenue over five years? Where did NNPC get that money?” he asked.
The committee also rejected the ₦107 trillion receivables, which NNPCL claimed were held in part by defunct banks, noting that no banks or amounts were specified.
Senator Wadada warned that if the current management of NNPCL cannot provide acceptable explanations, the committee will subpoena former officials, including those from the Nigerian Petroleum Investment Management Services (NAPIMS), which operates under NNPCL.
“All future invitations to NNPC will require the Group Chief Executive’s physical presence. Being out of the country will no longer be accepted as an excuse,” he said.
Members of the committee present at the session unanimously supported the chairman’s decisions.
